@Boosibri said:
They charged my sales tax on bullion for delivery to Michigan. I hit the button to buy before realizing that tax was now applied. Stupid eBay, stupid me.
One more reason to buy GLD instead of physical gold.
Yep. GLD is wonderful!
From the prospectus: Gold held in the Trust's unallocated gold account and any Authorized Participant's
unallocated gold account will not be segregated from the Custodian's assets.
If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian's insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trust's allocated gold account.
Right. I'm sure if you read the prospectus for AAPL, it mentions that if the company goes bankrupt, your stock won't be worth anything. It's up to you to decide how likely that is.
To be fair, the comparison would need to be of GLD to physical gold not GLD to AAPL. People who buy gold as "disaster insurance" really can't use GLD for really big disasters because they won't have the physical gold. It's the equivalent of buying 100 shares of Glock stock for home security instead of a Glock 9 mm.
@Boosibri said:
They charged my sales tax on bullion for delivery to Michigan. I hit the button to buy before realizing that tax was now applied. Stupid eBay, stupid me.
One more reason to buy GLD instead of physical gold.
Yep. GLD is wonderful!
From the prospectus: Gold held in the Trust's unallocated gold account and any Authorized Participant's
unallocated gold account will not be segregated from the Custodian's assets.
If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian's insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trust's allocated gold account.
Right. I'm sure if you read the prospectus for AAPL, it mentions that if the company goes bankrupt, your stock won't be worth anything. It's up to you to decide how likely that is.
To be fair, the comparison would need to be of GLD to physical gold not GLD to AAPL. People who buy gold as "disaster insurance" really can't use GLD for really big disasters because they won't have the physical gold. It's the equivalent of buying 100 shares of Glock stock for home security instead of a Glock 9 mm.
Not really. @topstuf was throwing shade on GLD by citing that its prospectus contained legalese informing the buyer of potential material risks to their investment capital. My point was that all prospectuses do the same. From that we can conclude that the language in a prospectus is not a good gauge of the actual risk of any investment.
@Boosibri said:
They charged my sales tax on bullion for delivery to Michigan. I hit the button to buy before realizing that tax was now applied. Stupid eBay, stupid me.
One more reason to buy GLD instead of physical gold.
Yep. GLD is wonderful!
From the prospectus: Gold held in the Trust's unallocated gold account and any Authorized Participant's
unallocated gold account will not be segregated from the Custodian's assets.
If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian's insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trust's allocated gold account.
Right. I'm sure if you read the prospectus for AAPL, it mentions that if the company goes bankrupt, your stock won't be worth anything. It's up to you to decide how likely that is.
To be fair, the comparison would need to be of GLD to physical gold not GLD to AAPL. People who buy gold as "disaster insurance" really can't use GLD for really big disasters because they won't have the physical gold. It's the equivalent of buying 100 shares of Glock stock for home security instead of a Glock 9 mm.
Not really. @topstuf was throwing shade on GLD by citing that its prospectus contained legalese informing the buyer of potential material risks to their investment capital. My point was that all prospectuses do the same. From that we can conclude that the language in a prospectus is not a good gauge of the actual risk of any investment.
@Boosibri said:
They charged my sales tax on bullion for delivery to Michigan. I hit the button to buy before realizing that tax was now applied. Stupid eBay, stupid me.
One more reason to buy GLD instead of physical gold.
Yep. GLD is wonderful!
From the prospectus: Gold held in the Trust's unallocated gold account and any Authorized Participant's
unallocated gold account will not be segregated from the Custodian's assets.
If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian's insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trust's allocated gold account.
Right. I'm sure if you read the prospectus for AAPL, it mentions that if the company goes bankrupt, your stock won't be worth anything. It's up to you to decide how likely that is.
To be fair, the comparison would need to be of GLD to physical gold not GLD to AAPL. People who buy gold as "disaster insurance" really can't use GLD for really big disasters because they won't have the physical gold. It's the equivalent of buying 100 shares of Glock stock for home security instead of a Glock 9 mm.
