Sales tax on Visa gift cards??
Posted May 17 2010 - 07:54 AM
Posted May 17 2010 - 08:12 AM
Of course its been awhile since i looked at tax laws for retail.
Posted May 17 2010 - 10:03 AM
Carpe Brewum!! - BJ
Posted May 17 2010 - 10:30 AM
Posted May 17 2010 - 11:42 AM
Went to see the whatfixer.
Posted May 17 2010 - 12:18 PM
Posted May 17 2010 - 12:22 PM
that or make sure that the amount on the gift card is equal to that of the money plus the tax.
I want to die from a good old fashioned case of living.
Posted May 17 2010 - 04:55 PM
Posted May 17 2010 - 05:03 PM
Does the fee show up listed as tax on the receipt ?
"Bank-issued cards are different. They usually bear the logo of a major credit card and are accepted at most merchants on that credit-card network. Banks tack on a fee, typically $2 to $10, when they sell the cards and might assess other charges, described below."
Posted May 17 2010 - 05:18 PM
Posted May 17 2010 - 10:19 PM
Posted May 18 2010 - 07:16 AM
I was thinking that could be the case, but I'm pretty sure it came up on the receipt as tax. I'll have to ask the person who has the receipt now. I was thinking what would a stores incentive to be to sell a gift card for another store or service at face value and then have to pay the credit card company a couple percent for processing. Unless Visa gives them the cards for a discount. The cards weren't for me they were given away as a prize and I was reimbursed. It makes sense that there is some kind of fee but if they are charging it as a tax that money has to go to the state and not to Walmart.
Posted May 18 2010 - 12:35 PM
Posted May 18 2010 - 02:07 PM
Originally Posted by BlazingRod
im pretty sure theres a tax on gift cards here in MA (CVS), i got one last time and there was tax on it and there's now a expiration date on it too
Nope, no tax on gift cards. As others have said most banks charge a fee on prepaid Visa/Mastercards. There is a tax on phone cards.
As to the expiration date there's a new federal law which states any gift card issued after April 16th, 2010 and beyond must be valid for a minimum of 5 years. They can start charging you a maintenance fee after 1 year though. State laws may increase these limits even further, but those are the new Fed. minimums.