TeleTrade Newbie

ajia

OK, so I signed up and bid on a few coins & won.
Then I go to my account info & find out there is a 10% buyers fee (just like real auctions I guess). I didn't go through the WHOLE fine print before bidding but found it after winning. I can deal with that, but what's up with the sales tax? This company's at:
Teletrade • 27 Main St. • Kingston • NY • 12401
So why would someone in California have to pay sales tax? I have gone through the fine print & can't find anyting on out-of-state sales tax! Anybody know why?

Placid

Not sure. I have not been charged tax on items I have won from them.
Maybe call them and ask.

BSqr

ajia,

I recently participated in my first teletrade auction and won. I was not charged sales tax. They must have an office in your state (CA) otherwise there would be no sales tax. IMO of course

dbldie55

Where is Greg Manning Auctions located? I did not have to pay sales tax the only time I won (of course I never have to pay a sales tax).

agentjim007

Teletrade has a California office, maybe thats why.

TWQG

Reason number 62 for why I stay away from Teletrade.

mrdq

One factor is YOUR State's tax policy. In Michigan there is no tax on coin purchases of any level so I never get charged tax from out of state purchases. (teletrade, heritage included)

The second factor is that MANY online or catalog sellers are being pressured by state governments to collect sales upon purchase rather than relying on the BUYER to file a "use tax" form when they do their taxes (you all do this right? File the use tax form for ALL of your out of state purchases so that your state gets it's fair share?) The politicians are putting pressure on the sellers to be the collector and submitter because they know most of the general public does not do this filing.

I'd not be so quick to bash Teletrade. Lobby your congressmen to remove the tax on these individual pieces of history. In fact, you should get a tax BREAK for being the storage facility and caretaker of these bits of U.S. History.

its4real

very well put mrdq - eloquent even

CarlWohlforth

It took me a few mintutes but I found they charge sales tax for sales made to people who live in New York, New Jersey and California. They must have an office in CA.

If you buy more than $1,000 worth of coins at one time there is no CA tax.

%10 buyers fee is quite a bit, but it is less than Heritage and B&W. eBay has no buyers fees

ajia

MRDQ, I am not bashing Teletrade, well actually I am a bit. All I'm saying is that if sales tax is to be charged it should be stated somewhere. I found the statement on the buyers fee, but not on sales tax. It just burns me that I have to pay taxes when it is unexpected. Yes, I understand it's not Teletrades fault, & I know CA. just loves to tax it's citizens (I think the BEATLES had it just about right), but let me know before hand-'Bidders from N.Y. & CA. will be charged sales tax- or something to that effect, & would this also mean that winnings over $1,000 are not taxed?

Placid, I think I will call & ask.

CarlWohlforth

You had to fill out a form to sign up for bidding. Part of that form has a section called "Terms and Conditions". Here is an excerpt:

d. There will be a $15 handling charge for any returned check.
e. California, New Jersey and New York State residents will be
charged sales tax.

(I included d. because of another thread.)

I know most people don't read these things, they just click "I agree to the Terms and Conditions" anyway. I know I sometimes do...

There is no sales tax charged for totals in a single auction of over $1,000 worth of coins in California. I've read the sales tax rules and it is spelled out there.

Boy, that was fun reading, NOT!

edited to make clear the tax exemption is specifically for coins.