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 Replies: 36 / Views: 10,758 |
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Bedrock of the Community
United States
12437 Posts |
LOL, that would also probably trigger an IL Dept of Revenue audit and an IRS audit for unreported ebay sales income  |
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Pillar of the Community
United States
2797 Posts |
Quote:LOL, that would also probably trigger an IL Dept of Revenue audit and an IRS audit for unreported ebay sales income Yup, that's what I was a thinkin'  |
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Bedrock of the Community
United States
17884 Posts |
Quote: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... They may have their own rules, but since the gift shop is not run by the government but instead by a private contractor they should have to comply with the state laws on sales tax. So unless CO has no sales tax on coins the gift shop should be charging it. |
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Pillar of the Community
United States
2734 Posts |
Quote:
Conder101:...the gift shop is not run by the government but instead by (Aramark)... That's a very good point, you know! (even though the Gift Shop isentirely contained within Federal property) This is surely not the first case of where an exemption intended for the "Federal Government" turned into an exemption for a private contractor (by-default), given just how many entities have had contracts with the Federal Government.... |
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Valued Member
United States
220 Posts |
Oklahoma charges tax on coins.
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Pillar of the Community
United States
531 Posts |
In Michigansales of bullion (with the exception of palladium) and coins are not subject to sales tax. Supplies, books, paper money, tokens, and other non-coin items are subject to Michigan sales tax. Purchases shipped outside of Michigan are not subject to Michigan sales tax. As a resident I have the obligation to either: Track all mail/internet order values and remit the tax; or Use the chart provided at the time my state income tax return is filed and include the stated amount, based on income, when computing my final tax obligation. With our state in such a deep financial hole I won't be suprised is someone tries to change things.
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Bedrock of the Community
United States
20753 Posts |
Quote:There are a couple of Illinois sellers on ebay from the Chicago area that charge sales tax on ebay internet sales to Illinois residents. One in particular is a "low-life". He charges 8.25% to all Illinois customers. I think I will drop his name and address off at the Illinois Department of Revenue. I would bet those sales tax collections are not making it to the State coffers. Might and might not be legal. In Illinois there are numerous differences in the tax structures for different counties, cities, townships, etc. What is legal in one place can be completely iligal in others. Taxes on almost anything differ from place to place. In one County they now post signs saying no Cook County Taxes here. As I've mentioned before, coin stores in the Chicago area charge sales taxes on everything associated with coins such as Albums, books, plastic rolls, 2x2's, etc. And no taxes in any coin shows just a few miles away. For example you could cross the street out of Chicago into Elmwood Park and the taxes are a few percent less on everything. Go outside the County and they drop by as much as 3% on everything. In the downtown area some coin stores do charge sales taxes on coins and everything associated. You can't buy a handgun in Chicago but accross the street in Elmwood Park there is a shooting range that sells guns and ammo. |
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Pillar of the Community
United States
687 Posts |
Well, they won't sell you a gun in Elmwood Park if you have an ID that says you live Chicago :)
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Valued Member
United States
462 Posts |
This from the Colorado Government Website: Retail sales of coins and precious metal bullion are exempt from sales tax.. See FYI Sales #60 - Sales Tax Exemptions for Coins and Precious Metal Bullion. Link: http://www.revenue.state.co.us/fyi/...sales60.htmlAll other product sales, including numismatic pieces not specifically exempted and the sale of jewelry and commemoratives, are subject to sales tax. Contact the Department of Revenue regarding sales tax licensing regardless of whether a business sells retail, wholesale, on consignment or at events. Link: http://www.revenue.state.co.us/fyi/...sales09.html |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Well, they won't sell you a gun in Elmwood Park if you have an ID that says you live Chicago :)
Not from around here, HUH? People use real ID's? |
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Bedrock of the Community
United States
20753 Posts |
Just had my taxes done. The person that does them is SUPPOSED to be an attorney, tax expert, CPA, etc. I asked him if he knew how many states had a sales tax on the purchase of coins. His answer was "People buy coins"?
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Pillar of the Community
United States
2734 Posts |
The City of Denver taxes coins and bullion, and the Mint Gift Shop is within the City of Denver (which would be Conder101's point).
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Pillar of the Community
United States
687 Posts |
Quote:
Not from around here, HUH? People use real ID's? Actually I am. I just figured if you were going to bother with a fake there's easier ways to get one. Then again, I've never tried so what the heck do I know. |
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Pillar of the Community
United States
4846 Posts |
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Pillar of the Community
United States
1151 Posts |
Penny guy, in MI you need a sales tax license to collect sales tax. Unless you have a business that is more or less permanent, ie that is your livelyhood, most people do not get one. You most likely will not ever pay sales tax at a garage sale, flea market etc. Now if one of the people at the flea market is a full time dealer, than that is another story. I believe there is something in the works for a seller on ebay, if you exceed a certain dollar amount in sales than you are considered a dealer and are then required to obtain a sales tax license, collect sales tax and remit to the state on a quarterly basis. |
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Replies: 36 / Views: 10,758 |
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Posted 02/16/2010 11:58 am
