Post
Topic
Board Press
Topic OP
[2015-04-09] Pymnts.com - New Jersey Wants To Tax Bitcoin Transactions Twice
by
Black Arrow
on 09/04/2015, 13:03:19 UTC
"In New Jersey, if you accept bitcoin as a retailer, you must collect sales tax — twice."
http://www.pymnts.com/news/2015/new-jersey-wants-to-tax-bitcoin-transactions/#.VSZ0OZPzfYk

This is very confusing, and I'm not sure I understand it correctly. Neither the article nor the technical advisory has any examples to clarify how it might work. But if I understand it correctly, it requires the retailer to collect sales tax from the purchaser for the dollar value of goods sold, which is standard. But it would also require the customer to collect sales tax from the retailer, because in effect he sold bitcoins to the retailer in exchange for the products he purchased.