Cooper@1960
Active Member
What is the name of your state? Ohio
I retired in June 1st, 2018, I have a lot of tools I will never use again and offered to sell them to my former employeer. They agreed to purchase everything but told me since I was a past employee and have a payroll ID number they would have to issue me a 1099 at the end of the year.
Is that correct? Value of the tools is around $2500. At this point wouldn't I just be another guy off the street selling something? I will need to adjust the asking price if I will pay taxes on the proceeds.
I retired in June 1st, 2018, I have a lot of tools I will never use again and offered to sell them to my former employeer. They agreed to purchase everything but told me since I was a past employee and have a payroll ID number they would have to issue me a 1099 at the end of the year.
Is that correct? Value of the tools is around $2500. At this point wouldn't I just be another guy off the street selling something? I will need to adjust the asking price if I will pay taxes on the proceeds.