How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 578
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

Texas Sales and Use Tax Form

Customer Question

Texas Sales and Use Tax Form
Submitted: 10 months ago via Cornell Legal Info Institute.
Category: Tax
Customer: replied 10 months ago.
I have a Texas Sales and Use Tax Permit. I buy items from liquidators to resell on ebay. I bought about $6000 worth of merchandise from out of state in the first quarter of 2016, but have not sold any of those during that time. I sold a few from my previous inventory before I got those items? Do I need to report and pay taxes on those purchases? Additionally, 95% of my online sales are to out of state customers. Do I still have to pay taxes on those as well.
Expert:  Angie replied 10 months ago. will not pay taxes on your purchases. You will report your sales only and there is exemptions for out of state sales... so for example... You sell $5000 worth of merchandise 4500.00 of it out of state.You will report $5000 in sales and enter $4500.00 as out of state sales leaving you a sales tax liability on the $500.00 only. The only time you would pay sales tax on your purchases is if you bought them without paying sales tax but did not intend to resell them.