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Question

I am an online auction selling estate items on commission basis. Do I need to send 1099-k forms to consignors who meet the $5000 threshold in gross sales?

Forum|Forum|1 year ago
January 27, 2025
1 reply
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You would only file 1099-K if you are a Payment Settlement Entity (PSE). The definition from the IRS:

"A PSE is a domestic or foreign entity that is a merchant acquiring entity, that is, a bank or other organization that has the contractual obligation to make payment to participating payees in settlement of payment card transactions; or a TPSO, that is, the central organization that has the contractual obligation to make payments to participating payees of third party network transactions."