Quote:
Originally Posted by Peter_Spaeth
I believe it is up to the individual to pay state use tax, I can't see how that is the vault owner's burden.
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I am sure there is something agency or bailment law that states could use to impose some burden on the vault. I know it’s somewhat different, but if eBay has to issue 1099s to anyone who sells more than $600 (or something like that), than I am sure “they” can find a way to make a vault collect sales taxes on item received and released within a certain period.
It’s a brave new world. It will be interesting to see how this shakes out. The states love all of this new revenue. They will fight hard to ensure it if they start losing enough to vaults.
Personally, I don’t think state sales taxes should be due on items bought for investment. We don’t pay sales tax on stock, bonds, and precious metals in many states. Why cards held for investment? We don’t “use” or consume cards.
09-08-2022, 09:04 PM
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