NonSports Forum

Net54baseball.com
Welcome to Net54baseball.com. These forums are devoted to both Pre- and Post- war baseball cards and vintage memorabilia, as well as other sports. There is a separate section for Buying, Selling and Trading - the B/S/T area!! If you write anything concerning a person or company your full name needs to be in your post or obtainable from it. . Contact the moderator at leon@net54baseball.com should you have any questions or concerns. When you click on links to eBay on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network. Enjoy!
Net54baseball.com
Net54baseball.com
ebay GSB
T206s on eBay
Babe Ruth Cards on eBay
t206 Ty Cobb on eBay
Ty Cobb Cards on eBay
Lou Gehrig Cards on eBay
Baseball T201-T217 on eBay
Baseball E90-E107 on eBay
T205 Cards on eBay
Baseball Postcards on eBay
Goudey Cards on eBay
Baseball Memorabilia on eBay
Baseball Exhibit Cards on eBay
Baseball Strip Cards on eBay
Baseball Baking Cards on eBay
Sporting News Cards on eBay
Play Ball Cards on eBay
Joe DiMaggio Cards on eBay
Mickey Mantle Cards on eBay
Bowman 1951-1955 on eBay
Football Cards on eBay

Go Back   Net54baseball.com Forums > Net54baseball Main Forum - WWII & Older Baseball Cards > Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions

Reply
 
Thread Tools Display Modes
  #1  
Old 05-02-2019, 05:01 AM
jayshum jayshum is offline
Jay Shumsky
Member
 
Join Date: Jan 2019
Location: NJ
Posts: 2,704
Default PWCC vault?

I received an email from PWCC that I could use their vault as the address to ship any purchases from them, eBay, other auctions, etc. By doing this, I would avoid paying sales tax since the address for the vault is in Oregon.

Does anyone use this? If so, can you provide me with more information about how it works and what costs there are associated with it? The email mentions an ingestion fee equal to 0.5% of the market value of the card for the first year of storage, but then it says something about requesting fulfillment at any time after ingestion which is usually 5 to 7 business days. Any explanation of how this actually works would be appreciated.
Reply With Quote
  #2  
Old 05-02-2019, 05:34 AM
calvindog's Avatar
calvindog calvindog is offline
Jeffrey Lichtman
Member
 
Join Date: Apr 2009
Posts: 5,494
Default

You should speak to an accountant before you do this. Something advertised as existing solely to help you avoid paying sales tax requires some professional advice. As it’s a PWCC invention I’d probably speak to three CPAs.
Reply With Quote
  #3  
Old 05-02-2019, 05:42 AM
iowadoc77 iowadoc77 is offline
Eric
Eric
 
Join Date: Dec 2013
Location: Iowa
Posts: 1,631
Default

Quote:
Originally Posted by calvindog View Post
You should speak to an accountant before you do this. Something advertised as existing solely to help you avoid paying sales tax requires some professional advice. As it’s a PWCC invention I’d probably speak to three CPAs.
Hey Jeff, You think 3 is enough? Sounds a bit sketchy

And as an aside, I tend to get fulfillment less than 5-7 days after ingestion!
__________________
Seeking Type 1 photos especially Ruth
I still love the hobby

Last edited by iowadoc77; 05-02-2019 at 05:44 AM.
Reply With Quote
  #4  
Old 05-02-2019, 05:55 AM
ullmandds's Avatar
ullmandds ullmandds is offline
pete ullman
Member
 
Join Date: Apr 2009
Location: saint paul, mn
Posts: 11,237
Default

Quote:
Originally Posted by calvindog View Post
You should speak to an accountant before you do this. Something advertised as existing solely to help you avoid paying sales tax requires some professional advice. As it’s a PWCC invention I’d probably speak to three CPAs.
1 for each sticker?
Reply With Quote
  #5  
Old 05-02-2019, 06:27 AM
Snapolit1's Avatar
Snapolit1 Snapolit1 is offline
Ste.ve Na.polit.ano
 
Join Date: Oct 2015
Posts: 5,760
Default

My experience says that states aren’t too accepting of transparent efforts to avoid paying sales tax. Just sayin.
Reply With Quote
  #6  
Old 05-02-2019, 06:58 AM
Peter_Spaeth's Avatar
Peter_Spaeth Peter_Spaeth is online now
Peter Spaeth
Member
 
