Auction and Consignment Seller Tax Considerations - IRS tax forms

Auction and

Consignment Seller Tax Considerations

Overview

? Traditional auctions ? Online auctions ? Hybrids/traditional and online ? Consignment sales and drop-off

stores

2

Profits Increasing for Sellers

? Business income for sellers ? Income for investors and collectors ? Income for occasional sellers

3

Seller Tax Responsibilities

? Income tax

? Self-employment tax

? Employment taxes

? Excise taxes

4

Income: What's The Law? IRC section 61

? Business income

? Ordinary income

? Capital gains

? Garage sales

5

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download