answersLogoWhite

0

The seller. The seller is shipping it to the buyer, not vice versa.

User Avatar

Wiki User

13y ago

What else can I help you with?

Continue Learning about Accounting

Who pays property tax at closing?

At closing, property taxes are typically prorated between the buyer and seller based on the closing date. The seller usually pays property taxes up to the date of closing, while the buyer assumes responsibility for taxes from that point forward. The exact amounts are calculated and included in the closing statement, ensuring that both parties pay their fair share for the time they occupy the property during the tax period.


What is the difference between sales tax invoice and commercial invoice?

An invoice is a commercial document issued by a seller to a buyer, indicating the products, quantities and agreed prices for products or services that the Seller has already provided the Buyer with. An invoice indicates that, unless paid in advance, payment is due by the buyer to the seller, according to the agreed terms.while sales tax invoice is the where all the taxes that are required by law are reported along with the price of product.


Are seller concession fees deductible?

Seller concession fees, which are costs that a seller agrees to pay on behalf of the buyer during a real estate transaction, are generally not deductible by the seller. However, these concessions can be factored into the overall cost basis of the property for the buyer, potentially affecting future capital gains tax calculations when the property is sold. Buyers should consult a tax professional for specific advice regarding their situation and potential implications on their tax returns.


Who pays the sales tax for items you receive a commission on?

The sales tax for items you receive a commission on is typically paid by the buyer at the point of sale. As a commission-based seller, you may be responsible for collecting the sales tax from the customer and then remitting it to the appropriate tax authority. However, the specific responsibilities can vary depending on the jurisdiction and the terms of the sales agreement. It's important to check local regulations to ensure compliance.


Is sales tax an indirect tax are direct tax?

Sales tax is considered an indirect tax because it is levied on the sale of goods and services and is collected by the seller from the buyer at the point of sale. The seller then remits the collected tax to the government. Unlike direct taxes, which are paid directly by individuals or entities based on their income or wealth, indirect taxes like sales tax can be passed on to consumers, making them less visible in the transaction process.

Related Questions

I live in n.j selling car to person in Canada who pays sales tax.?

Buyer pays sales tax unless the seller agrees to pay the tax as part of the deal.


Do you have to pay the car tax if you sold your car?

Buyer pays tax.


What is the meaning of consumer surplus?

Consumer surplus is what the buyer is willing to pay for a product minus what the buyer actually pays and a tax raises the price the buyer actually pays.


Who pays the sales tax when selling a used car?

buyer


Who pays property tax at closing?

At closing, property taxes are typically prorated between the buyer and seller based on the closing date. The seller usually pays property taxes up to the date of closing, while the buyer assumes responsibility for taxes from that point forward. The exact amounts are calculated and included in the closing statement, ensuring that both parties pay their fair share for the time they occupy the property during the tax period.


What is the difference between hire hypothecation and hire purchase?

Hire purcase is somthing to similar to instalment purcase through intermideary oa lender the ownershpi passes on it the byer no only after paying all the dues and installment but also when the lender agrees to sell. In Practical Hire Purchase, where only 2 parties are involved, the buyer and seller. Seller sells the goods with proper Invoice with Sales Tax, buyer ask him to charge some interest and give him facility to pay in installments. Property is of seller till contract is over. Hire Purchase finance, where 3 parties are involved, the buyer, the seller and the financier. Seller sells the goods with proper Invoice with Sales Tax, buyer pays whatever possible by him, and ask its financier to pay the balance. The seller is out of picture now. Property is of financier now till the contract is over. The financier recieves its money in installments, and nothing to do with Sales Tax. Hypothecation: Hypothecation is a position where the owner assigns the right of ownership to the lender through still holding the possession. In practical Hypothecation, where 3 parties are involved, the buyer, the seller and the financier. Seller sells the goods with proper Invoice with Sales Tax, buyer pays whatever possible by him, and ask its financier to pay the balance to be treated as "loan" against the property which he is about to acquire. The seller is out of picture now. Property is of buyer now. It is given as security against the loan which buyer has taken from financier.recieves its money in installments, and nothing to do with Sales Tax.


If you sell something online and ship it to the US or Japan do you have you pay import taxes or sales tax?

The Seller pays no import taxes, but the buyer might have to when it arrives in their country depending on the declared value of the goods.


What are the rules for sales tax when an item is purchased in one state NJ to be sent to another state?

When an item is purchased in New Jersey and shipped to another state, sales tax is typically collected based on the seller's location and the buyer's location. If the seller has a physical presence (nexus) in the buyer's state, they may need to collect that state's sales tax. Conversely, if the seller does not have nexus in the buyer's state, they generally do not collect sales tax. However, the buyer may still be responsible for use tax in their state.


Do you pay sales tax on a used car in Georgia if you buy it from an individual out of state?

The buyer pays the sales tax.


What is the difference between sales tax invoice and commercial invoice?

An invoice is a commercial document issued by a seller to a buyer, indicating the products, quantities and agreed prices for products or services that the Seller has already provided the Buyer with. An invoice indicates that, unless paid in advance, payment is due by the buyer to the seller, according to the agreed terms.while sales tax invoice is the where all the taxes that are required by law are reported along with the price of product.


How does the imposition of tax affect the prices paid by the buyer and the prices paid by the seller?

Taxes increase the price of goods or services. This means consumers can afford less of them. Prices are not paid by the seller. But it does mean the seller sells fewer items and therefore receives less income. He in turn orders less from the manufacturer. He may try to negotiate with the manufacturer a reduction in the wholesale price he pays so he can reduce his retail price and absorb the tax.


Are seller concession fees deductible?

Seller concession fees, which are costs that a seller agrees to pay on behalf of the buyer during a real estate transaction, are generally not deductible by the seller. However, these concessions can be factored into the overall cost basis of the property for the buyer, potentially affecting future capital gains tax calculations when the property is sold. Buyers should consult a tax professional for specific advice regarding their situation and potential implications on their tax returns.