Join Date: Apr 2009
Posts: 30,264
Default

Lots of things that are set up to avoid or reduce taxes seem more form over substance. It's hard for me to believe PWCC is out there publicizing this without having vetted it with legal and accounting advisers. Then again...
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/

He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.
Reply With Quote
  #7  
Old 05-02-2019, 07:08 AM
bbsports bbsports is online now
Member
 
Join Date: Feb 2010
Posts: 531
Default

I received the same e-mail from P.W.C.C. They mean well, but as a N.J. resident, this state are very strict about their state tax so I would not be interested in putting my cards in a their vault. Also, heaven for bid, something happens to the company or the state steps in & cleans out what's in the vault? I can be affected. You are correct, this should not be brought out out publicly. The whole idea is too risky for me.
Reply With Quote
  #8  
Old 05-02-2019, 07:18 AM
frankbmd's Avatar
frankbmd frankbmd is offline
Fr@nk Burke++
Member
 
Join Date: Nov 2011
Location: Between the 1st tee and the 19th hole
Posts: 7,231
Default

I’ve been fortunate to visit 49 states in my lifetime missing only Oregon.

If I pack up my collection and send it to the vault, would I be able to visit them???

If not, I’ll just send them to Zimbabwe? I’ve never been there either.

The idea of a remote collection intrigues me.
__________________
FRANK:BUR:KETT - RAUCOUS SPORTS CARD FORUM MEMBER AND MONSTER NUMBER FATHER.

GOOD FOR THE HOBBY AND THE FORUM WITH A VAULT IN AN UNDISCLOSED LOCATION FILLED WITH NON-FUNGIBLES


274/1000 Monster Number


Nearly*1000* successful B/S/T transactions completed in 2012-24.
Over 680 sales with satisfied Board members served.
If you want fries with your order, just speak up.
Thank you all.



Now nearly PQ.

Last edited by frankbmd; 05-02-2019 at 07:35 AM.
Reply With Quote
  #9  
Old 05-02-2019, 08:02 AM
bobbyw8469's Avatar
bobbyw8469 bobbyw8469 is offline
Robert Williams
member
 
Join Date: Aug 2009
Location: North Carolina
Posts: 9,016
Default

I don't know what to think about this vault. What happens if you die and no one knows what is in "the vault". I mean, it's an interesting concept. Just too many unkowns.
Reply With Quote
  #10  
Old 05-02-2019, 08:09 AM
ullmandds's Avatar
ullmandds ullmandds is offline
pete ullman
Member
 
Join Date: Apr 2009
Location: saint paul, mn
Posts: 11,237
Default

Quote:
Originally Posted by bobbyw8469 View Post
I don't know what to think about this vault. What happens if you die and no one knows what is in "the vault". I mean, it's an interesting concept. Just too many unkowns.
it's kinda similar to the idea of owning a part of a card?

Personally it's not something I'd be interested in...more of a concept for "investors."


If you buy a high buck card from PWCC...save on taxes intially...with the intent to resell through PWCC at a later date.

Last edited by ullmandds; 05-02-2019 at 08:10 AM.
Reply With Quote
  #11  
Old 05-02-2019, 08:25 AM
tschock tschock is offline
T@yl0r $ch0ck
Member
 
Join Date: Apr 2010
Location: NC
Posts: 1,391
Default

Quote:
Originally Posted by bobbyw8469 View Post
I don't know what to think about this vault. What happens if you die and no one knows what is in "the vault". I mean, it's an interesting concept. Just too many unkowns.
.... and can someone with a bottle of Peach Schnapps open "The Vault"?
Reply With Quote
  #12  
Old 05-02-2019, 08:42 AM
Peter_Spaeth's Avatar
Peter_Spaeth Peter_Spaeth is online now
Peter Spaeth
Member
 
Join Date: Apr 2009
Posts: 30,264
Default

Quote:
Originally Posted by ullmandds View Post
it's kinda similar to the idea of owning a part of a card?

Personally it's not something I'd be interested in...more of a concept for "investors."


