New York tax due on first installment.

The New York Department of Taxation and Finance has advised that tax due on tangible personal property sold under an installment contract must be collected and remitted at the time a purchaser takes possession of the property. The time or method of payment is immaterial. The seller must collect and remit the state and local sales tax imposed on the total contract price when the purchaser takes possession of the art. (N.Y. Dept. of Taxation. and Finance, TSB-A-03(8)S, 04/04/03)

Posted on May 15, 2003