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Heritage - adding Sales Tax to more states
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134 posts in this topic

21 minutes ago, Will_K said:

It would be nice if HA factored the buyer's premium AND the sales tax when showing you the next bid increment info.

This would require semi-custom live bid views for every tax situation (including not just state but local - ex. NYC?) segregated by bidder profile? Dunno, sounds like some code work there, with the only ROI to Heritage being potentially less bids. Fun for the cross-border shillers though ;)

25 minutes ago, Will_K said:

Also, when an online retailer/auctioneer sends the tax $$$ to the state, do they tell the state who was the purchaser ?

Worried about non-bank asset tracking at the state level?

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3 minutes ago, vodou said:

Worried about non-bank asset tracking at the state level?

Just curious.

I think some have mentioned that HA will take consignments against $$$ owed.  That probably gets complicated.

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Just now, Will_K said:

Just curious.

I think some have mentioned that HA will take consignments against $$$ owed.  That probably gets complicated.

It sure does. Especially when capital gains aren't declared where required. A lot of people think of those transactions (buy first, consign second) as trades. That's fine in your head, but the IRS would disagree. Mightily. As would your state revenue office, good catch, probably a second level of capital gains for many people in addition to the sales tax.

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19 hours ago, Kohei said:
22 hours ago, tth2 said:

I think it's safe to say that charging state tax has had ZERO impact on bidding.

 

It has on mine.

If a tree falls in a forest but no one hears it, does it make a sound?

Edited by tth2
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Consider Delaware, the home of post office boxes of thousands of US corporations.  :wink:  For corporations, there is no state corporate income tax for companies that are formed in Delaware but do not transact business there (but there is a franchise tax).

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7 hours ago, tth2 said:

I think it's safe to say that charging state tax has had ZERO impact on bidding.

 

Not on my end. It's always another bid increment I don't place. But then again, I'm in NY and we've had the HA sales tax for awhile now.

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10 hours ago, tth2 said:

I think it's safe to say that charging state tax has had ZERO impact on bidding.

 

If I'm bidding, I will absolutely factor in the tax implication in my bidding.  It probably means I'm out one or two increments earlier than without the tax.  Assuming others do the same (which I do), the implications over the entire auction are huge.

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11 hours ago, tth2 said:

I think it's safe to say that charging state tax has had ZERO impact on bidding.

 

I thought about it but did really give is serious consideration until after I won.  Whats a little state tax?  I know our CO politicians can find something stupid to waste it on lol

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12 hours ago, stinkininkin said:
22 hours ago, tth2 said:

I think it's safe to say that charging state tax has had ZERO impact on bidding.

 

If I'm bidding, I will absolutely factor in the tax implication in my bidding.  It probably means I'm out one or two increments earlier than without the tax.  Assuming others do the same (which I do), the implications over the entire auction are huge.

Given the very strong prices paid in this auction, it just doesn't look to me like winning prices are 1 or 2 increments less than before.  

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I spent near 2gs in tax on a 5 figure piece I picked up over the summer. It definitely gave me some pause.

I’m sure there are BSDs for whom that amount is walking around money, and they may not think much of it other than the cost of doing business. But at the prices so much art is climbing to, for the rest of us real-world folks tacking on another 2-3k is definitely something to consider.

 

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44 minutes ago, zhamlau said:

Well, big question time:

Do you think prices were adversely impacted by the addition of sales tax? Did hammer prices seem light, normal, or high overall?

I didn’t think about it really but after seeing how much my sales tax was and knowing my state will just waste the money on stupid stuff, I wish I had a way to avoid it but my option to avoid was having it shipped to Wyoming but they charge too although I haven’t looked at the delta. 

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