Seller [EXCLUSIVE]

Closing costs are split up between buyer and seller. The buyer typically pays for a larger portion of the closing costs, whereas the seller usually has to pay for local taxes and municipal fees. Although closing costs can't be avoided altogether, they can be negotiated.

seller

A seller's market is a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller. The term is mostly used in real estate to refer to a situation where demand exceeds supply: there are a lot of potential buyers while the inventory of homes available is low. This puts sellers are at an advantage to raise the prices, and buyers must compete with each other to get a property.

If you do not hold a seller's permit and will make sales during temporary periods, such as Christmas tree sales and rummage sales, you must apply for a temporary seller's permit. Such permits are normally issued to selling operations lasting no longer than 90 days at one location.

Yes. While most of the information you provide to the CDTFA is confidential, some is subject to public disclosure, such as the information on your seller's permit and the closeout date of your business, if applicable. Under certain conditions, your account information, including underreporting and outstanding liabilities, may be shared with the other government agencies.

Your permit is valid only as long as you are actively engaged in business as a seller. If you are no longer conducting business, you should return your permit to the CDTFA for cancellation. For more information please see Buying, Selling, or Discontinuing a Business. Likewise, the CDTFA may cancel your permit if it finds that you are no longer engaged in business as a seller.

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Since 2013, the National Association of REALTORS has produced the Home Buyers and Sellers Generational Trends Report. This report provides insights into differences and similarities across generations of home buyers and sellers. The home buyer and seller data is taken from the annual Profile of Home Buyers and Sellers.

Many states have enacted economic nexus laws that require remote sellers to collect and remit sales tax if they exceed certain thresholds. If you have a physical presence in a state, you are not a Remote Seller and are required to register in that state regardless of the amount of sales.

A remote seller has nexus with Michigan and is required to report and pay sales or use tax if, in the previous calendar year, the remote seller made over $100,000 of sales to, or more than 200 transactions with, Michigan customers. This threshold is referred to as the "remote seller threshold" or "economic nexus threshold."

Tangible personal property sold by persons engaged in the business of making sales at retail, transferred for consideration (whether received in money or another form) is subject to tax. Often, tangible personal property sold by remote sellers includes clothes, furniture and décor, books, magazines or other periodicals sold in tangible form, and prewritten computer software. Leased tangible personal property may also be subject to tax.

Delivery or shipping charges incurred (or to be incurred) by a seller prior to the transfer of ownership of taxable tangible personal property are subject to tax. Handling charges are a part of gross proceeds and subject to tax. When a seller bills for delivery or shipping and handling combined with the price of the taxable product, the total amount is taxable. See RAB 2015-17 for more information.

Each state's remote seller laws are different. In order to determine which laws may apply to your business, go to the Streamlined Sales Tax website for collection requirements in all Streamlined Sales Tax states. If a state is not a member of Streamlined Sales Tax, we recommend you contact that state.

The State Treasurer recognizes the impact the Wayfair ruling may have on remote sellers. In order to ensure a smooth transition for retailers whose only obligation to collect Michigan sales tax comes from these new standards, a remote seller must register and pay the Michigan tax beginning with transactions occurring on or after October 1, 2018, or the calendar year after the threshold of over $100,000 in Michigan sales or 200 transactions with Michigan customers is met, whichever is later.

Treasury will waive failure to file and failure to pay penalties for sales and use tax returns and payments due prior to December 31, 2018, so long as the taxpayer incurring those penalties has nexus solely due to RAB 2018-16 and Wayfair. A taxpayer assessed these penalties who seeks a waiver must submit a request in writing, specify that they are a remote seller, and send the request to the address below. Interest will not be waived.

No. Only sales at retail made October 1, 2018, or later are subject to tax for a remote seller that had more than $100,000 in sales to, or more than 200 transactions with, Michigan purchasers in calendar year 2017.

Sales tax must be paid beginning with sales at retail made January 1, 2019, for a remote seller that had more than $100,000 in sales to, or more than 200 transactions with, Michigan purchasers in calendar year 2018.

Nexus can be established in several different ways. First, a seller can have physical presence in Michigan as described in RAB 1999-1. Second, a seller can have representational, attributional, or "click-through" presence under MCL 205.52b and MCL 205.95a and as described in RAB 2015-22; in general, these are variations of physical presence. Finally, a seller can have economic presence as discussed in South Dakota v. Wayfair and RAB 2018-16. The economic nexus standards described in RAB 2018-16 have no effect on a seller that has nexus due to its physical, representational, attributional, or click-through presence in Michigan; those sellers must continue to report and pay tax as described in RAB 1999-1 and RAB 2015-22.

Treasury plans to consolidate these three RABs and issue a single comprehensive RAB on sales and use tax nexus. Until then, all three RABs should be considered when determining if a seller has nexus with Michigan.

Once a remote seller has nexus due to its economic presence, the seller is subject to Michigan sales and use tax until a calendar year passes in which it does not meet either component of the economic nexus threshold. For example, if a remote seller meets the threshold in 2018 and its sales fall under the threshold in 2019, that seller must pay tax on its 2019 sales, but is not required to pay tax on its 2020 sales. Because an entire calendar year (2019) passed in which the seller did not meet the economic nexus threshold, the seller may cease paying and reporting sales tax beginning January 1, 2020. However, that seller may voluntarily report and pay use tax on its 2020 retail sales in lieu of its Michigan customers paying use tax. Regardless which choice that seller makes, if any tax is collected during this period, it must be reported and paid to the State of Michigan or returned to the customer.

What constitutes a sale for purposes of the economic nexus threshold when multiple payments are received before ownership transfers? For example, a seller takes an order and its customer pays a deposit in 2018. Final payment is made in 2019 and the customer takes ownership of the product in 2020. In which year or years should the sale be counted?

In this example and for purposes of determining economic nexus, the seller should count one sale and the entire price of the product (the deposit plus all payments, excluding interest if separately stated) when ownership transferred in 2020.

What constitutes a sale for purposes of the economic nexus threshold when payment is made in installments after ownership transfers? For example, a customer takes ownership in 2018 of property it purchased from a remote seller. Payments are made monthly, beginning January 2019 and ending June 2020. In which year or years should the sale be counted?

In this example and for purposes of determining economic nexus, the seller should count one sale and the entire price of the product (all payments, excluding interest if separately stated) when ownership transferred in 2018.

I am a remote seller that sells property to a Michigan resident. The Michigan resident has me ship that property to a different person in a different state (for example, she is purchasing a gift for a friend). Does that sale count toward my sales into Michigan for remote seller threshold purposes?

No. The transaction described is not a sale into Michigan. Because the location where the product is received by the purchaser's designee is not in Michigan, and the product is not subsequently brought into Michigan, the sale is not sourced to Michigan. Therefore, such a sale should not be counted when determining whether a remote seller has economic nexus with Michigan. However, the remote seller may need consider whether it has nexus with the state in which property was received (the buyer's friend's state) and should contact that state if necessary.

For purposes of the remote seller threshold, which sales should I count, gross sales (including taxable, nontaxable, and exempt), sales subject to tax (including exempt), or taxable sales only (excluding exempt)?

Gross sales are used for purposes of the remote seller threshold. That is, a remote seller has nexus with Michigan if it has gross sales exceeding $100,000, or more than 200 transactions (whether attributable to taxable, nontaxable, or exempt sales), into Michigan in the prior calendar year. 041b061a72