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 Replies: 35 / Views: 4,665 |
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Pillar of the Community
United States
3479 Posts |
Quote:
I placed a bid on one of the Heritage coins. Kind of unfortunate they charge sales tax for out of state buyers If you're in a state that charges sales taxes on coins forget everything I said. You're going to overpay. If you live close to a border state without taxes, hop the fence and buy from a local coin shop. What state are you in and what is the sales tax rate? |
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New Member
 United States
20 Posts |
California, I think it's around 8.5%. Closest state to me is Nevada which is about the same :-( Are there any ways to circumvent this?
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Pillar of the Community
United States
3479 Posts |
Was the 8.5% tax rate disclosed by Heritage or is that a generic tax figure that you assumed to be correct based on other purchases?
Sales taxes rates are determined at the state level and are category-specific. For example: some states tax food while others don't. Some states tax health club memberships(my profession)others don't. I'm going to go out on a limb here and say that Nevada doesn't tax coin purchases. NV has consistently ranked as one of the lowest tax states for many years.
If you live close to the Nevada border, just renege on your offer and tell Heritage that you accidently hit the bid button. Find a dealer in NV and establish a relationship.
Side note: I'm not surprised CA charges a sales tax on coins. CA is worse that Taxachusetts.
Edited by MikeF
01/08/2017 03:05 am
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Pillar of the Community
United States
6385 Posts |
Regarding sales tax in CA: coins and bullion are exempt if total cost for a purchase is $1500 or more. Heritage WILL add sales tax to any purchase from CA that doesn't meet the $1500 minimum. In fact, they once tried to charge me tax when I won a lot with price over the minimum; I had to argue with them to get the proper tax-free final price.  |
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Pillar of the Community
United States
1450 Posts |
How much actual gold is in a Saint-Gaudens $20 gold piece?
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Pillar of the Community
United States
1119 Posts |
 Contains .9675 oz of Gold. |
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New Member
United States
20 Posts |
I think I'm going to have it shipped to my aunt's house in Oregon if I win and have her forward it down to me.
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Bedrock of the Community
Australia
21788 Posts |
Businesses avoid tax in the same way.
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Pillar of the Community
United States
3479 Posts |
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New Member
United States
20 Posts |
No :( Bids shot up majorly during live bidding. My max was at $1,250 which with a BP would've been pretty close to $1,400. Ended up selling for $1,527.50 including BP.
I'm talking to Mark Feldman from the link BH1964 posted, he has some good ones that are more in my price range.. even slightly less than I was willing to pay for the Heritage coin. My plan is to get a raw coin so I can fiddle with it and when I get tired of that I'll get it graded and boxed up for sale.
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Pillar of the Community
United States
3453 Posts |
Just curious, what do you mean by "fiddle with it"?
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Pillar of the Community
United States
4211 Posts |
 Max! Take your time with a major purchase like this. No need to be in a rush. |
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New Member
United States
20 Posts |
Put it in my eyes like an eye patch, flip it around my fingers like a poker player, pretend to offer it to friends as repayment for items $20 or less, maybe ask for change if I owe them less than twenty dollars. Things of that nature.
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Pillar of the Community
United States
3479 Posts |
Quote:
Put it in my eyes like an eye patch, flip it around my fingers like a poker player, pretend to offer it to friends as repayment for items $20 or less, maybe ask for change if I owe them less than twenty dollars. Things of that nature.
Right on.  |
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Pillar of the Community
United States
3453 Posts |
Best answer I have seen in quite some time!  |
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Replies: 35 / Views: 4,665 |
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Posted 01/08/2017 01:52 am
