Idaho Account Stated for Construction Work
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FAQ
A: It's not uncommon for contractors to ask for a down payment up front to secure your spot on their schedule or purchase some of the job materials in advance. Asking for more than half of the project cost up front, though, is a big red flag.
In the state of Idaho, sales tax is legally required to be collected from all tangible, physical products being sold to a consumer. An example of an exemption to the state's sales tax is certain prescription medications.
Idaho sales tax law says contractors are the consumers (end users) of all the goods they use. As a result, they must pay sales tax on all purchases, including all the equipment, tools, and supplies they use to build, improve, repair, or alter real property.
Services in Idaho are generally not taxable. However if the service you provide includes creating or manufacturing a product, you may have to deal with the sales tax on products. Tangible products are taxable in Idaho, with a few exceptions such as prescription drugs.
Several examples of exemptions are prescription drugs, some groceries, truck campers, office trailers, and transport trailers. These categories may have some further qualifications before the special rate applies, such as a price cap on clothing items.
Labor, fabrication, and repairsRepair labor isn't taxable if you list the repair labor and parts separately on your customer's invoice. In that case, only the parts are taxable. But if parts and labor are combined on the invoice, you must calculate sales tax on the entire amount.
All contractors are required by Idaho law to be registered with the Idaho Contractors Board, which is a division of the State of Idaho, Bureau of Occupational Licenses. You may not obtain building permits without a contractor registration number.
As a general rule, Idaho law allows the owner of a construction project, either public or private, to withhold up to 5 percent of each application for payment.
The exact deposit amount contractors ask for upfront varies and is especially dependent on the size of the project. For relatively small jobs, like a $15,000 bathroom remodel, contractors may ask for a 50% deposit. For large jobs, like a $100,000 full-home renovation, a 10%20% deposit is more typical.
THE DOWN PAYMENT MAY NOT EXCEED $1,000 OR 10 PERCENT OF THE CONTRACT PRICE, WHICHEVER IS LESS.