If you buy a high buck card from PWCC...save on taxes intially...with the intent to resell through PWCC at a later date.
Right -- you never have to see or touch the stupid card. It's just an asset on a balance sheet.
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/

He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.
Reply With Quote
  #13  
Old 05-02-2019, 08:46 AM
ullmandds's Avatar
ullmandds ullmandds is offline
pete ullman
Member
 
Join Date: Apr 2009
Location: saint paul, mn
Posts: 11,237
Default

Quote:
Originally Posted by Peter_Spaeth View Post
Right -- you never have to see or touch the stupid card. It's just an asset on a balance sheet.
exactly!!
Reply With Quote
  #14  
Old 05-02-2019, 08:50 AM
bobbyw8469's Avatar
bobbyw8469 bobbyw8469 is offline
Robert Williams
member
 
Join Date: Aug 2009
Location: North Carolina
Posts: 9,016
Default

Quote:
Originally Posted by Peter_Spaeth View Post
Right -- you never have to see or touch the stupid card. It's just an asset on a balance sheet.
Wait...cards are stupid??
Reply With Quote
  #15  
Old 05-02-2019, 08:57 AM
Sean's Avatar
Sean Sean is offline
Sean Costello
Member
 
Join Date: Dec 2012
Location: Woodland, California
Posts: 3,814
Default

Quote:
Originally Posted by bobbyw8469 View Post
Wait...cards are stupid??
My cards aren't stupid, they're just a little slow.
Reply With Quote
  #16  
Old 05-02-2019, 09:27 AM
ullmandds's Avatar
ullmandds ullmandds is offline
pete ullman
Member
 
Join Date: Apr 2009
Location: saint paul, mn
Posts: 11,237
Default

my cards ride the short bus to the vault!
Reply With Quote
  #17  
Old 05-02-2019, 09:29 AM
Peter_Spaeth's Avatar
Peter_Spaeth Peter_Spaeth is online now
Peter Spaeth
Member
 
Join Date: Apr 2009
Posts: 30,264
Default

Quote:
Originally Posted by ullmandds View Post
my cards ride the short bus to the vault!
Where they are promptly ingested.
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/

He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.
Reply With Quote
  #18  
Old 05-02-2019, 09:33 AM
BengoughingForAwhile BengoughingForAwhile is offline
Charles
Charlie Ma.nn
 
Join Date: Jan 2011
Location: Naperville, Center of the Universe
Posts: 195
Default

Will card owners be allowed to come and spend time with their cards in the vault?
If so, perhaps an Airbnb or Extended Stay America could be built on site.
Reply With Quote
  #19  
Old 05-02-2019, 09:50 AM
Lorewalker's Avatar
Lorewalker Lorewalker is offline
Chase
Member
 
Join Date: May 2018
Location: Oakland, CA
Posts: 1,319
Default

Quote:
Originally Posted by Peter_Spaeth View Post
It's hard for me to believe PWCC is out there publicizing this without having vetted it with legal and accounting advisers. Then again...
Ya think? https://www.pwccmarketplace.com/vault Only concept they highlight is the sales tax-free state. See for yourself.

Dunno about anyone else but I would feel much better leaving my stuff at home or at a bank.
__________________
( h @ $ e A n + l e y
Reply With Quote
  #20  
Old 05-02-2019, 09:57 AM
Peter_Spaeth's Avatar
Peter_Spaeth Peter_Spaeth is online now
Peter Spaeth
Member
 
Join Date: Apr 2009
Posts: 30,264
Default

They now also offer investment advice.

https://www.pwccmarketplace.com/investment-advising
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/

He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.
Reply With Quote
  #21  
Old 05-02-2019, 12:34 PM
KingFisk's Avatar
KingFisk KingFisk is offline
C@rl P@rk
Member
 
Join Date: Jan 2014
Posts: 642
Default

Quote:
Originally Posted by Peter_Spaeth View Post
They now also offer investment advice.



https://www.pwccmarketplace.com/investment-advising
This all really feels like the excess before the collapse.

Sent from my SM-G960U1 using Tapatalk
Reply With Quote
  #22  
Old 05-02-2019, 12:50 PM
bobbyw8469's Avatar
bobbyw8469 bobbyw8469 is offline
Robert Williams
member
 
Join Date: Aug 2009
Location: North Carolina
Posts: 9,016
Default

Quote:
Originally Posted by KingFisk View Post
This all really feels like the excess before the collapse.

