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Replies: 19 / Views: 5,494 |
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Pillar of the Community
United States
3479 Posts |
I agree. It depends on the state you are in. I'm in Missouri and never had a problem. I know California(go figure,right?  ) and Virginia are states you have to pay sales taxes on coins but I think Virginia is working on a solution to fix that.
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Pillar of the Community
 United States
5833 Posts |
Add NJ to that list.
It wasn't there before.
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Bedrock of the Community
13014 Posts |
Quote: I know California(go figure,right?) and Virginia are states you have to pay sales taxes on coins but I think Virginia is working on a solution to fix that. Sales of 1k or more have no tax in VA for any U.S. coins. https://news.coinupdate.com/virgini...clude-coins/CA it's like 1k or 1500 I can't remember they have way to many laws for me to bother to follow lol
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Pillar of the Community
United States
3479 Posts |
I don't know how up to date this list is but here is the link. https://thecoinologist.com/sales-ta...e-breakdown/The best source would be heritage or any of the large auction companies. I can't find it on their website right now but I can put in a call to my rep tomorrow and get an updated list.
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Pillar of the Community
 United States
5833 Posts |
So far is APMEX on ebay, I just checked MCM and they don't add the sales tax when checking out, but for how long?
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Bedrock of the Community
13014 Posts |
Quote:So far is APMEX on ebay, I just checked MCM and they don't add the sales tax when checking out, but for how long? All the big boys like that will be doing it by mid next year. Some are starting a little sooner than others and others had to already depending on their presence in a state, but they all will be and same with the auction houses
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Pillar of the Community
United States
3479 Posts |
Baseball, are you saying this is b/c Macmercury lives in New Jersey? or are you saying that internet sales taxes on coins will start being applied nationwide?
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Bedrock of the Community
13014 Posts |
Quote: Baseball, are you saying this is b/c Macmercury lives in New Jersey? or are you saying that internet sales taxes on coins will start being applied nationwide? It's getting applied everywhere. Theoretically it should work where it is individualized to the states to fit what they actually require, but it's coming everywhere after the ruling on the ND case this year. The auction houses have already announced they will be starting to do it. The ebay method will probably be a mess for a while but it's coming. Small sellers are technically exempt in many states but we will see how long that lasts
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Pillar of the Community
United States
3479 Posts |
Can you post a link to that case?
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Bedrock of the Community
13014 Posts |
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Pillar of the Community
United States
3479 Posts |
That would kill the online coin market.
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Pillar of the Community
United States
3479 Posts |
It looks like it's still state-specific: " Unfortunately this ruling affects our clients that reside in states that do collect sales tax and do not have exemptions for the purchase of coins, currency or bullion.
"As a result, effective August 1, 2018, Stack's Bowers Galleries is required by law to collect the applicable state sales tax for items delivered to the following states — Hawaii, Kentucky, Maine, Minnesota, Mississippi, Ohio and Vermont.
"If you are attending an auction or show and pick up your purchases, the sales tax for the location for the auction or show will apply.
"Dealers with valid sales tax numbers who have provided us with a resale certificate will be exempt."
As Heritage offers a great deal of material beyond its numismatic categories, such as furniture, jewelry and antiques, Heritage has not released a blanket statement, according to Eric Bradley, director of public relations there. "There is no single announcement," Bradley said. "It depends on the client's state of residence and that state's sales tax law."
A banner announcement at the Heritage website for one of the affected content categories reads: "For Coins: Effective August 1st, Heritage Auctions is required by state law to charge applicable sales tax on any items in this category delivered to addresses in the following states: Hawaii, Kentucky, Maine, Mississippi, Ohio. Exemptions include dealers with valid sales tax numbers who are purchasing for resale and who furnish us with a properly completed resale certificate, for the states listed above. See paragraph #25 in our Terms and Conditions for more information"
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Bedrock of the Community
13014 Posts |
Quote: It looks like it's still state-specific: For now, until counties and cities say we have different taxes why can't we get those too. But yes technically the location of the buyer is supposed to determine it now which unfortunately means that a bunch of states now won't really be good of buyers in auctions.
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Pillar of the Community
 United States
5833 Posts |
Tax on top of taxes... 
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Valued Member
United States
493 Posts |
More cost-prohibitive to invest, adding .75-1.00 to cost of an oz., then shipping (if not free), then premium (whatever that is), then storage and time (waiting to sell for a return), but raw silver is still flying off the shelves since miners are pushing a billion ounces mined yearly. Meanwhile, they are finally talking silver surplus.
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