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Please post in this thread whether or not your home state has a tax on coin sales at shows/shops. Th
keets
Posts: 25,351 ✭✭✭✭✭
I live in Ohio and we seem to be the center of some ridiculous knee-jerking at present. Does your state of residence tax the sale of coins at shows?? I think the answers will be surprising. Thanks.
Al H.
Ohio---tax pending.
Florida---no tax on U.S. coinage.
California---tax on purchases under $1000.
Indiana---6% tax.
New Hampshire---no tax.
Michigan---no tax.
West Virginia---6% tax.
Illinois---no tax.
Massachussets---tax.
Maine---tax.
Wisconsin---5% tax.
Idaho---no tax.
Nevada---no tax.
Oregon---no tax.
New Jersey---6% tax.
Connecticut---no tax.
Texas---tax on purchases up to $1000.
North Carolina---tax.
Georgia---no tax.
Oklahoma---tax.
Virginia---tax.
Iowa---5% tax.
Minnesota---6.5% tax.
Washington---no tax.
Maryland---tax on purchases under $1000.
New Mexico---tax.
New York---tax.
Kansas---tax.
Alaska---no tax.
Utah---no tax.
Al H.
Ohio---tax pending.
Florida---no tax on U.S. coinage.
California---tax on purchases under $1000.
Indiana---6% tax.
New Hampshire---no tax.
Michigan---no tax.
West Virginia---6% tax.
Illinois---no tax.
Massachussets---tax.
Maine---tax.
Wisconsin---5% tax.
Idaho---no tax.
Nevada---no tax.
Oregon---no tax.
New Jersey---6% tax.
Connecticut---no tax.
Texas---tax on purchases up to $1000.
North Carolina---tax.
Georgia---no tax.
Oklahoma---tax.
Virginia---tax.
Iowa---5% tax.
Minnesota---6.5% tax.
Washington---no tax.
Maryland---tax on purchases under $1000.
New Mexico---tax.
New York---tax.
Kansas---tax.
Alaska---no tax.
Utah---no tax.
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NH - no state income tax (they get you when you buy a house or register a car).
pretty good place to setup shop due to so many states being so close.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
and Ind. Ohio will probably be no different.
Massachusets- YES to tax
Maine-Yes to tax
Delaware-No taxes except cheap real estate tax and auto buyer's tax of 2.75%. DE- a small wonder-and GROWING!
Ray
WI-I think is 5%
If I need an expensive coin from a dealer whose state charges sales tax, I am likely to wait until that dealer is at a show close to home.
Ken
Also Since the Parent company of Teletrade is located here they charge tax for sales here.
Also, since their computers are in NY, thier Tax advisors have told them they need to collect taxes for sales to NY.
Suposedly they are reviewing this directive.
Edited to add in CT there is no Tax on coin sales
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Jerry
and it sets us apart from practitioners and consultants. Gregor
<< <i> Here's what I know:
Massachusets- YES to tax
Maine-Yes to tax
Delaware-No taxes except cheap real estate tax and auto buyer's tax of 2.75%. DE- a small wonder-and GROWING!
Ray >>
That's funny, I've never once paid taxes on coin show purchases in Massachusetts???
apparently the threat of taxation isn't as the alarmists percieve it to be , seeing as the ANA is in California and the bulk of all sales easily fall under the $1000 mark. i believe someone posted that Pennsylvania has a tax that's not readily enforced; guess what?? last years ANA was there!!! what it all boils down to for me is that here in Ohio we'll be paying a slight tax for our hobby just as all other citizens do for there hobby, be that golf, swimming, boating, shooting/hunting/fishing or whatever.
please continue to post the taxed-tax free status you're aware of.
Semper ubi sub ubi
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
NoEbayAuctionsForNow
We have a shiny new convention center in Hartford, so the ANA should schedule the next uncommitted date in Hartford!! Would be a good place for the NY Invitational to re-locate as well.
WI-5%
Rick
Always Looking for Raw Proof Lincoln Cents !!
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
At an auction held in NY some years ago I won a bid on a coin from a firm based in New Hampshire an although no taxes are collected in that state I was still required to pay the NY state taxes. Has anyone been asked to pay their home states taxes by a company based in a state that has no sales taxes? curious as to how this works.
( Guy looks like a casual weekend dealer, No Buisness permit on display, mostly widgets on display)
A witty saying proves nothing- Voltaire (1694 - 1778)
An error does not become truth by reason of multiplied propagation, nor
does the truth become error because nobody will see it. -Mohandas K. Gandhi (1869-1948)
Mmmmmm..... I was in Reno Hilton last weekend. There is a coin shop in the Reno Hilton and the coin shop owner wanted to tax me everything (slabbed coins or gold bullion). I told him that in Nevada coins are tax-free, he said he never heard that ........
In short, even law says so, don't expect you can always pay no tax
<< <i>How many people have been told they needed to pay tax at a show, and were convinced this was just going staight to the dealers pocket?
( Guy looks like a casual weekend dealer, No Buisness permit on display, mostly widgets on display) >>
In a case like this, I tell them its a deal breaker and walk.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
There is also a tax on foreign coins and bullion sales that total less than $500.
<< <i>> Nevada---no tax
Mmmmmm..... I was in Reno Hilton last weekend. There is a coin shop in the Reno Hilton and the coin shop owner wanted to tax me everything (slabbed coins or gold bullion). I told him that in Nevada coins are tax-free, he said he never heard that ........
In short, even law says so, don't expect you can always pay no tax
I can see that system would work very well in a tourist destination. I bet the vast majority of customers have no clue whether they should have been taxed.
"Let's see... that's one half-ounce gold American Eagle plus a 24" chain... tell ya what, I'll throw in a bezel... plus state tax... city tax... concession recoupment fee... comes to $612.50. Will that be cash?"
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>
<< <i>How many people have been told they needed to pay tax at a show, and were convinced this was just going staight to the dealers pocket?
( Guy looks like a casual weekend dealer, No Buisness permit on display, mostly widgets on display) >>
In a case like this, I tell them its a deal breaker and walk.
Do you want to go to jail or end up in a world of hurt? Start collecting sales taxes in the name of the state when you don't have a resale number or start NOT PAYING the taxes you collected to the government. Believe me it's not worth it.
And the attitude shown here is why we can't display the resale certificates in our cases at shows. It costs you busines.
My attitude is that EVERYONE should do business on a level playing field. EVERYONE collects and pays sales taxes, or no one has to do it.
In Massachusetts, there is a law on the books that one could be fined $100 for no showing the tax on the invoice. That's funny.
<< <i>Here's what I know:
Massachusets- YES to tax
Maine-Yes to tax
Delaware-No taxes except cheap real estate tax and auto buyer's tax of 2.75%. DE- a small wonder-and GROWING!
Ray >>
Yes, but Delaware does have a graduated state income tax that is pretty high by state income tax standards.
But I will agree with you the tax structure there is pretty fair.
i think it's reasonable to assume that if a state has a tax provision in effect, whether we know it or not, we pay it in some fashion, most probably with a higher price. i seriously doubt that a dealer would hang himself out for prosecution by not filing(all in order to save John Q. Collector a few dollars). certainly there are exceptions and some/many dealers may pocket what cash transactions they can, but if you have business venture and it's discovered you have failed to pay................................