No more Heritage auctions for me
TJM965
Posts: 446 ✭✭✭
I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
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Why not just lower your bid by the amount of the sales tax?
CA just bumped the value from 1K to 1.5K. I had to buy something extra at the last auction to save on taxes. Worked out pretty well.
edited: I talked to someone who said they were $25 short of meeting the tax break and they call Heritage to see if they would charge them the extra $25 to save from paying tax. They did it.
Heritage has a 15% buyers fee unless you buy it off an ebay listing, then it's higher.
<< <i>I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
Heritage is just the involuntary agent of the taxman in this case. The real problem is the insatiable tax and spend State Legislature in Albany. Having to pay sales tax for coins purchased from a Texas based company is just part of the ongoing punishment for residing in the Empire State.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
March of Time - 27 Centuries in Gold
https://coins.www.collectors-society.com/WCM/CoinCustomSetView.aspx?s=36590
<< <i>I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
The state government is responsible for tax laws, not Heritage. Heritage is merely enforcing their obligations as a merchant to collect sales tax.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>
<< <i>I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
The state government is responsible for tax laws, not Heritage. Heritage is merely enforcing their obligations as a merchant to collect sales tax. >>
Did I miss something and the laws recently changed? They have not been doing this before so I am confused as to why start now?
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<< <i>
<< <i>I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
The state government is responsible for tax laws, not Heritage. Heritage is merely enforcing their obligations as a merchant to collect sales tax. >>
Did I miss something and the laws recently changed? They have not been doing this before so I am confused as to why start now? >>
I doubt the law has changed. NY probably just threatened to sue Heritage if they didn't voluntarily comply.
No sales tax on coins or bullion in the Commonwealth!
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<< <i>Just move to Pennsylvania then
No sales tax on coins or bullion in the Commonwealth! >>
As other have said, Heritage has nothing to do with this decision and is only following requirements placed on them by the State of NY.
<< <i>I've been paying tax on amounts lower than $1000 since I moved to Texas. I just figure that amount into my bids. >>
If everyone is figgering everything into their bids and actually getting by with it, its becoming less and less advantageous for the average seller to even consider consigning to Heritage. I don't know at what dollar level that one would have any negotiating stroke with HA; but with BP at 15% commish at 5% and sales tax at 10% yer talkin a 30% hit off the top. A coin that shud sell for $1,000 could net you $700. If you expected to net your $1000 your coin would have to hammer for considerably more.
<< <i>I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
Wouldn't it make more sense for you to boycott New York?
<< <i>Heck, I hear they just increased cigarettes to over $10.00 a pack in new york. Now I don't smoke, but are they adding gold to the tobacco? Good ole New York. Seems that joint is out to rip off the New Yorker
Another reason why residents and jobs are fleeing New York State. One of my favorite Kirk Russell films is "Escape from New York".
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
March of Time - 27 Centuries in Gold
https://coins.www.collectors-society.com/WCM/CoinCustomSetView.aspx?s=36590
<< <i>Yes, that adds to your cost, but they had no choice.
Why not just lower your bid by the amount of the sales tax? >>
So now the seller should be responsible for the sales tax, shipping, insurance and selling fees? From reading different threads on the forum, this is the expectation as the advice is to always just lower your bids to make the total price fair to the buyer. As a buyer and seller I can't support this logic. I feel the coin has a selling value-all other costs should be split between the buyer and seller.
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<< <i>Yes, that adds to your cost, but they had no choice.
Why not just lower your bid by the amount of the sales tax? >>
So now the seller should be responsible for the sales tax, shipping, insurance and selling fees? From reading different threads on the forum, this is the expectation as the advice is to always just lower your bids to make the total price fair to the buyer. As a buyer and seller I can't support this logic. I feel the coin has a selling value-all other costs should be split between the buyer and seller. >>
Exactly. Why should the seller have to take it in the shorts all the time. I realize a $1,000 coin is only worth that to a buyer, but to expect the seller to eat $200 or more is absurd. If buyer is willing to pay $1200 so I net $1,000 he might as well buy direct from me.
BORN FREE-TAXED TO DEATH!!!!!!!
<< <i>I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
Just become a FL resident, like everyone else from NY over 60
<< <i>I don't mind the buyers fee because that affects everyone's bidding, but sales tax (8%) for some and not others is not a fair auction. Some bidders have an edge. Not for me. >>
If you think it's not fair, take it up with your state gummint. I'm sure they're reasonable poeple.
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Member ANA, SPMC, SCNA, FUN, CONECA
<< <i>One of my favorite Kirk Russell films is "Escape from New York". >>
One of my all-time favorites as well.
<< <i>Coins are not a necessity, yet coin buyers are the biggest complainers about sales taxes. >>
Neither are stocks and bonds. Since coins are bought by many as an investment, maybe there should be a sales tax on stocks, bonds, real estate, and any other investments.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>I don't mind the buyers fee because that affects everyone's bidding, but sales tax (8%) for some and not others is not a fair auction. Some bidders have an edge. Not for me. >>
If you think it's not fair, take it up with your state gummint. I'm sure they're reasonable poeple. >>
They do every year, and we always win (IE: no sales tax here)
The problem is we have income tax. When I lived in Wyoming, it was the opposite, and I was better off with the 4% sales tax.
