I recently had a friend who gave me the key for an entire storage room of surplus medical and electronic test equipment. He got it from his old employer who shut down. He said there is possible around 50k-100k worth of equipment. Since he lives in another state and I am closer to the equipment he is letting me sell all of it as long as he keeps 50%, the rest is mine. Would the sale of this equipment be subject to sales tax? How would I report this income at the end of the year? And how do I legally give him 50%? I am thinking this could be considered consignment. Can I report 100% of the sales as my income on a Schedule C then simply give him 50% after? Would I have to issue him a 1099?
