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??? On Sales Tax on Internet Purchases
BAJJERFAN
Posts: 31,005 ✭✭✭✭✭
Will possibly having to pay or collect sales tax on interstate orders (whether that order be placed via phone, electronically or mail) affect your coin buying or selling? Will you be less likely to buy a $1000 coin if there is 8% sales tax? Something to ponder!
theknowitalltroll;
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
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Comments
David
Any tax attorneys out there know anything about this?
If I wanted a particular coin. I probably wouldn't balk at having to pay the extra X% on that particular coin. My total number of purchases would decrease, though, as my available coin funds would decrease by an additional X% for each coin I did buy.
Ray
Adolf Hitler
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My ebay auctions
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Heh.....yes, you guys don't have sales tax down south. I should go there and buy more, but I don't think it is worth the ~5-6 hour roundtrip.
For coins, I think I have paid tax at a local shop, but I don't pay taxes at coin shows (not sure why the double standard, but I am fine with it ).
If everything over the net were to have tax added, then, I would be a lot less inclined to buy over the net, especially larger purchases....of course, my largest amount bought at any 1 time has been about the same for 3 items (all are 1 oz lunar gold coins from australia) so they are nowhere near what some of you pay (mine have been $400-$500).
Now, can you imagine paying $10,000 for a coin at a heritage auction, then the juice on top of that AND the tax on that?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
... okay so I'm exagerating a bit ....
If you add in the 8.25% to your cost, it often makes the purchase unviable from my perspective. Only if I am buying something more expensive and it reaches past the $1000 limit will I even consider it.
Recently, I have found one local shop that works a deal with me on the same high-end Morgan, I buy it to put the price over the limit and sell it back to him immediatly at the same price.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
As for Heritage, in Texas there is a tax exemption for numismatic transactions over $1000. You can't find two of their coins that you like? If you're out of state you don't pay tax on it anyway.
With that said, if you are selling online as a business, it would be in your best interest to be filing the proper tax information with your home state. I live in N.H., so I don't have any tax liability with coin sales, but when I sell items in Massachusetts under $1k, I am liable for that tax. It's a fairly simple process to obtain a state tax number, and the paperwork isn't obscene, but it could be easier.
Razorface, Ebay isn't responsible for informing you of your tax liability within your given state, or with the government. You have to get that information all on your own.
LSCC#1864
Ebay Stuff
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
I say if you are a merchant then expand your sales base by joining the net crowd. Also sell something that I want for a fair price.
All I know is that if I am required to pay taxes on out of state purchases I will either buy less or find other ways to complete my transactions.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Talk about progress...
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
Big D5;
Let's say that I'm simply deviating stock at a substantial loss to move on to the more satisfying aspect of coin COLLECTING (EXPANDING). I can't even be considered as a VOLUME vendor.