Out here in CA we're taxed pretty heavily too. 9.3% on income (10.3% if you make enough) and now local sales tax just went up to over 9%. I just don't buy in major auctions unless I know I'll be spending $1500+ now. Probably wouldn't bid at all if we didn't have the over $1500 exemption. Would either set up a P.O Box in a tax friendly state or just have a friend in a no tax state bid for me.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
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<< <i>Coins are not a necessity, yet coin buyers are the biggest complainers about sales taxes. >>
Neither are stocks and bonds. Since coins are bought by many as an investment, maybe there should be a sales tax on stocks, bonds, real estate, and any other investments. >>
There was a federal excise tax on stock transactions for many years. Perhaps it needs to be brought back.
After the 1987 stock market crash, securities-trading taxes were endorsed by Senate Minority Leader, Bob Dole and even the first President Bush.
The Wall Street Journal once mentioned about $500 trillion in derivatives trades alone in 2008—the most speculative of transactions.
A one-tenth of one percent tax would raise $500 billion dollars a year, assuming that level of trading.
8 1/2% sales tax now this
<< <i>I just received an email from Heritage. As of April 15 they will be charging sales tax for NY customers. Bye bye, so long, farewell. Less bidders for their auctions.
I do not think that your interpretation is quite correct. Heritage's site states that NY sales:
Applicable state sales tax on Signature Auctions ONLY if held in that state
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>I don't mind the buyers fee because that affects everyone's bidding, but sales tax (8%) for some and not others is not a fair auction. Some bidders have an edge. Not for me. >>
Those tax and spend democrats in action once again.. WE must nearing the breaking point with all these new taxes
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<< <i>I don't mind the buyers fee because that affects everyone's bidding, but sales tax (8%) for some and not others is not a fair auction. Some bidders have an edge. Not for me. >>
Those tax and spend democrats in action once again.. WE must nearing the breaking point with all these new taxes
You haven't seen anything yet. Wait until you see what the regressive "Cap and Trade" tax does to your electric bill.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Why would you call the elected officials idiots? They're not the ones paying the bills.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>WELL THATS WHAT HAPPENS WHEN YOU ELECT IDOITS WHO LIKE TO SPEND SPEND SPEND-- THEN THEY TAX TAX TAX!!! >>
Those taxes have been there for quite a while but nobody was collecting them. Wake up.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>They need to dump 90% of the spending, and quit robbing the American public for the work they do. The only thing worse than a taxing politician, is a citizen that feels others need to be taxed. >>
My favorites are the ones in my neighborhood with the "Vote Yes" to the property tax raise for the school, but then register their cars in a neighboring state, so they can avoid paying the same tax. It's beyond belief.
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<< <i>They need to dump 90% of the spending, and quit robbing the American public for the work they do. The only thing worse than a taxing politician, is a citizen that feels others need to be taxed. >>
My favorites are the ones in my neighborhood with the "Vote Yes" to the property tax raise for the school, but then register their cars in a neighboring state, so they can avoid paying the same tax. It's beyond belief. >>
Most likely Arizona Cardinals fans.
Experience the World through Numismatics...it's more than you can imagine.
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<< <i>They need to dump 90% of the spending, and quit robbing the American public for the work they do. The only thing worse than a taxing politician, is a citizen that feels others need to be taxed. >>
My favorites are the ones in my neighborhood with the "Vote Yes" to the property tax raise for the school, but then register their cars in a neighboring state, so they can avoid paying the same tax. It's beyond belief. >>
Democrats don't like paying taxes---they just want to tax everyone else.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>
<< <i>They need to dump 90% of the spending, and quit robbing the American public for the work they do. The only thing worse than a taxing politician, is a citizen that feels others need to be taxed. >>
My favorites are the ones in my neighborhood with the "Vote Yes" to the property tax raise for the school, but then register their cars in a neighboring state, so they can avoid paying the same tax. It's beyond belief. >>
Democrats don't like paying taxes---they just want to tax everyone else. >>
Thank the guy that took our pocket books to Afganistan and Iraq.
<< <i>Just get a P.O box in a neighboring tax free state if it's that big of a deal to you, are the states all close together back east??? Shouldn't be too far of a drive to set one up >>
Be careful suggesting that.
I have seen many users of such PO Boxes get slammed for fraud for doing just that. Jail was the result in the more major cases.
The name is LEE!
So do what I did - move from a high tax state to a low tax state - problem solved.
Member ANA, SPMC, SCNA, FUN, CONECA
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<< <i>Just get a P.O box in a neighboring tax free state if it's that big of a deal to you, are the states all close together back east??? Shouldn't be too far of a drive to set one up >>
Be careful suggesting that.
I have seen many users of such PO Boxes get slammed for fraud for doing just that. Jail was the result in the more major cases. >>
probably good advice. didn't really think it through when I posted. shipping to a trusted friend or relative would be preferable then... or just pony up the tax that your state is owed
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700