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 Replies: 60 / Views: 14,492 |
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Bedrock of the Community
United States
20753 Posts |
jbuck: Where did you hear that in Illinois there is no sales taxes on coins or coin items. If you read my reply about Illinois, it really depends one what part of the state your referring to. In some couties the taxes are on anything and everything.
IF you know of some place I could find a document that says NO taxes on coins, coin Albums, coin anything, let me know. I'd sure like to show that to the many that DO charge sales taxes on any and all coins and coin products.
AND in Cook County, Chicago, now paying 10.25%
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Moderator
 United States
188770 Posts |
Ooops.  If you knew how I compiled the data, you would understand how I messed up.  Anyway, I fixed it.  This is an ongoing list and information is subject to change. I would love everyone to find their local law (one that either grants the exemption, as I found, or states that the items are taxable) so it can be referenced. |
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Valued Member
United States
237 Posts |
Quote:
IF you know of some place I could find a document that says NO taxes on coins, coin Albums, coin anything, let me know. I'd sure like to show that to the many that DO charge sales taxes on any and all coins and coin products. Title 86 Part 130 Section 130.1910 http://www.revenue.state.il.us/lega...130-1910.pdfQuote:
c) Special Provisions Concerning Coins
Gross receipts from the sales of legal tender, currency, medallions, or gold or silver
coinage issued by the State of Illinois, the government of the United States of America,
or the government of any foreign country, and bullion are exempt from Retailers'
Occupation Tax. 35 ILCS 105/3-5 http://www.ilga.gov/legislation/ilc...03501050K3-5Quote:
Sec. 3â€'5. Exemptions. Use of the following tangible personal property is exempt from the tax imposed by this Act: ... (8) Legal tender, currency, medallions, or gold or silver coinage issued by the State of Illinois, the government of the United States of America, or the government of any foreign country, and bullion. 35 ICLS 120/2-5 http://www.ilga.gov/legislation/ilc...03501200K2-5Quote:
Sec. 2â€'5. Exemptions. Gross receipts from proceeds from the sale of the following tangible personal property are exempt from the tax imposed by this Act: ... (18) Legal tender, currency, medallions, or gold or silver coinage issued by the State of Illinois, the government of the United States of America, or the government of any foreign country, and bullion. Nobody should be charging tax on coins in IL. Edited by SecretGlitch
05/04/2011 11:09 pm
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Bedrock of the Community
United States
20753 Posts |
Quote:
Nobody should be charging tax on coins in IL. Hopefully your correct but for some reason all of the previous items do not specify SALES taxes. One item stipulated a Retailer's occupational tax. Another, 2-5 and 3-5 specifies personal property taxes. I really don't see how this relates to sales taxes which is what I've been hit with all over the area. True, personal property taxes on almost anything have been dropped. A retailers occupational tax too would hardly cover sales taxes. And as I mentioned in my previous reply, sales taxes are massively different in different Counties, Cities, Suburbs, and probably inside our own homes. Also, as I mentioned even the prices of gasoline vary by over a half dollar by just crossing a road here. We here are taxed for food, cloths, cars, flashlights, pencils, toilet paper and anything and everything. Sales taxes are the highest in the country or so the news media says. Also, as I mentioned previously there is a dealer at most coin shows I go to that not only charges a sales tax, but makes out receipts too. I am going to print out your replys and present them to any dealers in the future that want to charge taxes. Hopefully they will think this all applies to them. More than likely I'll be told where to go. |
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Valued Member
United States
237 Posts |
@just carl: Retailer's Occupational Tax is a sales tax. I'm not sure that counties have the authority to tax what the state deems exempt, at the very least I've been to shows and shops in Lake, Cook, and McHenry counties and none of them charged sales tax. The tax department did respond to a very similar question though: http://tax.illinois.gov/legalinform...sg080041.pdfThey make it out like as long as it's "legal tender, currency, medallions, gold or silver coinage issued by the State of Illinois, the government of the United States of America, or the government of any foreign country, or bullion," it's tax free. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
@just carl: Retailer's Occupational Tax is a sales tax. I'm not sure that counties have the authority to tax what the state deems exempt, at the very least I've been to shows and shops in Lake, Cook, and McHenry counties and none of them charged sales tax. Hate to use this forum for an Illinois tax discussion but I too go to coin shows in Illinois about 2 to 4 times a Month. And as I mentioned mostly at coin shows no one charges taxes of any kind for anything. A coin show is really a flea market for coins and flea markets here just don't charge taxes. However, as I mentioned most dealers that also have a coin store do charge taxes at their stores and one dealer continues this at coin shows. One dealer in the center of the Chicago area charges sales taxes on any and everything. I've had fights with dealers for years about this and usually I loose. If the laws don't say SALES TAXES, they charge, just in case. As I said, I printed out what you referred to and it might be fun to give it a try. Maybe. |
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Valued Member
United States
79 Posts |
Quote:
TIP # 99A01-13
DATE ISSUED: 06/30/99
Sales Tax Exemption Available for U.S. Legal Tender
and Certain Sales of Other Coins, Currency, or Bullion
Effective July 1, 1999, the sale of coins and currency that are U.S. legal tender is no longer taxable. The sale of any other coin and any other currency with a price of more than $500, and the sale of gold, silver, and platinum bullion with a price of more than $500, is exempt.
