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J
jmcniel
January 27, 2025
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?

  • January 27, 2025
  • 1 reply
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    1 reply

    M
    MAK70
    January 27, 2025

    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."

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