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<p>[QUOTE=&quot;medoraman, post: 1292779, member: 26302&quot;]When they are telling you they will not 1099 you, they are saying they are not reporting the income to the IRS so it is up to you to account for the gain or loss on your own. It is illegal to make a gain on collectibles and not report the profit and pay taxes on it. You should check with your accountant on your specifics if you have questions.</p><p><br /></p><p>I am just letting everyone know that the IRS has been known recently to subpoena auction house records and trace payments from the sale to individual tax returns. Since these payments can be known, if you do not report them the IRS can audit you on the matter. </p><p><br /></p><p>If you have a loss or break even, I would highly encourage you to report it to the IRS that way there would not be questions in the future. What you wish to do with gains is upp to you, like a lot of the tax code.</p><p><br /></p><p>Georgia law would basically mirror Fed law in most cases.</p><p><br /></p><p>I am not saying what anyone should do, just explaining the consequences.</p><p><br /></p><p>Chris[/QUOTE]</p><p><br /></p>

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