|
As a CPA, I can't ask you why you'd voluntarily report a transaction like this, so I won't...
That aside, if the auction house issues a 1099, then you're stuck... perhaps that's your concern?
Were it me, I'd be inclined to list it on Sch C as hobby income, reduce it by the cost of the vehicle as well as fuel, insurance, maintenance for the year of sale, along with minor tool purchases, utilities and overhead, and make a loss out of it... then call it a hobby and limit the loss to zero.
There's always a way to fix it if you try hard enough.
|