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 Replies: 9 / Views: 1,440 |
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Pillar of the Community
United States
500 Posts |
I guess not all states have this issue, but I find it strange how coin dealers vary on charging tax.
At coin shows it never comes up and no one asks for sales tax. At coin shops MOST tack it on without hesitation. But I've had a few that don't charge it. One said if I paid in cash he wouldn't - if by CC he'd have to.
Maybe this is a "touchy" subject but has anyone here refused to pay it after agreeing on a price of a coin in a shop? Have you asked that all negotiations be "tax included" when haggling?(I did this once and it worked out okay)
It seems strange to me that one shop owner charged me no tax on a $750 gold coin ( I paid in cash for ) but then DID charge me tax on $75 worth of coins on a different visit ( again paid in cash so that was not different ). Seemed strange! Maybe he was selling the latter on consignment? Maybe he does it by "mood" or total cost!
Weird tho.
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Bedrock of the Community
United States
12437 Posts |
Yes, coin and bullion taxation varies from state to state. Some states are exempt while others tax everything and some only tax above or below a certain dollar amount. If you live in a tax-free state and are getting charged sales tax, the dealer is just pocketing it to fatten the bottom line  http://thecoinologist.com/sales-tax...e-breakdown/If a dealer tries to make me pay sales tax on coins, they will get reported to the Department of Revenue for illegal collection as my state, Missouri, is sales tax-free. Also keep in mind that supplies are subject to tax in all states with a sales tax. |
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Bedrock of the Community
United States
20753 Posts |
Same subject came up on another post not long ago. Someone even posted the so called law that said where I'm at, no taxes on coins. I showed it to a place here that sells coins and was told either pay taxes or go somewhere else.
I showed the same thing to a dealer at a coin show that also charges taxes on coins and he told me the same thing. I've tried another coin store and a hobby store and again was told I either pay the tax or go somewhere else. Most were nice about it though and said the law just isn't clear and so far no one in the State tax departments are refusing to take that money either.
So I well know what your going through. And at one store I too was told if I pay in cash, no taxes and also no receipt. By me there are all kinds of taxes that change from city to city, town to town, county to county. So far at flea markets there is no taxes of any kind.
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Bedrock of the Community
United States
19945 Posts |
Technically, tax is collected where I live, but nobody I deal with does on cash transactions. It's their call since they're responsible for it, I prefer not to pay a tax I don't believe in, so I always pay cash.
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Moderator
 United States
188213 Posts |
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Pillar of the Community
United States
597 Posts |
ill never pay tax on coins ill fight it hard
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Moderator
United States
14463 Posts |
There isn't a tax here in Georgia on coin purchases, but I think coin supplies are a gray area. The local coin shop doesn't charge tax, but I guess the one in the closest mall might  A coin show I went to a few months ago had a small discussion group about the state proposal to charge tax on coin purchases. |
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Pillar of the Community
United States
651 Posts |
Cash is king and taxes...what taxes, this is the norm that you will encounter. Touchy subject to some people.
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Pillar of the Community
United States
3540 Posts |
Hate to suggest this, but what if the tax collected was not being turned in to the state?
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Bedrock of the Community
United States
20753 Posts |
Quote:
Hate to suggest this, but what if the tax collected was not being turned in to the state?
Your kidding of course. What your implying is that there could possibly be dishonest people right here on Earth.  |
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Replies: 9 / Views: 1,440 |
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Posted 07/29/2011 1:37 pm
