Goldin Vault

[Peter_Spaeth]

Originally Posted by morris_14226

It’s dependent on were Goldin ships the card. If they ship it to a state without state sales tax, (Texas say) they don’t have to collect state sales tax. If they do ship to a state with sales tax (NY say) they have to collect sales tax. My guess is Goldin’s physical vault is in a state with zero sales tax so when they ship it there they don’t collect sales tax. So when a vault holder sells the card, he just pays tax once on the proceeds of the sale.

You could do the same thing and get an address in a no tax state(Texas) and have the card shipped there.

Again-the issue is how you account for the cash on the sale. In NYS, they specifically ask you if you’ve earned any money outside the state. If you did-you have to claim it.


Sent from my iPhone using Tapatalk

Yes it's in Delaware.

[Tabe]

When PWCC came out with their vault, didn't a few folks say something along the lines of "if you leave the card in the vault long enough sales tax no longer applies"? Something like that?

[mrreality68]

Originally Posted by Peter_Spaeth

Yes it's in Delaware.

Very interesting and lots to think on.
I do not believe it is for me but good to know what is out there
Appreciate everyones feedback

Thanks

[Peter_Spaeth]

Originally Posted by mrreality68

Very interesting and lots to think on.
I do not believe it is for me but good to know what is out there
Appreciate everyones feedback

Thanks

IMO, if your intent is to let Goldin sell the card and you intend never to take possession of it, it makes some sense. If your intent is to avoid paying sales tax, not so good, although I should emphasize that I don't think Goldin is doing anything unlawful and nonpayment would be an issue only for the buyer.

[D. Bergin]

It's similar to a non-resident parking a boat in a state with no property tax. Sometimes the tax authorities will catch up to you..........and sometimes they won't.