For coins and currency that are legal tender of the United States, no tax is imposed regardless of whether the sales price exceeds the face value. It does not matter whether the coins or currency are in circulation.
For coins and currency that are not legal tender of the United States, tax is imposed at the rate (unchanged) of 6% of the sales price, unless the coins or currency have a sales price that exceeds $500. When the sales price exceeds $500 for a single sale, the transaction is exempt from sales and use tax. Note: The present exemption for coins and currency of general circulation that are legal tender of another nation, when exchanged solely for use as legal tender at an exchange rate based on its relative value, is not affected by this change.
Sales of gold, silver, and platinum bullion are exempt if the sales price exceeds $500 in a single transaction. A single transaction could include a combination of gold, silver, or platinum bullion.
Dealers must maintain proper documentation to show that each sale, or that portion of each sale, is exempt from the tax imposed. Failure to keep proper documentation may subject an otherwise exempt sale to tax. So in FL all US coins are exempt from sales tax. Non-US coins are open to being taxed (6% state tax in addition to any county tax[1.5% in orange county, 1% in Osceola and Brevard]), unless the purchase exceeds $500. Bullion is also open for tax unless the purchase exceeds $500 (I'm assuming rounds like ASE's are tax exempt because they are legal tender). |
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Moderator
United States
188770 Posts |
Updated... CA Yes on purchases below $1500
FL No on US coins, yes on bullion and non-US coins valued below $500 (TIP 99A01-13).
GA No
IA No
IL No (86-130-1910, 35 ILCS 105/3-5, 35 ICLS 120/2-5)
IN Yes
KY Yes
MD Yes on purchases below $1000
MI No
MO No
NH No
NV Yes
NY Yes (although one claims no)
OH Yes
PA No
SC No (SC Code 12-36-2120)
TX Yes on coin/bullion purchases below $1000.00 and on all currency.
WA No
WI Yes |
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Moderator
United States
188770 Posts |
Quote:
One dealer in the center of the Chicago area charges sales taxes on any and everything. I am sure he just pockets it. |
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New Member
United States
1 Posts |
I'm not sure if coin sales are tax exempt in Oklahoma, but my local coin shop does not charge sales tax on coins. :)
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Valued Member
United States
259 Posts |
Washington D.C. does - 6%.
In Virginia, they're supposed to, but some dealers I buy from don't bother adding it on.
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Bedrock of the Community
United States
12437 Posts |
As a 30 year resident of Illinois, I can confirm that there is NO sales tax on coins in Illinois. Anyone charging sales tax is breaking the law and pocketing the tax money. Obviously, this does not apply to coin supplies as those are always taxable in every state as normal merchandise.
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Valued Member
United States
284 Posts |
I've bought coins with Ikes and not paid sales tax in Nevada. I've also used my debit card and took a hit for sales tax. Let that be a data point.
-- Boris
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Moderator
United States
188770 Posts |
I am not surprised since it is easy to avoid sales tax when paying with cash. Electronic transactions are a bit more difficult.
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Bedrock of the Community
United States
20753 Posts |
Quote:
As a 30 year resident of Illinois, I can confirm that there is NO sales tax on coins in Illinois. Anyone charging sales tax is breaking the law and pocketing the tax money. Obviously, this does not apply to coin supplies as those are always taxable in every state as normal merchandise. Showed all this stuff to a dealer at a coin show last Sunday that DOES charge sales taxes. He just said if you don't want to pay it, move on to somewhere else. Breaking the law. No one around here knows what that really means anyway. Think I'll try some more coin stores that do charge sales taxes just for fun. Can only get kicked out. |
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Posted 05/04/2011 6:03 pm
