Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Bullion Investing
>
Ebay and taxes on bullion purchases
>
Reply to Thread
Message:
<p>[QUOTE="calcol, post: 26496998, member: 77639"]Yup, eBay and other out of state sellers, including coin dealers and auction houses, are required to collect state and local taxes based on the shipping address. If a local coin dealer does not charge the taxes (if required locally), they’re either breaking the law or the taxes are hidden in the quoted price. Occasionally, I’ve bought merchandise (not coins) from out of state sellers who did not charge Calif. sales taxes. They were fairly small businesses, did not have a physical presence in Calif., and probably figured they were too small and obscure for Calif. to come after them. The purchases were direct and not through a large intermediary like eBay or Etsy.</p><p><br /></p><p>Large companies have no choice but to collect sales taxes and forward them to the states that require them. If they didn’t do it, they would soon be on the losing end of court cases brought by multiple states.</p><p><br /></p><p>We can thank S. Dakota and its U.S. Supreme Court case for bringing about this tax situation. I remember talking to Ian Russell shortly after the Supreme Court ruled. He said it would cost Great Collections an overhead of at least $70K per year to collect sales taxes and send them to the various states that require them.</p><p><br /></p><p>This situation can be changed only by a constitutional amendment or the Supreme Court reversing itself.</p><p><br /></p><p>Mike[/QUOTE]</p><p><br /></p>
[QUOTE="calcol, post: 26496998, member: 77639"]Yup, eBay and other out of state sellers, including coin dealers and auction houses, are required to collect state and local taxes based on the shipping address. If a local coin dealer does not charge the taxes (if required locally), they’re either breaking the law or the taxes are hidden in the quoted price. Occasionally, I’ve bought merchandise (not coins) from out of state sellers who did not charge Calif. sales taxes. They were fairly small businesses, did not have a physical presence in Calif., and probably figured they were too small and obscure for Calif. to come after them. The purchases were direct and not through a large intermediary like eBay or Etsy. Large companies have no choice but to collect sales taxes and forward them to the states that require them. If they didn’t do it, they would soon be on the losing end of court cases brought by multiple states. We can thank S. Dakota and its U.S. Supreme Court case for bringing about this tax situation. I remember talking to Ian Russell shortly after the Supreme Court ruled. He said it would cost Great Collections an overhead of at least $70K per year to collect sales taxes and send them to the various states that require them. This situation can be changed only by a constitutional amendment or the Supreme Court reversing itself. Mike[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Bullion Investing
>
Ebay and taxes on bullion purchases
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...