Sent from my SM-G960U1 using Tapatalk
I'm with you Carl.....Does any other collectible do all this?? Comics? Coins? Art???
Reply With Quote
  #23  
Old 05-02-2019, 01:13 PM
steve B steve B is offline
Steve Birmingham
Member
 
Join Date: Sep 2009
Location: eastern Mass.
Posts: 8,087
Default

Quote:
Originally Posted by bobbyw8469 View Post
I'm with you Carl.....Does any other collectible do all this?? Comics? Coins? Art???

From what I've heard, most dealers/auctions at the high end of things regularly work with clients to help them build a collection that meets their goals. If those goals are primarily investment related then that's what they do.


A good regular brick and mortar dealer does the same thing, just at a lower level, and with less formality. The guys I used to go to back in the day would occasionally hand me a Goudey Ruth and tell me "this is $100 you should buy it" Sadly that was advice I never took.
Reply With Quote
  #24  
Old 05-02-2019, 01:29 PM
Snapolit1's Avatar
Snapolit1 Snapolit1 is offline
Ste.ve Na.polit.ano
 
Join Date: Oct 2015
Posts: 5,760
Default

I have a PO Box in the Dominican Republic. Anyone wants to list me as the owner and have high priced cards sent directly to my "vault" please reach out for details. And I will charge a small price for this service.
Reply With Quote
  #25  
Old 05-02-2019, 01:55 PM
darwinbulldog's Avatar
darwinbulldog darwinbulldog is offline
Glenn
Glen.n Sch.ey-d
 
Join Date: Mar 2012
Location: South Florida
Posts: 3,231
Default

https://www.etopps.com/
Reply With Quote
  #26  
Old 05-02-2019, 02:14 PM
KingFisk's Avatar
KingFisk KingFisk is offline
C@rl P@rk
Member
 
Join Date: Jan 2014
Posts: 642
Default

Quote:
Originally Posted by steve B View Post
From what I've heard, most dealers/auctions at the high end of things regularly work with clients to help them build a collection that meets their goals. If those goals are primarily investment related then that's what they do.





A good regular brick and mortar dealer does the same thing, just at a lower level, and with less formality. The guys I used to go to back in the day would occasionally hand me a Goudey Ruth and tell me "this is $100 you should buy it" Sadly that was advice I never took.
That all makes sense, but the PWCC Investment Advisory board, complete with Merrill Lynch looking photo is a bit much. I'm not saying it's predatory, but it feels a wee bit over the top. Would like to see their bona fides.

Sent from my SM-G960U1 using Tapatalk
Reply With Quote
  #27  
Old 05-02-2019, 04:19 PM
perezfan's Avatar
perezfan perezfan is offline
M@RK ST€!NBERG
Member
 
Join Date: Apr 2009
Posts: 7,518
Default

Quote:
Originally Posted by bobbyw8469 View Post
I don't know what to think about this vault. What happens if you die and no one knows what is in "the vault". I mean, it's an interesting concept. Just too many unkowns.
That's why we have Geraldo Rivera. He can make amends for the Al Capone fiasco, and your cards might even get some TV exposure.
Reply With Quote
  #28  
Old 05-02-2019, 05:46 PM
Republicaninmass Republicaninmass is offline
T3d $h3rm@n
Member
 
Join Date: May 2009
Posts: 8,148
Default

Wheres Dpeck? How can these guys be selling unsecured " investments" with no license, private placement memorandum, etc. Seems like a whole lotta good ideas, poorly executed .
__________________
"Trolling Ebay right now" ©

Always looking for signed 1952 topps as well as variations and errors
Reply With Quote
  #29  
Old 05-02-2019, 05:56 PM
Bradyhill Bradyhill is offline
member
 
Join Date: Jun 2015
Posts: 13
Default

Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady
Reply With Quote
  #30  
Old 05-02-2019, 06:19 PM
conor912's Avatar
conor912 conor912 is offline
C0nor D0na.hue
 
Join Date: Feb 2012
Posts: 3,151
Default

This hobby is so f'd.
__________________
Items for sale or trade here UPDATED 3-16-18
Reply With Quote
  #31  
Old 05-02-2019, 06:25 PM
Republicaninmass Republicaninmass is offline
T3d $h3rm@n
Member
 
