$4.6Mil logoman Luka Doncic

chriskim · #1 03-02-2021, 05:04 PM

I already contacted IRS to look into this, they didn't charge sales tax on this transaction. (I am pretty sure the buyer would file such transaction on his own and pay the tax..... yeah right)

68Hawk · #2 03-02-2021, 05:13 PM

Quote:

Originally Posted by chriskim

I already contacted IRS to look into this....

That's pretty effing weird of you to involve yourself.
I need to remember not to share what I buy and sell on this forum I guess, who knows which member is going to think it's their place to rummage.

chriskim · #3 03-02-2021, 05:16 PM

Quote:

Originally Posted by 68Hawk

That's pretty effing weird of you to involve yourself.
I need to remember not to share what I buy and sell on this forum I guess, who knows which member is going to think it's their place to rummage.

LOL... u know I was kidding right? I honestly doubt that was a legit transaction, certainly IRS wouldn't have any record.

(May be Vegas Dave really contacted IRS)

68Hawk · #4 03-02-2021, 05:20 PM

Quote:

Originally Posted by chriskim

LOL... u know I was kidding right? I honestly doubt that was a legit transaction, certainly IRS wouldn't have any record.

Nope, didn't know you were kidding.
Who publicizes a non legit transaction? It doesn't take long for the mass of eyes who are suddenly interested to start asking questions, and you look like an absolute dill weed if you out yourself as a simple agrandizer.
No more playing in the deep end of the pool for that person I guarantee it, most of these transactions happen because of VERY good faith that it will consumate.

steve B · #5 03-03-2021, 09:41 AM

Quote:

Originally Posted by chriskim

I already contacted IRS to look into this, they didn't charge sales tax on this transaction. (I am pretty sure the buyer would file such transaction on his own and pay the tax..... yeah right)

A business would have a resale number and anything bought for inventory is sales tax exempt. (In my state at least, not sure about others. )

Now if it's still in inventory at the end of the year, they'd probably be taxed as profit assuming the inventory increased over the previous year.
My city also charges a tax on business inventory stored in the city.

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