Not really. @topstuf was throwing shade on GLD by citing that its prospectus contained legalese informing the buyer of potential material risks to their investment capital. My point was that all prospectuses do the same. From that we can conclude that the language in a prospectus is not a good gauge of the actual risk of any investment.
» show previous quotes
One more reason to buy GLD instead of physical gold.
So his response was due to touting GLD over physical gold.
What he was responding to is immaterial to the point of my last post. The bottom line is he was citing the GLD prospectus to point out that if GLD were grossly mismanaged, one could potentially lose their entire investment in GLD. No argument there. But consider that if you buy a bunch of physical gold, it could be lost or stolen and I'd place the odds of that happening as higher than GLD becoming insolvent. YMMV.
@derryb said:
Why would anyone choose to live in a frozen state that collects income tax when they could live in a sunny climate that does not collect income tax?
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
I know that, but does it link it to a specific purchase that you can show was for a coin?
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
I know that, but does it link it to a specific purchase that you can show was for a coin?
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
PayPal doesn't separate sales tax from the other charges - just the total.
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
PayPal doesn't separate sales tax from the other charges - just the total.
It certainly does for me. It really must for everyone because I don't ever receive the sales tax money as it pays it directly to eBay.
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
PayPal doesn't separate sales tax from the other charges - just the total.
Here's an example from my PayPal statement. Note it shows the sales tax as a separate item TWICE. The charge and then the payment to eBay.
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
PayPal doesn't separate sales tax from the other charges - just the total.
Here's an example from my PayPal statement. Note it shows the sales tax as a separate item TWICE. The charge and then the payment to eBay.
I called Paypal for this information and was told that they can't get it to me. To get it from Ebay I have to print out every ... single... invoice. They will not give me an itemized printout because I am not a seller.
@jmlanzaf said:
Sometimes, it's like no one has ever paid sales tax before.
I haven't - in Utah. Utah still doesn't have a sales tax on coins, currency or precious metals, and yet ebay continues to charge it.
They don't even want to help with paperwork so I can get reimbursed from the State of Utah.
What does Utah require as proof that tax was collected that shouldn't have been?
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
PayPal doesn't separate sales tax from the other charges - just the total.
Here's an example from my PayPal statement. Note it shows the sales tax as a separate item TWICE. The charge and then the payment to eBay.
I called Paypal for this information and was told that they can't get it to me. To get it from Ebay I have to print out every ... single... invoice. They will not give me an itemized printout because I am not a seller.
In looking at my PP statement as an eBay buyer using PP it is not broken down into item cost and tax collected. However the eBay item number is given and as long as the eBay listing number is active you can go to the order details page and get the breakdown. Best do a printout of that for your claim.
What's the process of filing to get taxes back on purchases that in your state are tax exempt? Here in CT numismatics and antiques are exempt. I called the state DRS, tax dept and the agent affirmed no tax. She said the form was a particular form. How long would you wait to file it and what is the process?
@logger7 said:
What's the process of filing to get taxes back on purchases that in your state are tax exempt? Here in CT numismatics and antiques are exempt. I called the state DRS, tax dept and the agent affirmed no tax. She said the form was a particular form. How long would you wait to file it and what is the process?
Ask your state. It should be a state form not an eBay form.
@logger7 said:
What's the process of filing to get taxes back on purchases that in your state are tax exempt? Here in CT numismatics and antiques are exempt. I called the state DRS, tax dept and the agent affirmed no tax. She said the form was a particular form. How long would you wait to file it and what is the process?
If you aren't anticipating any further improper collections then file now. WHY WAIT?
Comments
I am still confused? Why is sales tax collected on coins? I am in Texas and they do not.
Does your state hate you?
Why do the voters allow themselves to be smack gobbered in your state?
One doesn't have the choice of holding AAPL stock vs. a physical piece of the company/inventory as they do with gold.