Join Date: May 2009
Posts: 8,148
Default

Quote:
Originally Posted by Bradyhill View Post
Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady
Full name.when giving.an.opion of.person or service.reqiired
__________________
"Trolling Ebay right now" ©

Always looking for signed 1952 topps as well as variations and errors
Reply With Quote
  #32  
Old 05-02-2019, 06:27 PM
Snapolit1's Avatar
Snapolit1 Snapolit1 is offline
Ste.ve Na.polit.ano
 
Join Date: Oct 2015
Posts: 5,760
Default

Quote:
Originally Posted by Bradyhill View Post
Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady
Ok, enlighten us. What is the great point of this other than tax avoidance? I received their email too, and that that seemed to be the clear thrust of it. Maybe I need my secret decoder ring on this one.

Last edited by Snapolit1; 05-02-2019 at 06:27 PM.
Reply With Quote
  #33  
Old 05-02-2019, 06:35 PM
Republicaninmass Republicaninmass is offline
T3d $h3rm@n
Member
 
Join Date: May 2009
Posts: 8,148
Default

13 posts...and what do you get


Another post praising the vault of Brett
__________________
"Trolling Ebay right now" ©

Always looking for signed 1952 topps as well as variations and errors

Last edited by Republicaninmass; 05-02-2019 at 06:35 PM.
Reply With Quote
  #34  
Old 05-02-2019, 06:36 PM
ullmandds's Avatar
ullmandds ullmandds is offline
pete ullman
Member
 
Join Date: Apr 2009
Location: saint paul, mn
Posts: 11,237
Default

Quote:
Originally Posted by Bradyhill View Post
Maybe everyone should try to understand what services come with the vault before turning negative. Everyone seems to be such know-it-alls before knowing the facts. The vault’s primary mission is not a sales tax avoidance initiative. I’ve personally seen the Vault and believe the business strategy behind it is brilliant. Just my opinion from someone who owns and runs a very large business. And yes, I will take full advantage of these services. Do what’s right for you and draw your own conclusions.

Brady
you've SEEN "the vault?" Is it real and SPECTACULAR???
Reply With Quote
  #35  
Old 05-02-2019, 06:44 PM
Peter_Spaeth's Avatar
Peter_Spaeth Peter_Spaeth is online now
Peter Spaeth
Member
 
Join Date: Apr 2009
Posts: 30,264
Default

Quote:
Originally Posted by Republicaninmass View Post
Full name.when giving.an.opion of.person or service.reqiired
His ID is his full name. He hasn't posted much here I guess but certainly a known collector.

And yes, I could see where a secure storage facility could be attractive to someone with substantial value in cards who didn't care about access to them; or lived relatively close, or whose intent was to resell through PWCC. On the other hand, as Steve points out, PWCC certainly has emphasized the sales tax aspect in its promotion.
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/

He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.

Last edited by Peter_Spaeth; 05-02-2019 at 06:51 PM.
Reply With Quote
  #36  
Old 05-02-2019, 06:46 PM
egbeachley's Avatar
egbeachley egbeachley is offline
Eric Bea.chley
 
Join Date: May 2009
Posts: 920
Default

Quote:
Originally Posted by Snapolit1 View Post
Ok, enlighten us. What is the great point of this other than tax avoidance? I received their email too, and that that seemed to be the clear thrust of it. Maybe I need my secret decoder ring on this one.
Tax avoidance is OK. Tax evasion is not.

This may be legal the same way that buying items in a tax-free state is fine. It’s just when you bring them back to your home state that the Use tax kicks in.
Reply With Quote
  #37  
Old 05-02-2019, 06:51 PM
Goudey77's Avatar
Goudey77 Goudey77 is offline
Martin
Martin L.ee
 
Join Date: Feb 2019
Location: Northwest
Posts: 429
Default

https://www.oregonlive.com/business/...ing-cards.html
Reply With Quote
  #38  
Old 05-02-2019, 06:52 PM
jayshum jayshum is offline
Jay Shumsky
Member
 
Join Date: Jan 2019
Location: NJ
Posts: 2,704
Default More info

I looked on the PWCC website for more info, and there are fees charged for any cards sent to the vault unless they are from a PWCC auction, so on top of the 0.5% storage fee that was mentioned in the e-mail I received, the following fees also apply. For non-graded cards, there is a $10 minimum fee so for a card under around $140-150, it looks like that fee would offset any sales tax savings.

