TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

Under Tennessee law, what is the auctioneer's obligation regarding sales tax collection?

Auctioneers are exempt from collecting sales tax Auctioneers must collect applicable state and local sales tax on taxable items sold at auction and remit them to the Department of Revenue Sales tax is only the buyer's responsibility Sales tax only applies to auctions exceeding $50,000

Correct Answer:

Auctioneers must collect applicable state and local sales tax on taxable items sold at auction and remit them to the Department of Revenue

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