PWCC vault?

[Peter_Spaeth]

Originally Posted by jayshum

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.

[pokerplyr80]

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.

[Sean]

Originally Posted by pokerplyr80

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.

[calvindog]

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.

[CuriousGeorge]

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.

[Republicaninmass]

But the guy with one of the best tables at the national thinks its great, sign me up

[Spike]

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.)

[frankrizzo29]

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.