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 Replies: 60 / Views: 14,493 |
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Valued Member
United States
183 Posts |
I wouldn't be surprised if some dishonest dealers just pocket the tax as an extra fee...
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Pillar of the Community
United States
830 Posts |
Quote:
I'm not sure if coin sales are tax exempt in Oklahoma, but my local coin shop does not charge sales tax on coins. :) Same here, no tax on a Morgan I bought at a local pawn shop. |
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Pillar of the Community
United States
830 Posts |
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I wouldn't be surprised if some dishonest dealers just pocket the tax as an extra fee... Yeah I can see that happening. |
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New Member
United States
24 Posts |
I have completed my State by State breakdown of which states require sales tax be collected and on what item. Take a look at my profile to get find my website. I did a lot of work on this list. I hope it helps.
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Moderator
 United States
188770 Posts |
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New Member
United States
24 Posts |
Thank you! I hope it can help the community out! As always I am open to comments if anyone has anything to add.
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Pillar of the Community
United States
619 Posts |
I know my state taxes all coins, bullion, and currency, and people wonder why we don't have coin shows here...
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Pillar of the Community
United States
1064 Posts |
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New Member
United States
24 Posts |
Hello JackB, I did most of my research by polling a few dealers in each state. I followed the link you gave me and came up with this after searching a bit. It's under Mass General Law, Exemptions, Section 6, Paragraph (ll). http://www.malegislature.gov/Laws/G...64H/Section6 (ll) Sales of one thousand dollars or more of (i) rare coins of numismatic value; (ii) gold or silver bullion or coins; or (iii) gold or silver tender of any nation traded and sold according to its value as precious metal. The word "bullion'' shall not include fabricated precious metal which has been processed or manufactured for industrial, professional or artistic use. The Paper Money could still be questionable, which I have found to be the case in a few states. Glad I was able to verify the dealers information:-) The|Coinologist |
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Pillar of the Community
United States
1064 Posts |
Thanks Mr. Ologist, excellent answer!
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Pillar of the Community
United States
1200 Posts |
Hats off to JBuck's ST references. Talk about "all the info"...!!
NY State Dept of Taxation & Finance has a history of sending agents to different kinds of shows to do spot-checks (no pun intended) of NYS ST being properly collected. They're staffed a lot thinner these days, so they're probably not as vigorous with that practice as they've historically been. Giant, big-bucks shows (like most NYC shows) surely still get monitored, but the quarterly Backwoods Hollow Volunteer Fire Dept Gun Show probably slips through Big Bro's net these days.
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Pillar of the Community
United States
844 Posts |
I must be getting lucky here in Indiana. No coin shop I've bought from has charged me for taxes. Never even gave it a thought until now. Just assumed it wasn't taxable. (unless as mentioned earlier, it's a built-in price)
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Pillar of the Community
United States
5854 Posts |
In MA, there is sales tax on coins, paper money, and bullion purchases under $1000.
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Valued Member
United States
90 Posts |
I believe anything over $1000 in ny is tax free.
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Valued Member
107 Posts |
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Replies: 60 / Views: 14,493 |
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Posted 05/18/2011 9:14 pm
