I'm selling my used backhoe on consignment. The store said I must fill out a w9 even though we will be selling for less than we paid for it. Is this correct?

[parish-angela]

Do you have to report the amount you received from an item on consignment even though you made less than what you bought the item for originally so technically there was no profit made?

[MinhT · Accepted solution]

The store needs form W-9 to report the amount it will pay you after the sale. If the backhoe was for your personal use and you are selling it for less than you paid for it, you do not need to report the sale on your tax return, even if the store will send you a tax form.

[parish-angela]

thank you so much!