Quote:
Originally Posted by se428bandit
Don't be surprised if you get a 1099 as FB is looking at selling a car as a business for you.
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1099 is only from a company or service that processes money/payments for you, FB, CL etc will not & does not send 1099s unless they handled the payment. however, on a cash sale like selling a car, you are
supposed to report that as income to the IRS, yes most people dont especially when its a cash sale, but if you take a check or wire xfr, there is a paper/electronic record of it.
as jamesq said, you dont have to be a "business" to have a 1099 sent, any company or payment service that handles $600 or more will generate a 1099 with the new laws put in place by the current administration.