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 Replies: 60 / Views: 14,487 |
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Pillar of the Community
United States
632 Posts |
Do all states have sales tax on coins? New York States does, and it has to be annoying on some of these expensive coins...
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Pillar of the Community
United States
524 Posts |
Missouri and Illinois do not have sales tax on coins that I have purchased.
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Valued Member
United States
294 Posts |
Pennsylvania does not collect sales tax on coins.
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Moderator
 United States
6563 Posts |
Georgia does not.
Do some research on any state that you are buying in. Coin shops will know the tax law but antique stores and others that have coins on the side have no clue.
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Rest in Peace
United States
1943 Posts |
Pennsylvania does not have tax on coins but they do on paper money.
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Valued Member
United States
63 Posts |
Michigan doesn't collect sales tax on coins or bullion.
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Bedrock of the Community
United States
12437 Posts |
Taxation on bullion and numismatic purchases varies from state to state- some states tax all, some tax none, while others have dollar limits.
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Pillar of the Community
United States
1150 Posts |
Washington state has no sales tax on coins/bullion. However, some moneygrabbers in our state legislature have introduced bills that would tax coins/bullion. They're trying to fill the budget shortfalls by confiscating more of our money and not by cutting their spending. It is counterproductive.
Anyway...before I go off on a political tangent, let me say I'm sorry that you have to put up with that. It would hurt me if I had to pay even more for my coins.
The one loophole that most of us can enjoy is buying off the internet. However, Federal moneystealers are trying to pass bills to tax interstate internet sales, also.
It seems we just can't catch a break!
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Valued Member
United States
312 Posts |
Maryland has tax unless you spend over $1K, which is ridiculous and favors the wealthy. $500 into silver is just as likely to be an investment as $1K in silver, except it'll cost another 6% over melt...
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Pillar of the Community
United States
651 Posts |
In the state of Texas, coins and bullion are exempt from sales tax if the purchase is over a $1000.00. Currency is fully taxable. If you find the right conditions some will look away.  Edited by fcrazo
04/26/2011 8:23 pm
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Bedrock of the Community
United States
20753 Posts |
I don't think anyone in Illinois knows what is and what isn't taxed for anything. With coins it drives me nuts. At coin shows only one dealer charges a sales tax but might be due to him having a coin/stamp store. At his store he does charge a sales tax on anything you purchase, coins, coin Albums, etc. I've never had any other coin dealer at a coin show charge any taxes at all. At another coin store in Illinois there is no taxes on anything and at another a 10.25% sales tax. Naturally no taxes of any kind at flea markets for anything. All taxes and prices in Illinois are nuts. For example in Chicago gasoline is up to $4.75+ in some area of the City. In Suburbs just outside but still in Cook County, Gasoline is about $4.27+ average. Right accross the street in Dupage county gasoline is $4.01 average. Similar is almost anything you purchase in many places in Illinois. All prices for anything at Walmart in Cook County is higher than in Dupage County at a Walmart. I bought a car in Dupage Couty and a few days later got a letter from Cook County saying I now had to pay sales taxes to them too. I've asked at a coin store why they charge sales taxes on coins and was told, why not. Since they weren't sure it was the law, they'll do it just in case. Such nonsence continues to Camera Shows, Gun Shows, Computer Shows, etc. I'd ask an attorney but might be charged a tax by him for asking. |
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Pillar of the Community
United States
651 Posts |
There must be something in the water up there in Chicago land. They even sent our current Pres.... I stop here.
I feel for you J Carl...regular unleaded is at $3.59 at a Wal Mart in San Antonio.
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Valued Member
United States
247 Posts |
Getting taxed on coin/currency "purchases" is rediculous. All your doing is trading money for money  Every shop I come across I try to "trade" a few newer FRN for the items I'm interested in. Sometimes it works, sometimes it's taken as a joke.... always worth a shot. Stupid taxes...  |
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Valued Member
United States
294 Posts |
Quote:
Pennsylvania does not have tax on coins but they do on paper money. That's right. I actually looked this up. I didn't realize currency was not exempt. What the regs say is "non-legal" tender is fully taxable, for "legal" tender the amount over face value is also fully taxable. Coins and bullion for investment are not taxable. |
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Pillar of the Community
 United States
632 Posts |
I am new to the hobby and I assumed that coins would not be taxed. I was shocked when I had to pay tax in NY. I am going to have to find a way to avoid this tax because the 8% is hard to over look when buying for an investment.
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New Member
United States
15 Posts |
want to avoid tax. Shop CL or right here on coin community.
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Replies: 60 / Views: 14,487 |
Posted 04/26/2011 12:44 pm
