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How Many States In The US Tax Coins?

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Bedrock of the Community
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 Posted 02/15/2010  12:39 pm  Show Profile   Bookmark this reply Add jfransch to your friends list Get a Link to this Reply
CA charges sales tax on coin/bullion purchases under $1500, the threshold used to be $1000 until a short time ago. However I see coins trade hands at coin shows with no receipt and no sales tax on a regular basis.
"Suppose you were an idiot, and suppose you were a member of Congress. But I repeat myself."
-Mark Twain
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 Posted 02/15/2010  1:21 pm  Show Profile   Bookmark this reply Add schmidty to your friends list Get a Link to this Reply

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


Yes Steve, that is what I meant. I was trying to get my point across with as few words as possible, but I may have gone a little too "lean" Thanks for clarifying for me!
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 Posted 02/15/2010  1:29 pm  Show Profile   Bookmark this reply Add steve199 to your friends list Get a Link to this Reply

Quote:
I was trying to get my point across with as few words as possible


Hear ya...I thought I was typing too much but couldn't reduce it.

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 Posted 02/15/2010  1:45 pm  Show Profile   Bookmark this reply Add benchede to your friends list Get a Link to this Reply
Residing in Indiana, in the past I have purchased from Coin Vault on tv,and they have a supply-hub in Indiana (somewhere) and I was charged sales tax on two coins. Its not fair, but what can you do.
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 Posted 02/15/2010  2:11 pm  Show Profile   Bookmark this reply Add twohawks to your friends list Get a Link to this Reply
LOL not to worry SOON when you go and buy lunch and hand the clerk a 10 spot for your 5.49 lunch they will charge you Tax on your change!!
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 Posted 02/16/2010  09:32 am  Show Profile   Bookmark this reply Add SeatedNut to your friends list Get a Link to this Reply

Quote:
Missouri and Illinois have no tax on coins


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.
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 Posted 02/16/2010  11:58 am  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
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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 Posted 02/16/2010  1:03 pm  Show Profile   Bookmark this reply Add SeatedNut to your friends list Get a Link to this Reply

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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 Posted 02/17/2010  12:39 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

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.
Gary Schmidt
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 Posted 02/18/2010  9:27 pm  Show Profile   Bookmark this reply Add DNA to your friends list Get a Link to this Reply

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 is
entirely 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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 Posted 02/18/2010  10:40 pm  Show Profile   Bookmark this reply Add dollarcoins to your friends list Get a Link to this Reply
Oklahoma charges tax on coins.
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 Posted 02/19/2010  9:10 pm  Show Profile   Bookmark this reply Add Penny Guy to your friends list Get a Link to this Reply
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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 Posted 02/20/2010  9:00 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

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.
just carl
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 Posted 02/21/2010  12:33 pm  Show Profile   Bookmark this reply Add RollHunter to your friends list Get a Link to this Reply
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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 Posted 02/21/2010  10:45 pm  Show Profile   Bookmark this reply Add MtnCoinMan to your friends list Get a Link to this Reply
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.html
All 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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