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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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Guest
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| Posted: Wed Sep 24, 2003 11:03 am Post subject: 1099-MISC for Consignment item sales |
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I would like to know if you have to issue a 1099-MISC for the value of merchandise sold on consignment for individuals by a dealer.
Example: Dealer sold an item for $800.00 less 20% commissiion. The difference of $640 is paid to individual. Does this individual get a 1099-MISC for $640?
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Guest
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| Posted: Thu Sep 25, 2003 1:23 pm Post subject: RE: 1099-MISC for Consignment item sales |
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| Since it's a consignment sale, you simply record the commission check. The 1099-Misc will hold only the commission portion. |
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Guest
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| Posted: Fri Jan 28, 2005 9:39 am Post subject: RE: 1099-MISC for Consignment item sales |
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| The consignor pays the commission. Does the consignor send the consignee a 1099M to the 20% - $160.00? |
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