I opened a small antique mall earlier this year in central Illinois. Until recently I was under the impression that I did not have to file any 1099's or the such, since I am selling items on behalf of someone else - it is there responsibility to file their income. That's what I have told my vendors. Recently I came across some bit of information somewhere online that has caused me to faulter in this thinking. Do I need send some sort of tax form out to my vendors? I have found a lot of vague info online regarding this topic, and I am looking for some clarity on it.
~ I have a wide variety of vendors - those who pay rent only I only collect 12.5% commission from, and those who do not pay rent I collect 50% commission from. I have one vendor who is a non-profit organization (a thrift shop selling some of their older more collectible donations), I have one vendor who is an estate (I write the checks to the estate account of the deceased person on behalf of the family, who is liquidating the collections of the person who has passed away), I have vendors who have primarily sold US coins, currency, or silver bullion, I have vendors who have sold as little as less than $2 and as much as $7,300+, since I opened in March of 2024.
I guess I am not sure what the factors are for needing to send out tax forms and if I even need to do it. If I do, how do I know which one to send. Any help would be greatly appreciated. Thanks.
