Factoring taxes when buying on TRF?

[Rigsby1]

Originally Posted by Watchatalkinbout

I've been lurking awhile, but couldn't find the answer. Especially when an item is called BNIB, does this mean tax is included in the price? Guess based on the responses so far it's not so cut and dry.

Anyway - hi everyone.

Nope.

[Speed]

Welcome to TRF.

Do an advanced search on this topic.

There have been some heated threads on this topic - if you are truly interested / plan on buying.

I think we had a couple of accountants and IRS fan boys chiming in.

[rsg]

Seems to me that an individual has the right to buy a watch from an AD, pay the appropriate sales tax to the AD, and then re-sell that watch however they would like.
What's the confusion?

[BH13GMT]

Originally Posted by Mr. K

When you buy here, the watch is not new. It is used, preowned or grey market. No tax to pay. And on a Rolex, that is a big savings.

Not so when it comes in to the UK, a Daytona could be bought and sold several times in its lifetime and everytime it comes through UK customs the receiver will be hit 20% what a joke!!!

whilst we are on the gary coleman picture gags, how do u like this one?

[BarkMaster]

Originally Posted by Watchatalkinbout

I've been lurking awhile, but couldn't find the answer. Especially when an item is called BNIB, does this mean tax is included in the price? Guess based on the responses so far it's not so cut and dry.

Anyway - hi everyone.

Welcome!

I'm reading the answers with great interest... the last time this topic was discussed, I was amused with the justifications that some give for breaking the law.

[mboverst]

You don't have to pay state sales tax from private sellers if that's your question? Some dealers here are incorporated and have a sales tax license in the state that they reside. If your billing address is in the same state as the seller, then you must pay state sales tax on the item for US purchases.

There are probably 5% of us on TRF with stores/sales tax requirements. Most are private sellers or...other...who never require it.

[looking to buy]

I live in CA and it has had a law for many many years that anything a CA resident buys out of state must have sales tax paid on it. But, CA calls it a Use Tax when it is on an out of state item. In fact there is a place on the CA tax return to claim all out of state purchases and them pay the tax on them. It is my understanding that few claim or pay. CA has recently stepped up the enforcement in this area and is now requiring all businesses to also report all out of state purchases. The IRS is stepping in with the requirement for 1099s to be issued to them in more and more cases.