I just won a coin on Heritage live action tonight , I am frist time use Heritage , I know they have 17.5 % BP , i just want know if they have sell tax or anything . If anyone know thanks.
It may be different depending on your state. I know Heritage has a physical presence in California, so that might affect things.
Texas, Florida, New York, and Illinois too. Anyone in those states should get charged according to whatever their state sales tax is for the type of item they win.
The sales tax, if charged, can be tricky. For example, if you live in Calif. and the invoice total (for however many coins) is $1500 or more, then no sales tax. If you have won a $1300 coin in a Heritage auction, you might be looking at 8% ($104) sales tax. So if you can find a $200+ coin to bid on and win in the same auction, then you may be getting up to a 50% discount because the sum will be over $1500. Unfortunately, Heritage's auction and direct sales divisions don't cooperate on invoices, so you can't buy a less expensive coin directly to fill-in the gap between auction buys and the $1500 mark. Cal
I had to stare at that for a few seconds to figure out how you got the 50% discount, but I see you meant a 50% discount on the $200 coin.
I paid no sales tax last year when I bought at live auction. Just coin plus fees... REALLY REALLY FREAKING HIGH FEES!!!! (grumble!) I am in Kalifornia (which translates to "Land-o-Tax") and the auction was in Kalifornia as well.
Tax is tax. Depends on your local jurisdiction - if the purchase is taxable in your state, it's owed regardless of whether the auctioneer collects it or you pay the use tax directly. The buyers fee is clearly disclosed. The total (bid+fee) was shown everytime you placed a bid. You should have taken that into account when deciding your max bid.
Factor those percentages into what you're willing to pay for the piece, and determine if that price is acceptable, before you lay down your bid. I've been zonked.......
Actually I did do that with a BIN coin. I was a couple hundred shy once so I bought a 1921 peace dollar that didn't sell in the same auction for the asking price of around $500 if I remember right. The trick is the BIN coin has to be a coin that didn't sell from the same auction and is being offered for direct sale.
Oh all knowing and wise one.... For only now through you we see the error of our ways. We all know and take it into account - doesn't mean we have to like it now, does it?
I'm not condoning tax evasion by any means. But, really, who pays use taxes when they buy online from a merchant that doesn't collect the tax, for instance? States all but ignore this sort of behavior from consumers. For all practical purposes, if the seller doesn't collect the tax, it doesn't get paid, and I've never heard of a state coming after an individual for sales taxes on relatively small-ticket items like the coins most of us buy. If you're buying 5 figure coins, that might change, though.
If you live in Calif. and buy from Heritage, Stacks or Great Collections, you get no choice on sales tax. If the invoice is under $1500, the auction house collects it from you. It's part of the bill. Cal
I've done this several times on initial auction wins that were a little under $1500. One thing it's done is allowed (forced?) me to collect examples of coin series that I otherwise would have ignored. My only bust half, only half cent and only half dime were acquired this way. I've enjoyed these coins and learned quite a bit by studying them. The half cent and half dime are great conversation pieces for non-collectors. Most folks have no idea that these denominations were minted. Cal
Either and eventually - The Market Place Fairness Act or something similar will pass Congress or a group of States will launch a new legal challenge that overturns Quill v North Dakota. That is my prediction of the future in the realm of Sales and Use Tax.
I guess thankfully I wasn't buying a cheaper coin. Sorry Jerry Brown, you didn't get your mitts on this one!