Archival Fee.
Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $2 per asset and a maximum fee of $100 per asset). Note: completely graded sets, mixed grading company sets or sets registered with PSA, SGC, and/or Beckett use the same ingestion process as single graded cards.

Non-Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $10 per asset and maximum fee of $100 per asset).
Reply With Quote
  #39  
Old 05-02-2019, 06:55 PM
Luke's Avatar
Luke Luke is offline
Luke Lyon
Member
 
Join Date: Aug 2010
Location: Seattle
Posts: 3,937
Default

Quote:
Originally Posted by tschock View Post
.... and can someone with a bottle of Peach Schnapps open "The Vault"?
Can't believe this got no love
__________________
ThatT206Life.com
Reply With Quote
  #40  
Old 05-02-2019, 06:57 PM
Peter_Spaeth's Avatar
Peter_Spaeth Peter_Spaeth is online now
Peter Spaeth
Member
 
Join Date: Apr 2009
Posts: 30,264
Default

Quote:
Originally Posted by Luke View Post
Can't believe this got no love
Where's Sloate the great Seinfeld fan?
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/

He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.
Reply With Quote
  #41  
Old 05-02-2019, 06:59 PM
Peter_Spaeth's Avatar
Peter_Spaeth Peter_Spaeth is online now
Peter Spaeth
Member
 
Join Date: Apr 2009
Posts: 30,264
Default

Quote:
Originally Posted by jayshum View Post
I looked on the PWCC website for more info, and there are fees charged for any cards sent to the vault unless they are from a PWCC auction, so on top of the 0.5% storage fee that was mentioned in the e-mail I received, the following fees also apply. For non-graded cards, there is a $10 minimum fee so for a card under around $140-150, it looks like that fee would offset any sales tax savings.

Archival Fee.
Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $2 per asset and a maximum fee of $100 per asset). Note: completely graded sets, mixed grading company sets or sets registered with PSA, SGC, and/or Beckett use the same ingestion process as single graded cards.

Non-Graded Cards – 1% of market value is charged at intake of assets (minimum fee of $10 per asset and maximum fee of $100 per asset).
Ingestion just seems like the wrong word. I think they use it multiple times.
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/

He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.
Reply With Quote
  #42  
Old 05-02-2019, 07:31 PM
pokerplyr80's Avatar
pokerplyr80 pokerplyr80 is offline
je.sse @rnot
Member
 
Join Date: Sep 2014
Location: California
Posts: 3,914
Default

For those who don't know Brady he had one of the best tables at the Chicago national and is well known and respected in the hobby. I completely agree and will be using this service as well. Many of my cards just sit in a bank vault as it is and I have to pay to ship and insure them to pwcc when it's time to sell. And if shipping them to and storing them in Oregon saves on sales tax as well then i will not be surprised if many collectors start using the vault. Perhaps even a few of those criticizing in this thread.
__________________
Successful transactions with peter spaeth, don's cards, vwtdi, wolf441, 111gecko, Clydewally, Jim, SPMIDD, MattyC, jmb, botn, E107collector, begsu1013, and a few others.
Reply With Quote
  #43  
Old 05-02-2019, 07:41 PM
Baseball Bob Baseball Bob is online now
Eric S.
member
 
Join Date: Apr 2015
Location: Beautiful British Columbia!
Posts: 110
Default

I totally agree that this sounds like crap that happens before a collapse. Reminds me of the dot.com bubble and the “new economy” spew that was going on at the turn of the century. Look out below!!! Maybe hide in the vault until the crash is over??
__________________
"Baseball Bob"

Successful transactions with ecRich, HTBB, MPeich, Pencil1974, JLoewke, Darkhorse9, Therajah, eb548, Cards 2121, etc.
Reply With Quote
  #44  
Old 05-02-2019, 07:43 PM
ullmandds's Avatar
ullmandds ullmandds is offline
pete ullman
Member
 
Join Date: Apr 2009
Location: saint paul, mn
Posts: 11,237
Default

oy gavault!
Reply With Quote
  #45  
Old 05-02-2019, 07:45 PM
Sean's Avatar
Sean Sean is offline
Sean Costello
Member
 
