Selling At A Coinshop? - Page 2 - Coin Community Forum

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Ed_B Pillar of the Community United States 4008 Posts	Posted 07/14/2011 7:16 pm Unless a state with a sales tax specifically excludes tax on coins, then tax is owed at the state level. It is owed on any profit at the national level regardless of what the state law is. I haven't been to any coin shows yet but I would imagine that sales tax collection is not a priority there. The excuse about exchanging money for money not being taxed is bogus. That is not what we are doing. If it was, they would exchange 10 silver dimes, 4 silver quarters, 2 silver halves, or a silver dollar for $1 in FRN paper. Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 07/15/2011 12:07 am Quote: I asked him why no taxes and he said that there was no tax due when you are trading currency for currency. Not true? It's all in the interpretation, and I'm not about to play lawyer here. "cash" can mean any monetary tender: paper money, coins, check, money order, wire, etc. "currency" can mean the same as cash. Turning $100 bills into a MO isn't likely to change the law viewing them as cash. What enforcement is more likely to say is "trading currency for currency" means even-up, two fives for a ten, and that "trading" $40 in paper money for a $1 ASE is a sale subject to tax. I suspect a better argument is that coins are either being bought for resale or investment, basically the same thing. While you pay tax on profits from trading stocks, you don't pay sales or property tax. If I buy a case of 2x2s to resell, I don't pay sales tax. Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 07/15/2011 06:32 am Quote: Think of all the tax revenue lost in garage sale proceeds alone lol. sales tax maybe, but there's rarely a profit selling a used shirt, so no income tax. Report this Post to the Staff
SUPUNDGRD New Member United States 2 Posts	Posted 07/16/2011 12:28 am I think if you sell on a forum through paypal. There is only a 4% fee to paypal for protection. Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 07/16/2011 08:41 am SUPUNDGRD Not understanding your point. PayEnemy is charging you to handle the money, like the PO charges for a MO, or the bank charges to send a wire. The protection is a bonus, and you might be unhappily surprised if you ever use it. Taxes are an issue between you and the city, county, state, IRS, or other taxing unit. Report this Post to the Staff
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