New York art installment taxable.

Sales tax is imposed on the entire contract price of art purchased at the time of the first installment payment. Regardless of the seller’s agreement to pay for the art in installments, the seller is liable for the sales tax in full once title or possession of the art is transferred. (New York Commissioner of Taxation and Finance, TSB-A-03(8)S, March 4, 2003)

Posted on June 15, 2003