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How many states in the US tax coins?

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Archraz
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 Posted 02/14/2010  11:05 am Show Profile Bookmark this topic Add Archraz to your friends list Get a Link to this Message

So in how many states in the US is there a sales tax on coins? I know for a fact that no sales tax is charged for them in New York, Ohio, New Hampshire, Alabama, and Indiana. Do you know whether there is a tax on coins in the other 45 states?

Also, what is your opinion on this matter? Do you think that since all coins are commodities for sale they should be taxed like any other product, or do you think that since they were not produced to be sold (in many cases) they should be viewed as not a normal commodity? Or do you think that only commemoratives, proofs, and other NIFCs should be taxed?

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 Posted 02/14/2010  12:58 pm  Show Profile Bookmark this reply Add omahaorange to your friends list Get a Link to this Reply
As far as I know, Pennsylvania does not tax coins and bullion, although our esteemed Governor has proposed imposing a tax on these items in his new budget.
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 Posted 02/14/2010  1:02 pm  Show Profile Bookmark this reply Add RPT to your friends list Get a Link to this Reply
PA doesn't charge sales tax on coins and bullion purchased online. I'm not sure if you visit a local coin store whether they charge sales tax. Many online stores charge sales tax if they ship to the same state they are located in but not for out of state addresses.
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 Posted 02/14/2010  1:26 pm  Show Profile Bookmark this reply Add schmidty to your friends list Get a Link to this Reply

Quote:
Many online stores charge sales tax if they ship to the same state they are located in but not for out of state addresses.

If the state in question has a sales tax on coins, then by law all sellers (on-line or brick-and-mortar) are supposed to collect it on in-state sales.(I'm making an assumption that all states sales tax statutes have caught up to on-line sales by now).

If the state does not have a sales tax on coins, they can't (or shouldn't) collect it, (regardless of in or out of state sale)because there is nothing to collect.

BTW, for the list, North Dakota does not collect sales tax on coins.
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 Posted 02/14/2010  1:27 pm  Show Profile Check biokemist6's eBay Listings Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
Missouri and Illinois have no tax on coins
ANA R-3151318
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 Posted 02/14/2010  1:32 pm  Show Profile Bookmark this reply Add Archraz to your friends list Get a Link to this Reply
biokemist6- Ah good to know. Thanks! I am trying to compose a list of all of the states that do and do not.

omahaorange & RPT- Thanks for the info! If you are able to find out whether physical shops charge tax or not I would be eager to know.

schmidty- Thanks! Good to know that about North Dakota.
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 Posted 02/14/2010  3:21 pm  Show Profile Bookmark this reply Add pyrbob to your friends list Get a Link to this Reply
Pennsylvania does not charge sales tax on coins, even in the coin shops. But sales tax is charged on paper money.
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 Posted 02/14/2010  3:30 pm  Show Profile Bookmark this reply Add Archraz to your friends list Get a Link to this Reply

Quote:
But sales tax is charged on paper money.


pyrbob- Really!? Why is there such a differentiation between coins and paper money in this way?
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 Posted 02/14/2010  5:18 pm  Show Profile Bookmark this reply Add pyrbob to your friends list Get a Link to this Reply
No sales tax is charged on collectable coins. Paper money is not mentioned in the law so it is taxable. When this was passed I had the impression presious metal coins were the driving force behind this law so paper money was not included.
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 Posted 02/14/2010  5:46 pm  Show Profile Bookmark this reply Add Chump_Change to your friends list Get a Link to this Reply
Nebraska charges a tax on coins and currency. kind of seems stupid to me but they do and I make them give me a receipt for it as well. They get short usually as I know they will just pocket the $$$ so I make them work for it. So I try not to deal with certain dealers on a regular basis. That pawn shop I bought junk from Yesterday gave me crap when I gave him my debit card. I told him I could pay cash and not pay tax. Then he said Oh I can't do that. I said sorry then I need the receipt.
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 Posted 02/14/2010  7:01 pm  Show Profile Bookmark this reply Add Archraz to your friends list Get a Link to this Reply
pyrbob- Thanks for the info!

Chump_Change- Hmm, that's odd that dealers don't want to give you a receipt. Nearly every dealer that I have ever encountered are quite happy to print one off or write one out. Maybe a lack of receipt is indicative of a dealer who is not exactly "on the up & up."
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 Posted 02/14/2010  10:03 pm  Show Profile Bookmark this reply Add DNA to your friends list Get a Link to this Reply
Don't forget local taxes. One big coin dealer in Denver opened another
store in a Denver suburb, specifically because this suburb does not tax
bullion sales. The City of Denver does tax coins and bullion at a lower
rate than the general (7.2%) sales tax.

And then, the kicker: The Denver Mint Gift Shop has its own tax rules!
No sales tax on any legal tender coins, including Proofs. That's
right, buy a bullion ASE or even a Proof Gold Buffalo, no sales tax.
It is 7.2% tax there on anything else besides legal tender coins....
GO: (Coin Collecting is) the only hobby that when you are broke you still have money.

DNA: "When you pay with cash, you KNOW when you're broke."

markn's US Silver Coin Melt Value Calculator
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 Posted 02/15/2010  11:06 am  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Taxes of any kind in Illinois is really odd. For example in Chicago there is now the largest sales tax in the country, 10.25%. Some is due to the County though. In other Counties seveal % less. Funny thing though is no one taxes anyone at flea markets for anything anywhere that I know of. New, used, old doesn't matter, just no taxes of any kind. At no coin shows are taxes even mentioned. Same for gun shows, knife shows, camera shows, computer shows, etc. I usually purchase my cameras and photo equipment at camera shows and not only cheaper than stores, but never paid a tax there.
Also, odd is if you go to a coin store or hobby store and purchase a coin book, they will charge you a sales tax. At a coin show, the same book, no tax. For example I pay only $10 for the latest Red Book at coin shows and no taxes.
just carl
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 Posted 02/15/2010  11:24 am  Show Profile Bookmark this reply Add steve199 to your friends list Get a Link to this Reply

Quote:
If the state in question has a sales tax on coins, then by law all sellers (on-line or brick-and-mortar) are supposed to collect it on in-state sales.(I'm making an assumption that all states sales tax statutes have caught up to on-line sales by now).


Sellers (on-line, catalog phone orders, or brick-and-mortar) who do not have locations (or representation as defined by that state) within a state do not collect tax for items shipped into that state.

Maybe that's what you meant by "in-state sales"...just clarifying.

In Texas, there is sales tax on coin purchases, unless the total purchase is more than $1,000. Cheaper to save up and buy it all at once. :)


Edited by steve199
02/15/2010 11:27 am
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 Posted 02/15/2010  12:14 pm  Show Profile Bookmark this reply Add AMetalHound to your friends list Get a Link to this Reply
Umm...I live in NY and every coin shop / store with coins for sale charge the tax rate of the county, average of 8.25% for the counties I frequent.

If you were out of state and order them via phone/web then maybe there isn't a tax.
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 Posted 02/15/2010  12:27 pm  Show Profile Bookmark this reply Add Archraz to your friends list Get a Link to this Reply
AMetalHound- ah, good to know. I guess that I have to revise what I said in my first post regarding NY. I had just been told that by a friend, so I presumed that it must have been so.
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