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Selling at auction? Commission? Premium?


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23 replies to this topic

#21 maxfaxdude

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Posted 20 November 2019 - 06:28 PM

Gota remember the auction houses will include a 1099 with your check... maybe not a big deal now for me since I retired, but remember it in your calculations.

Both houses told me no tax forms are issued. 

Good to know!  Capital gains taxes are no fun.


Edited by maxfaxdude, 20 November 2019 - 06:28 PM.

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#22 bmarvin

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Posted 21 November 2019 - 09:01 AM

I've bought and sold through both RIA and Morphy's and never had any mention of a 1099

It's up to the individual to calculate  their gains (or losses)


Edited by bmarvin, 21 November 2019 - 09:02 AM.

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#23 OldFalGuy

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Posted 23 November 2019 - 11:17 PM

I agree the auction house has zero clue as to acquisition cost +storage, insurance and maintenance to even arrive at a 1099 number.


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#24 johnsonlmg41

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Posted 24 November 2019 - 09:20 AM

I agree the auction house has zero clue as to acquisition cost +storage, insurance and maintenance to even arrive at a 1099 number.

In theory these are consignment sales, so the auction house is not "buying" anything from the consignor so no 1099 would be generated.  Often these are also out of state transactions from both the consignor and buyer so even sales and use tax is a gray area.


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