Like ETFs such as GLD, stocks are also paper promises.
For that matter a dollar bill is nothing more than a paper promise. lol
Promises are great until an unexpected event voids them. Ask the ebay buyers of the new reverse ASE that never saw their coin.
Repetition of ignorance is ignorance raised to the power two.
I didn't mean to imply that there aren't advantages to physical gold over GLD, as well.
There are advantages to paper promises. I can sell GLD with the push of a button.
I can sell dollars any where, any time. . . currently. However, they likely won't be worth as much as when I bought them.
Repetition of ignorance is ignorance raised to the power two.
To be fair, the comparison would need to be of GLD to physical gold not GLD to AAPL. People who buy gold as "disaster insurance" really can't use GLD for really big disasters because they won't have the physical gold. It's the equivalent of buying 100 shares of Glock stock for home security instead of a Glock 9 mm.
Illinois is broke so I'm sure they appreciate receiving tax revenues they do not require
No they love us for funding them.
And surprisingly enough the sales tax on coins is not an Illinois issue (they don’t tax coins). It’s an eBay issue for not applying the law correctly.
Not really. @topstuf was throwing shade on GLD by citing that its prospectus contained legalese informing the buyer of potential material risks to their investment capital. My point was that all prospectuses do the same. From that we can conclude that the language in a prospectus is not a good gauge of the actual risk of any investment.
Q.E.D.
But he was responding to this comment:
@CoinJunkie said:
» show previous quotes
One more reason to buy GLD instead of physical gold.
So his response was due to touting GLD over physical gold.
What he was responding to is immaterial to the point of my last post. The bottom line is he was citing the GLD prospectus to point out that if GLD were grossly mismanaged, one could potentially lose their entire investment in GLD. No argument there. But consider that if you buy a bunch of physical gold, it could be lost or stolen and I'd place the odds of that happening as higher than GLD becoming insolvent. YMMV.
Family, job, some people like the ice and gloom.
Something besides my word, like documents.
So does Iowa where I'm at. Hopefully you saved screen shots of the eBay/PP page/s where it was added. Otherwise, you're likely SOL.
You don't need screen shots, you'll have a payment record right in PP.
I know that, but does it link it to a specific purchase that you can show was for a coin?
If it's through eBay. yes
His best bet would be to ask his revenue dept exactly what documentation they need.
PayPal doesn't separate sales tax from the other charges - just the total.
my papal shows the sales tax:
Repetition of ignorance is ignorance raised to the power two.
It certainly does for me. It really must for everyone because I don't ever receive the sales tax money as it pays it directly to eBay.
Here's an example from my PayPal statement. Note it shows the sales tax as a separate item TWICE. The charge and then the payment to eBay.
Purchase Total$9.99 USD
Sales Tax$0.82 USD
Shipping Amount$0.00 USD
Handling Amount$0.00 USD
Insurance Amount$0.00 USD
Gross Amount$10.81 USD
PayPal Fee-$0.61 USD
Tax collected by eBay-$0.82 USD
Net Amount$9.38 USD
I called Paypal for this information and was told that they can't get it to me. To get it from Ebay I have to print out every ... single... invoice. They will not give me an itemized printout because I am not a seller.
In looking at my PP statement as an eBay buyer using PP it is not broken down into item cost and tax collected. However the eBay item number is given and as long as the eBay listing number is active you can go to the order details page and get the breakdown. Best do a printout of that for your claim.
What's the process of filing to get taxes back on purchases that in your state are tax exempt? Here in CT numismatics and antiques are exempt. I called the state DRS, tax dept and the agent affirmed no tax. She said the form was a particular form. How long would you wait to file it and what is the process?
Ask your state. It should be a state form not an eBay form.
If you aren't anticipating any further improper collections then file now. WHY WAIT?
Ebay had contacted me before on the change and I had thought a state sales tax certificated was enough? They said I needed something else.