I Sold Old Jewelry At A We Buy Gold Store – Do They Give Me A 1099?

I had some old jewelry laying around and sold it at the We Buy Gold store in my neighborhood. THey told me there would be no tax implications beacuse i already paid tax when i purchased the jewelry. But my accountant said, all businesses should be giving out 1099-MISC to any person they pay over $600/year to, no matter for what. The store paid me $2350 for my old jewelry. Will I be getting a 1099?

3 Comments

• 
  Heavy Metal Bands March 23, 2010 at 5:34 pm

  The store and your accountant are both wrong.
  A 1099-MISC is required when a business pays you more than $5,000 for goods for resale. At $2,350 they have not met that amount. The $600 test is for payments for services rendered.
  You pay tax on the difference between what they paid you and what you paid for the jewelry in the first place. Given the rise in the price of gold, you probably do have a taxable gain from the sale of the old jewelry.
• 
  Bostonian In MO March 23, 2010 at 11:36 pm

  if they asked you for your name and address and soc sec #, and/or you filled out a W-9 form, then you can expect a 1099, I imagine
  you may need to have receipts from when you bought the jewelry to prove you didn’t make any profit
• 
  Doctor Deth March 24, 2010 at 1:15 am

  If the store told you they believe there are no tax implications, I’d say that it’s a good bet they aren’t going to send you a 1099, regardless of what the Law might say.