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Portofino2023 · 31 August 2024, 02:57 AM

Can someone here walk me through the math on an International purchase? For example what would buying a watch for $20K USD cost to import from Canada or the EU? From memory-think the duties are 5% or so, and the transaction is also reported to your State of residence-so you’ll have State sales tax liability versus no duties or sales tax if you buy out of state with a retailer that has no operations in your state-is that correct?

31 August 2024, 02:57 AM	#1
Portofino2023 2024 Pledge Member Join Date: Jul 2024 Real Name: Mark Location: 30K Feet upfront Watch: 18K President Posts: 49	Customs duties & taxes on an International purchase? Can someone here walk me through the math on an International purchase? For example what would buying a watch for $20K USD cost to import from Canada or the EU? From memory-think the duties are 5% or so, and the transaction is also reported to your State of residence-so you’ll have State sales tax liability versus no duties or sales tax if you buy out of state with a retailer that has no operations in your state-is that correct?

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