Join Date: Dec 2012
Location: Woodland, California
Posts: 3,814
Default

Quote:
Originally Posted by pokerplyr80 View Post
For those who don't know Brady he had one of the best tables at the Chicago national and is well known and respected in the hobby.
In fact, he is featured in this week's Sports Collector's Digest.
Reply With Quote
  #46  
Old 05-02-2019, 07:45 PM
calvindog's Avatar
calvindog calvindog is offline
Jeffrey Lichtman
Member
 
Join Date: Apr 2009
Posts: 5,494
Default

On a 200K card sale, the sales tax savings for a NY buyer is about 18K if the card is instead shipped to a vault in Oregon. Same card sitting in a Citibank safe deposit box in NYC, surrounded by alarms and guards, costs the buyer 18K extra. The main thrust of this visionary program is tax avoidance. Period. Again, I’m niot saying it’s illegal as I’m not a CPA but to suggest that the tax savings on pricey cards is not the main lure of this PWCC vault is disingenuous.
Reply With Quote
  #47  
Old 05-02-2019, 08:46 PM
CuriousGeorge's Avatar
CuriousGeorge CuriousGeorge is offline
Ste.ven Lich.tman
 
Join Date: Aug 2018
Posts: 315
Default

I had 2 very reputable CPA’s look into the vault and both strongly advised me not to use it. It is being advertised as a way to avoid paying state tax and they were not comfortable with that verbiage. While I suggest anyone considering using them to get your own guidance, I feel much more comfortable not being involved. And that’s only regarding the tax issue, I have not even gotten into other potential land mines that could happen.
Reply With Quote
  #48  
Old 05-03-2019, 02:32 AM
Republicaninmass Republicaninmass is offline
T3d $h3rm@n
Member
 
Join Date: May 2009
Posts: 8,148
Default

But the guy with one of the best tables at the national thinks its great, sign me up
__________________
"Trolling Ebay right now" ©

Always looking for signed 1952 topps as well as variations and errors
Reply With Quote
  #49  
Old 05-03-2019, 03:42 AM
Spike Spike is offline
Matthew Glidden
Member
 
Join Date: Apr 2009
Location: Boston, MA
Posts: 340
Default

Sounds a lot like practices from the fine art market bleeding into baseball cards, so PWCC can process ongoing transactions without buyers and sellers ever seeing their "art investments" or needing to remove them from storage. If baseball collecting were more international, we could expect a similar vault on a Cayman Island for further tax savings. Perhaps they offer that kind of big-spender service in a less-publicized way? (While not an art expert myself, Google provides a lot of info on the world of fine art markets.)
__________________
Number5TypeCollection.com, blogging the vintage century one card set at a time.

Member of OBC (Old Baseball Cards), the longest-running on-line collecting club. Find us at oldbaseball.com.

Last edited by Spike; 05-03-2019 at 03:43 AM.
Reply With Quote
  #50  
Old 05-03-2019, 05:15 AM
frankrizzo29 frankrizzo29 is offline
Frank Bev.ilac.qua
Member
 
Join Date: Aug 2018
Location: Ohio
Posts: 154
Default

I know that when OH residents file their state income tax return that they have the ability to list all purchases made during that tax year in which they did not pay any sales tax. Any sales tax that should have been paid is than added to their income tax liability and paid at that time with their tax return. I am pretty confident that all other states have the same thing when filing their returns. However, I am not sure how to handle this for states like Florida that have no state income tax. ( I must admit that I am surprised that of all the CPAs who were consulted that no one mentioned this).

With that said, rather than bashing the PWCC Vault for their poor marketing tactics, I am really curious to hear why people should or should not use the PWCC Vault.
Reply With Quote
Reply



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Topps Vault Sierra79 Modern Baseball Cards Forum (1980-Present) 13 11-25-2018 09:01 PM
topps vault rip off Copa7 Watercooler Talk- ALL sports talk 2 09-04-2018 08:16 PM
Topps Vault pherbener Modern Baseball Cards Forum (1980-Present) 10 08-03-2016 08:29 AM
H&B/LS Vault Sale yanks12025 Net54baseball Sports (Primarily) Vintage Memorabilia Forum incl. Game Used 1 08-25-2012 09:24 PM
Topps Vault Big Six Postwar Baseball Cards Forum (Pre-1980) 6 10-12-2010 01:38 PM


All times are GMT -6. The time now is 01:40 PM.


ebay GSB