Questions about buying asics and taxes for US citizens

Mining & Hardware ASIC Mining
#1

I’m just getting started asic mining. I’ve been browsing asicminervalue looking at options and I see prices listed at the bottom and trusted vendors, ect… My question is this: How much taxes are added to the number listed for units coming from overseas? I know that US does not have VAT, but are there other taxes that apply to the purchase? Just trying to gauge the total cost. Thanks in advance

#2

There is no tax buying from a country like China. They merely ship it as used electronics and there is no duty tax, or they ship it as new in the box manufacture of origin and you pay duty tax on it. That will vary on how much you pay and what class it falls under.

you best just start slow and low. Buy something about $400 and see how that goes. Then if you want a $15K item you better really be buying from someone that is posted as trust worthy.

If you buy something on eBay they will charge you tax which is completely wrong but nevertheless they will charge your state tax. then if the item is listed as used electronics typically they will ship DHL or FedEx and there will be no duty tax. If it is new in the box then it is a 50/50 chance of Duty tax on it.

#3

Thanks Miner388

How do I know if I need to pay a duty tax? That is probably a dumb question, but any help you can give is appreciated.
Thanks

#4

If it is a new in box item… expect to pay tax. that amount is based on price and class of item.

#5

Does ebay charge that tax at checkout or am I supposed to report the purchase at tax time? Thank you

#6

I just received my KD5 from BT-Miners. They declared it as a gaming console worth $350. I received no extra charges from what I paid to BT-Miners.

1 Like
#7

eBay charges tax at checkout.

#8

no there are no VAT etc @clay_hubler

#9

Thanks everybody

#10

You will be subject to sales and or use tax from the state that you are located in. You can also be charged personal property tax from the state that the miner is running in.

Tariffs and duties can typically run between 2.5% and 27.5% depending on the country it comes from. China it is normally 27.5%.

I saw a response where the manufacture or seller classified a KD box as a game counsel, this could be treated as a miss classification or if they report the incorrect purchase price. This is risky and can come back to haunt you. But in the end it is up to you on what you do.