PWCC vault?

[Bradyhill]

Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady

[conor912]

This hobby is so f'd.

[Republicaninmass]

Originally Posted by Bradyhill

Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady

Full name.when giving.an.opion of.person or service.reqiired

[Peter_Spaeth]

Originally Posted by Republicaninmass

Full name.when giving.an.opion of.person or service.reqiired

His ID is his full name. He hasn't posted much here I guess but certainly a known collector.

And yes, I could see where a secure storage facility could be attractive to someone with substantial value in cards who didn't care about access to them; or lived relatively close, or whose intent was to resell through PWCC. On the other hand, as Steve points out, PWCC certainly has emphasized the sales tax aspect in its promotion.

[Snapolit1]

Originally Posted by Bradyhill

Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady

Ok, enlighten us. What is the great point of this other than tax avoidance? I received their email too, and that that seemed to be the clear thrust of it. Maybe I need my secret decoder ring on this one.

[Republicaninmass]

13 posts...and what do you get


Another post praising the vault of Brett

[egbeachley]

Originally Posted by Snapolit1

Ok, enlighten us. What is the great point of this other than tax avoidance? I received their email too, and that that seemed to be the clear thrust of it. Maybe I need my secret decoder ring on this one.

Tax avoidance is OK. Tax evasion is not.

This may be legal the same way that buying items in a tax-free state is fine. It’s just when you bring them back to your home state that the Use tax kicks in.

[ullmandds]

Originally Posted by Bradyhill

Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady

you've SEEN "the vault?" Is it real and SPECTACULAR???

[Goudey77]

https://www.oregonlive.com/business/...ing-cards.html

[jayshum]

I looked on the PWCC website for more info, and there are fees charged for any cards sent to the vault unless they are from a PWCC auction, so on top of the 0.5% storage fee that was mentioned in the e-mail I received, the following fees also apply. For non-graded cards, there is a $10 minimum fee so for a card under around $140-150, it looks like that fee would offset any sales tax savings.

Archival Fee.
Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $2 per asset and a maximum fee of $100 per asset). Note: completely graded sets, mixed grading company sets or sets registered with PSA, SGC, and/or Beckett use the same ingestion process as single graded cards.

Non-Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $10 per asset and maximum fee of $100 per asset).

[Peter_Spaeth]

Originally Posted by jayshum

I looked on the PWCC website for more info, and there are fees charged for any cards sent to the vault unless they are from a PWCC auction, so on top of the 0.5% storage fee that was mentioned in the e-mail I received, the following fees also apply. For non-graded cards, there is a $10 minimum fee so for a card under around $140-150, it looks like that fee would offset any sales tax savings.

Archival Fee.
Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $2 per asset and a maximum fee of $100 per asset). Note: completely graded sets, mixed grading company sets or sets registered with PSA, SGC, and/or Beckett use the same ingestion process as single graded cards.

Non-Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $10 per asset and maximum fee of $100 per asset).

Ingestion just seems like the wrong word. I think they use it multiple times.

[pokerplyr80]

For those who don't know Brady he had one of the best tables at the Chicago national and is well known and respected in the hobby. I completely agree and will be using this service as well. Many of my cards just sit in a bank vault as it is and I have to pay to ship and insure them to pwcc when it's time to sell. And if shipping them to and storing them in Oregon saves on sales tax as well then i will not be surprised if many collectors start using the vault. Perhaps even a few of those criticizing in this thread.

[Sean]

Originally Posted by pokerplyr80

For those who don't know Brady he had one of the best tables at the Chicago national and is well known and respected in the hobby.

In fact, he is featured in this week's Sports Collector's Digest.

[calvindog]

On a 200K card sale, the sales tax savings for a NY buyer is about 18K if the card is instead shipped to a vault in Oregon. Same card sitting in a Citibank safe deposit box in NYC, surrounded by alarms and guards, costs the buyer 18K extra. The main thrust of this visionary program is tax avoidance. Period. Again, I’m niot saying it’s illegal as I’m not a CPA but to suggest that the tax savings on pricey cards is not the main lure of this PWCC vault is disingenuous.

[CuriousGeorge]

I had 2 very reputable CPA’s look into the vault and both strongly advised me not to use it. It is being advertised as a way to avoid paying state tax and they were not comfortable with that verbiage. While I suggest anyone considering using them to get your own guidance, I feel much more comfortable not being involved. And that’s only regarding the tax issue, I have not even gotten into other potential land mines that could happen.

[Vintageclout]

Originally Posted by Bradyhill

Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady

+1 - Well said Brady! Very innovative and a great idea with various positive angles.

Joe T.