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Do scrap yards report transactions to the IRS?

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  1. #21
    KzScrapper's Avatar
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    If they file a 1099 then in most cases the IRS will catch up with you and want your tax liability for the amount. If no 1099 is filed then the next risk would be if the yard got audited by the IRS at which time all money paid out would be reported and if the yard keeps track of you via drivers license then that could be a bad thing. It's all a roll of the dice and there are certainly bigger fish to fry but sometimes the small ones get caught in the net too.


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