sell by auction or not?

[Twoatlow8]

Auctions all great but don't forget you will have to pay tax on the income as it will be reported.

[Bruce Day]

Originally Posted by Scott Janowski

Auctions all great but don't forget you will have to pay tax on the income as it will be reported.

I am not a tax accountant or atty but:

1. I am informed that auction proceeds are not reported to the IRS

2. I have been informed by tax accountants that occasional hobby sales do not result in taxable income.

[Bill Murphy]

John, PM me and I will tell you whom I recommend that is the house that I mentioned in my post. He is only a few miles from Maryland. I am in Maryland also.

[Bill Murphy]

Here I go thanking Bruce again. Tax on gun sales is BS.


Edited for a four letter word.
Mark

[George M. Purtill Member #28]

Those are extermely good questions:
1)Do auction houses file 1099s?
2) Is the income on a gain from selling a Objet d'art taxable?

I am sure one of our members can answer question #1.
I will ask my favorite tax lawyer on question #2.