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<p>[QUOTE=&quot;10gary22, post: 1018808, member: 23626&quot;]Money spent by customers is reported as sales income. How can the dealer send himself a 1099 ? lol</p><p>This is data that is already kept by sellers or is supposed to be, anyway. When a dealer purchases items from individuals, they need to record the sale and verify the ownership by identifying that person. That protects them from buying stolen items and possibly losing them to the police and allows them to properly list the expense for them. As we&#039;ve seen throughout the thread, it&#039;s the dealer&#039;s responsibility to establish his cost. To do that, he must be able to verify the source as well as the amount of the purchase.</p><p>&nbsp;</p><p>All business is required to keep records of transactions. Both purchases and sales. There really isn&#039;t much additional paperwork involved, except for the mailing of the 1099&#039;s. Of course, if items are purchased from another business rather than an individual, I do not think the forms are necessary ? But that may have been changed since I retired.[/QUOTE]</p><p><br /></p>

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