Contact UsWhat are the Texas sales tax requirements for an estate with a very large number of items?
This Estate has a huge number and variety of items to dispose of. From used farm equipment to used vehicles including old fire trucks and buses to gift items and furniture, etc.
Should a separate entity handle them on a consignment/commission basis? Does the responsibility for paying any sales tax due fall to that entity or the Estate?
Should a separate entity handle them on a consignment/commission basis? Does the responsibility for paying any sales tax due fall to that entity or the Estate?
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Tax Professional Answers
William Rogers, CFP, MBA, EA
Technically speaking yes. The Texas Comptroller for State Accounts would want to assess sales and use tax on an estate liquidation sale. It is usually preferred to utilize the services of an auction house or consignment shop to handle the liquidation. That way they have taken care of any sales and use tax reporting on the estate's behalf.
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374 weeks ago