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To All;
I’m considering selling off the remainder of my firearms collection via the Auction Route. Does anyone know about the auction house “Carol Watson Orange County Auction”? I know she’s been in the business many years, and used to work with Little John’s out of California. Any comments, good or bad would be greatly appreciated, and help me make a decision on using CWOC.
Apache,
Online
Apache,
Don’t know nothing about them but like any auction house these days you have to consider the tax implications (1099) and the seller fees.
Bob
WACA Life Member--- NRA Life Member---- Cody Firearms member since 1991 Researching the Winchester 1873's
Email: [email protected]
Bob,
I did not know that the auction company would send a 1099 to the IRS. That is a deal breaker for me. I thought a 1099 was for services performed and not for the sale of an item.
Walter
Walter,
I don’t know if a 1099 is the correct term but that would be a question to the auction company, if they report the sale to the IRS.
Bob
WACA Life Member--- NRA Life Member---- Cody Firearms member since 1991 Researching the Winchester 1873's
Email: [email protected]
I did a little checking and found this on this site. mikebrandlyauctioneer.wordpress.com
2. Do auctioneers have to issue a 1099 to consignors if the auctioneer provides $600 or more in net proceeds to that consignor in a calendar year?
While the 2010 Patient Protection and Affordable Care Act seemed to suggest the answer was, “Yes,” the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 seems to suggest, “No.” That is, if the answer was, “No” prior to the 2010 Patient Protection and Affordable Care Act.
- Most tax professionals say that prior to 2010, auctioneers were not required to issue 1099’s to consignors, as in the case of personal property, the exemption for merchandise was clear. However, it is worth noting that the argument that the proceeds are actually coming from the buyers (and not the auctioneer) is less defensible as most auctioneers, at minimum, possess those funds at least temporarily.
- Relatedly, a real property auction typically would involve the issuance of 1099’s if a real estate broker/salesperson/auctioneer was involved. More so in a real property transaction, the title company or escrow agent would issue 1099’s to all parties material to the transaction and if a auctioneer is an independent contractor with a broker, a 1099 would typically be issued by the broker.
Bob
WACA Life Member--- NRA Life Member---- Cody Firearms member since 1991 Researching the Winchester 1873's
Email: [email protected]
Bob,
Good research. I would have to contact a major auction and ask. What a damn mess. Thanks Obamacare.
Walter
Bob,
I was just thinking if this is case, how do Ebay and Amazon deal with this?
Walter
Walter,
It depends on how much your selling but if your sell all the time using online sites you are suppose to self report the sales. So far I haven’t heard of Ebay doing that. If they did I think they know they would lose business.
Bob
WACA Life Member--- NRA Life Member---- Cody Firearms member since 1991 Researching the Winchester 1873's
Email: [email protected]
apache said
To All;
I’m considering selling off the remainder of my firearms collection via the Auction Route. Does anyone know about the auction house “Carol Watson Orange County Auction”? I know she’s been in the business many years, and used to work with Little John’s out of California. Any comments, good or bad would be greatly appreciated, and help me make a decision on using CWOC.
Apache,
Apache,
CWOCA is located in my city, and I’ve know them quite awhile. They are professional and put out great catalogues similar to the big houses.
Very nice facility and people. Very good coverage. Location is in Irvine, Ca. ( So. Cal. south of Anaheim )
I’ll drop you a PM with more.
Bill
I’ve purchased from them before. Nice people, no complaints.
WACA Member. CFM Member. NRA Lifer.
In answer to your original question, they are highly regarded and very ethical. I would be quite comfortable to recommend their services.
WACA Life Benefactor Member
NRA Life Member
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