Discussion:NFPO's & 1099's
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 20:30, 17 February 2008 Doubletrouble (Talk | contribs) (The NFPO is a mo) ← Previous diff |
Revision as of 20:35, 17 February 2008 TxSrv (Talk | contribs) (If selling perso) Next diff → |
||
| Line 9: | Line 9: | ||
| {{ForumReplyPost|UserID=Doubletrouble|Date=17 February 2008|Text=The NFPO is a mom's type support group. The garage sale is the only fundraiser. The NFPO keeps a portion of the sellers proceeds. The members supply their own items for sale. The members are required to assist in the garage sale.}} | {{ForumReplyPost|UserID=Doubletrouble|Date=17 February 2008|Text=The NFPO is a mom's type support group. The garage sale is the only fundraiser. The NFPO keeps a portion of the sellers proceeds. The members supply their own items for sale. The members are required to assist in the garage sale.}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=TxSrv|Date=17 February 2008|Text=If selling personal stuff almost universally at a loss, any such person getting a 1099 might be every unhappy. From no 1040 reporting requirement to.... I would call it purchase of inventory on assignment. No 1099 needed.}} | ||
Revision as of 20:35, 17 February 2008
Discussion Forum Index --> Basic Tax Questions --> NFPO's & 1099's
Discussion Forum Index --> Tax Questions --> NFPO's & 1099's
Doubletrouble (talk|edits) said: | 17 February 2008 |
| Is a NFPO who holds a semi-annual garage sale for its members required to issue 1099's to selling members. The organization collects the money for the sale of items, keeps 13% and issues a check the the sellers for the remainder. | |
| February 17, 2008 | |
| So the members are providing services (selling?) to the NFPO? I'm curious about what this organization does. | |
| 17 February 2008 | |
| I'm curious too. Sounds a lot like something a neighborhood association might do. Sounds like the organization is just organizing and advertising the event and takes a cut of the proceeds. | |
Doubletrouble (talk|edits) said: | 17 February 2008 |
| The NFPO is a mom's type support group. The garage sale is the only fundraiser. The NFPO keeps a portion of the sellers proceeds. The members supply their own items for sale. The members are required to assist in the garage sale. | |
| 17 February 2008 | |
| If selling personal stuff almost universally at a loss, any such person getting a 1099 might be every unhappy. From no 1040 reporting requirement to.... I would call it purchase of inventory on assignment. No 1099 needed. | |
