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 Replies: 15 / Views: 1,358 |
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Pillar of the Community
United States
819 Posts |
I just learned from one of the dealers I shop at in Houston that there is no sales tax on coin purchases of $1000 or more. That is more than $80 here! Just wanted to pass the info on in case others were unaware, that $80 means a few more coins for the buck!
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Member
United States
703 Posts |
Yes I just bought my first over a thousand dollar coin from a seller in the same state (CA) and no sales tax. the seller was unaware so I email her a link to the law about it and paid no sales tax.
errror
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Pillar of the Community
United States
6381 Posts |
I used to purchase quite a few lower-cost coins from Teletrade when they were based in New York. As a California resident, I paid no sales tax on auction lots I won. Several years ago Teletrade relocated their offices to CA and now sales tax is required. Since I'm not willing to hike my bids to compensate for the tax (and I rarely go for $1000+ coins!), I almost never win their auctions now. Fortunately, there are still plenty of sellers in other states!
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Moderator
 United States
6563 Posts |
You do still have that link?
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Pillar of the Community
United States
1173 Posts |
FWIW, there's no sales tax on coins or currency in North Dakota, regardless of the amount.
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Pillar of the Community
United States
834 Posts |
I do not pay a sales tax here in AZ on the coins I buy.
Bruce.
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Pillar of the Community
United States
3233 Posts |
No state tax in Colorado! In California you have to spend over a grand to be free of taxes.
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Pillar of the Community
United States
547 Posts |
Pennsylvania actually repealed their 6% sales tax on coins last September.
Edited by ChristinaM
06/16/2007 5:27 pm
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Pillar of the Community
 United States
819 Posts |
there seems to be a lot of variability between states! Good thing about internet sales, if they are out of state it is exempt. In Texas I will now group my purchases into $1000 or over lots from dealers to save the tax, in Houston it is 8.75% in some areas, depending on Metro tax. For the almost $90 saved I can buy a real nice coin. In Texas currency (paper)is subject to tax regardless of amount of purchase.
Wish Texas was the same as ND, AZ, and Colorado!
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Valued Member
United States
157 Posts |
This is why, if I'm planning to spend several hundred bucks at Heritage, I'll look for something else I like to try to get myself up just over $1,000.
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Bedrock of the Community
United States
20753 Posts |
I never even thought of paying a sales tax on a coin. That would be like going to the post office, buying a postage stamp and having to pay a sales tax. That is nuts. If I buy a set of proofs from the Mint they may charge postage and handling, but no sales tax. I c an't imagine anyone paying a sales tax on money.
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Valued Member
United States
76 Posts |
I refuse to pay sales tax on any coin - sadly in CA, you either have to buy over $1,000, buy at a coin show where most dealers don't charge tax, or buy online.
Some other states are better, or don't charge sales tax at all.
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Bedrock of the Community
United States
17884 Posts |
quote:
Good thing about internet sales, if they are out of state it is exempt.
Actually they are NOT exempt. If you live in a state with a sales tax and you buy from another state you don't don't have to pay the other states sales tax, but you ARE supposed to pay to your state the state USE TAX which in most cases is the same as the state sales tax. (This is usually a line item on your state income tax form. Almost no one ever pays this tax., except my father.) quote:
That would be like going to the post office, buying a postage stamp and having to pay a sales tax.
Bad example. The analogy to buying postage stamps at the post office would be getting change at the bank, and you don't pay sales tax on that either. quote:
I can't imagine anyone paying a sales tax on money.
You aren't paying a "sales tax on money" you are paying sales tax on the purchase of a second hand product. Just like you would on an antique or most any other product. I have never understood why people seem to think that we are special and we should not have to pay sales tax like everyone else does. Do I like paying the sales tax? No of course not, but it needs to be fair. Either everyone in the state pays on what they buy, or no one pays. Edited by Conder101
06/22/2007 3:44 pm
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Member
United States
703 Posts |
What if you "sold" a minor, say die crack State Quarter error on ebay for 25 cents. A quarter for a Quarter. But I Guess since you sold it, you would hav e to charge sales tax. But I wonder if you traded it, I can not see the tax, but I'm no lawyer so don't quote me on that. errrror |
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Bedrock of the Community
United States
17884 Posts |
It is possible to argue that the tax is only due on the amount above the face value of the coin. So in your example it could be argued that the tax was due on $0.00 (In the case of most deals the difference is so small that it isn't worth fooling with to totalup the face value and subtract it from the total before figuring the tax.
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Pillar of the Community
United States
2540 Posts |
I don't understand why the folks in California, and now Texas, aren't up in arms about the $1,000 rule.
What about the little guy who can't afford to pop $1,000 each transaction, if he spends it over two or three months (or more) he pays the additional cost of $80 (assuming 8% sales tax).
No, I am not from California, or Texas, but, hey why aren't you guys yelling at your representatives!
This is a true rip off.
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Replies: 15 / Views: 1,358 |
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Posted 06/16/2007 3:06 pm
