Question about eBay and PM tax.
alifaxwa2
Posts: 3,102 ✭✭✭
The Maryland law exempts >$1000 transaction from tax.
Does eBay follow the same?
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I would think they should unless the seller doesn’t charge tax
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If you live in Maryland you can easily find out by starting a 'but it now" PM purchase for over $1000 but not completing it. During the checkout process and before committing you will see the tally that will show if tax was applied. To be sure of an accurate answer make sure your item is listed in the "bullion" category. Let us know what you learn.
One can always see applied tax in ebay before finalizing the purchase of a "buy it now item." Not sure how to know in advance with an auction. Keep in mind either the seller or ebay can apply state sales tax. Rule out the seller with a message inquiry to the seller. Also note that ebay's list of states the sale tax is automatically applied to is growing as it moves into compliance with recent tax law changes.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Pretty sure that’s no longer optional here.
Thanks.
Went to try it on a bullion category item and eBay wanted to call to verify my ID before getting to the pricing page.
Ill try again when I have more time to focus on this.
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Try a different bullion seller. The precaution may have been initiated by the particular seller. Try apmex.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Happened with apmex too. This is my first time considering eBay for PM. Considering stacking instead of collecting sports cards.
Getting the lay of the land.
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jump through their hoops and get established as a high value item buyer. Once done should be smooth sailing. Best to buy PMs at a savings on ebay when there's a 10% bonus buck special going. Then apply the bonus bucks to your next PM purchase.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Was it eBay or Paypal? Just checking because some intermix the two and do not realize they are separate.
Feels like it’s eBay. It comes up immediately after clicking BIN. Don’t even get to financial summary (cost, shipping, tax, etc) before it comes up.
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FYI
***Maryland: Bullion and numismatic coins are exempt from sales tax if sale exceeds $1,000.*****
Yes, that is sounding like eBay because it’s before submitting payment.
that's a bit more clear
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I purchased a coin and the invoice charged the tax through my app. I logged in on the computer to pay and the tax was no longer applied. There's no sales tax on coin and bullion in my state. Strange. The tax was almost $400., via the app.
No bullion tax in AZ on Ebay as long as the PM is in the bullion category. If it's a PM that I can earn Ebay bucks thats not in the bullion category then I get taxed 2.25%. Taxes are based on your address, all of my surrounding towns get charged 1.5%. Lucky me!
eBay will ask for ID verification all the time on high value items. A stupid phone call with a PIN number. Not even a text message. I’ve had it happen at least 10 times this year so no last minute sniping!
And the sales tax is weird. In PA I have no sales tax on bullion yet the invoice email will show it even though I didnt paid it. EBay has some work to do and my sympathies for those in a taxable state. Check out your local coin show for cash based tax free shopping.
they do here in ct. and before you make payment its added to the cost