Neil,Date: 1/27/2008 8:49:14 AM
It depends on where you live. There is no national tax on the sale or even the import of diamonds but most states impose taxes on their residents when they by things from out of state or overseas. If you have to pay sales taxes when you buy something at your local store, you are going to be subject to the ‘use’ tax if you buy a diamond, or pretty much anything else, from an out of state dealer and have it shipped into your state. Check with the website for your own home state department of revenue and you should be able to get the details. Let me know your state and I’ll link you to the page There’s quite a bit of misunderstanding on this issue and most of the states make it very easy to find in the section about who owes sales taxes and how to pay them.
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
IL quietly tried to make it a felony on large purchasesDate: 1/27/2008 9:02:54 PM
Yes, if you buy things on the internet, you''re supposed to self-report to your state and pay the sales tax. In practice, does anyone do this? Well . . . Very few people even know they are supposed to be doing it. The ''penalties'' will include an additional interest charge on top of what you should have paid, it''s not like you''ll go to jail for buying one diamond online and not paying the sales tax to your state.
Personally...I never notice line 35.Date: 1/27/2008 9:27:25 PM
Notice line 35.