telerites Posted August 24, 2018 Share Posted August 24, 2018 Pardon the vent - Knew this was coming and there was discussion in one of the HA threads but just got the email... Dear Jeff, Please note: As of September 1st, Heritage Auctions will be required by state law to charge applicable sales tax on any items delivered to addresses in Oklahoma for the following categories: Art & Antiques, Comics, Currency, Entertainment, Historical, Jewelry, Timepieces & Luxury Accessories, Movie Posters, and Sports. Exemptions include dealers with valid sales tax numbers who are purchasing for resale and who furnish us with a properly completed resale certificate for Oklahoma.Please see paragraph #25 in our Terms and Conditions for more complete information. Sincerely, Heritage Client Services 3500 Maple Ave. 17th Floor Dallas, TX 75219-3941Bid@HA.com 1-800-872-6467 szucchini 1 Link to comment Share on other sites More sharing options...
dannyboy Posted August 24, 2018 Share Posted August 24, 2018 Yep. I've been paying it for at least a year now in CA. 9% can be a pretty penny on some of those purchases. Seriously, the least they could do is include it in GPA data. rabidwolf and IngelsFan 2 Link to comment Share on other sites More sharing options...
cheetah Posted August 24, 2018 Share Posted August 24, 2018 That is going to be painful. Link to comment Share on other sites More sharing options...
GreatCaesarsGhost Posted August 24, 2018 Share Posted August 24, 2018 I love having Heritage down the street from me here in Texas. I will sometimes drop by at their live auctions, and I dropped in on the Verzyl reception they hosted after funeral services. but I hate hate hate paying the local taxes!! I always tell myself I won’t bid more than $1k on anything but I always do Link to comment Share on other sites More sharing options...
Ricksneatstuff Posted August 24, 2018 Share Posted August 24, 2018 Get an EIN number and a tax exempt certificate and it is handled. Link to comment Share on other sites More sharing options...
comicjack Posted August 24, 2018 Share Posted August 24, 2018 Like they say Jeff, death and taxes stop for no one Link to comment Share on other sites More sharing options...
telerites Posted August 25, 2018 Author Share Posted August 25, 2018 29 minutes ago, comicjack said: Like they say Jeff, death and taxes stop for no one So true, Jack. Will Rogers, an Oklahoman said, "The only difference between death and taxes is that death doesn't get worse every time Congress meets." Hutch88 and Sqeggs 2 Link to comment Share on other sites More sharing options...
comicjack Posted August 25, 2018 Share Posted August 25, 2018 3 minutes ago, telerites said: So true, Jack. Will Rogers, an Oklahoman said, "The only difference between death and taxes is that death doesn't get worse every time Congress meets." Everyone knows how to spend your money better than you do Link to comment Share on other sites More sharing options...
SuperGrover Posted August 25, 2018 Share Posted August 25, 2018 Or move to Oregon, telerites 1 Link to comment Share on other sites More sharing options...
skypinkblu Posted August 25, 2018 Share Posted August 25, 2018 2 hours ago, Ricksneatstuff said: Get an EIN number and a tax exempt certificate and it is handled. You can't do that if you are buying books for your collection. I've been stuck with their taxes for years. Link to comment Share on other sites More sharing options...
Ricksneatstuff Posted August 25, 2018 Share Posted August 25, 2018 10 minutes ago, skypinkblu said: You can't do that if you are buying books for your collection. I've been stuck with their taxes for years. I’m not sure about that if you are selling them too and reporting it. Im not a CPA Link to comment Share on other sites More sharing options...
skypinkblu Posted August 25, 2018 Share Posted August 25, 2018 9 minutes ago, Ricksneatstuff said: I’m not sure about that if you are selling them too and reporting it. Im not a CPA I have one chained to a desk in the basement;) You can as far as I know, just use it for ones you INTEND to sell. For a lot of us, we just buy books to keep and the selling is incidental... Sqeggs 1 Link to comment Share on other sites More sharing options...
N e r V Posted August 25, 2018 Share Posted August 25, 2018 30 minutes ago, Ricksneatstuff said: I’m not sure about that if you are selling them too and reporting it. Im not a CPA You’re not supposed to but really if you are doing it as a business what’s your collection and what’s inventory can blur and no one is likely to find out unless you put up a red flag in some way with which is which. Link to comment Share on other sites More sharing options...
Tri-Color Brian Posted August 25, 2018 Share Posted August 25, 2018 I have a resale number here in AZ, and I never use it to avoid tax on comics...but i could because I'm a bookseller... but i always forget... Link to comment Share on other sites More sharing options...
lou_fine Posted August 25, 2018 Share Posted August 25, 2018 3 hours ago, skypinkblu said: 3 hours ago, Ricksneatstuff said: I’m not sure about that if you are selling them too and reporting it. Im not a CPA I have one chained to a desk in the basement;) You can as far as I know, just use it for ones you INTEND to sell. For a lot of us, we just buy books to keep and the selling is incidental... Is there a deadline that you have to sell your purchases by in order to qualify? After all, everybody sells eventually whether it's a few months later or a few decades later. Link to comment Share on other sites More sharing options...
N e r V Posted August 25, 2018 Share Posted August 25, 2018 19 minutes ago, lou_fine said: Is there a deadline that you have to sell your purchases by in order to qualify? After all, everybody sells eventually whether it's a few months later or a few decades later. That’s it. Only you would know what’s in play or not in your inventory and/or collection. You’re on the honor system there depending on your own conscience. Kind of like when you claim a lunch as a business meeting or use office products for anything other than business uses. Link to comment Share on other sites More sharing options...
Sqeggs Posted August 25, 2018 Share Posted August 25, 2018 13 hours ago, lou_fine said: 17 hours ago, skypinkblu said: 17 hours ago, Ricksneatstuff said: I’m not sure about that if you are selling them too and reporting it. Im not a CPA I have one chained to a desk in the basement;) You can as far as I know, just use it for ones you INTEND to sell. For a lot of us, we just buy books to keep and the selling is incidental... Is there a deadline that you have to sell your purchases by in order to qualify? After all, everybody sells eventually whether it's a few months later or a few decades later. The deadline is the day before you're called in by the IRS for an audit .... Link to comment Share on other sites More sharing options...
MustEatBrains Posted August 25, 2018 Share Posted August 25, 2018 Heritage sales tax hit me in Joisey like 2 auctions ago. 7% I think on top of the 20 BP. C'est la vie. Link to comment Share on other sites More sharing options...
lou_fine Posted August 25, 2018 Share Posted August 25, 2018 34 minutes ago, Sqeggs said: 14 hours ago, lou_fine said: 17 hours ago, skypinkblu said: 17 hours ago, Ricksneatstuff said: I’m not sure about that if you are selling them too and reporting it. Im not a CPA I have one chained to a desk in the basement;) You can as far as I know, just use it for ones you INTEND to sell. For a lot of us, we just buy books to keep and the selling is incidental... Is there a deadline that you have to sell your purchases by in order to qualify? After all, everybody sells eventually whether it's a few months later or a few decades later. The deadline is the day before you're called in by the IRS for an audit .... Well, that still gives you a full 24 hours for you to contact either CC or CL to draft up and back date (only if necessary) an invoice for you acknowledging receipt of your books for their next auction. I wouldn't even bother with Heritage because I highly doubt they would be willing to do something like this for you. Link to comment Share on other sites More sharing options...
entalmighty1 Posted August 26, 2018 Share Posted August 26, 2018 9.75% in the great state of Tennessee. I don't know how I'm supposed to win books if I have to chop my bids by 10% every auction. Another resource down the drain. Link to comment Share on other sites More sharing options...
