Hi Everyone, I am new and have a question. I recently had someone tell me that if you advertise your sale as an "estate sale" you have to pay taxes on the proceeds. Is this true? I am located in California.
Thanks so much!!!
If you are using an estate sale company, they will usually deduct state sales tax from the final amount collected, or, they will include the tax per item sold (usually they back it out from the total amount collected). I'm not familiar enough with the tax laws to know if there is any exemption between calling it something else (I'd imagine the govt wants you to pay tax even if its a "yard" sale).
Mike
If you are using an estate sale company, they will usually deduct state sales tax from the final amount collected, or, they will include the tax per item sold (usually they back it out from the total amount collected). I'm not familiar enough with the tax laws to know if there is any exemption between calling it something else (I'd imagine the govt wants you to pay tax even if its a "yard" sale).
Mike
HI Mike,
Thanks for the reply! I am having an appraiser price everything, but I am doing the sale myself. I just figured calling it an estate sale attracted more people since it is higher end stuff. I did think about calling it an "inheritance" sale instead.....
Thanks again!
No problem, did you have the sale already? How did it go?
HI Mike,
Thanks for the reply! I am having an appraiser price everything, but I am doing the sale myself. I just figured calling it an estate sale attracted more people since it is higher end stuff. I did think about calling it an "inheritance" sale instead.....
Thanks again!