Minnesota coin law
jkrk
Posts: 990 ✭✭✭✭✭
I'm offering a few gold double eagles on E-Bay. One potential buyer asked if I would sell a coin to a Minny resident.
I have never sold a coin to a Minny resident.
I seem to remember that I had to keep sales under $5,000. Is it now $25,000 in order not to register?
In addition, do I need to collect sales tax on any sale ($1300 coin)
Thnx.
0
Comments
I don't do Minny.... Sota, or mouse.
May I see them? You may be able to sell me without having to pay tax
You need to do your own research on this as it is a legal issue. Replies from a forum such as this may be either incorrect or be tainted by the contempt many have for the Minnesota law itself.
Until you know for certain you would be best advised to avoid any sales to Minnesota addresses/residents.
I don't know the answer to your original question.
I only put the coins up since I had a special promo. Without it I would,'t have even bothered.
Now I'll have to figure out how to put up a link in the For sale section?
this
I assume you are in Minnesota, but you never mentioned it. There are so many legal issues here: What is the Minnesota coin law? Are you a licensed dealer? Do you have a sales tax certificate enabling you to collect sales tax? In most states, collecting sales tax without a tax number is probably a bigger crime than a private citizen failing to collect sales tax.
You and you alone are liable for the tax situation and if you take advice from random people on the internet, you're the one stuck with the fines.
Per this (equally useless) internet blurb: Double eagles would not count as bullion (they aren't 0.999 fine) and would be fully taxable.
news.coinupdate.com/minnesota-gets-sales-tax-exemption-on-precious-metals-bullion/
And this is probably what you are referring to. You must register if you sell over 25,000 which is a slightly different issue than the sales tax issue.:
ictaonline.org/index.php?option=com_content&view=article&id=170:minnesota-law-targeting-coin-dealers-gets-amended&catid=26:news&Itemid=128
Looks like $25K is the new threshold
Thank you ICTA
The price of gold is set by faith, or lack of, in the currency it is priced in.
Yes, I am a very small E-Bay seller in NYC. Maybe a sell a dozen coins over the year?
On my listings, I stipulate that I will collect tax if the coin is bought by a NY resident.
I did that twice and remitted the tax to the authorities.
I also stipulate that I won't sell any coins to MInn residents.
The question came up so I thought attempt to begin to understand what I don't understand.
Yes I have a sales tax certificate.
Tax issues can be complex and have been the downfall of many.... Check with a tax professional ....Cheers, RickO
.....and hope they know what they are talking about.
As a side note, Heritage will not ship purchases from their eBay site to buyers in Minnesota.
it's crackers to slip a rozzer the dropsy in snide
Sounds like Minn. is not numismatic friendly. I didn't know that. I don't like that much cold anyway. Peace Roy
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If the potential buyer had to ask, that is a big red flag. Could be that a lot of dealers misunderstand the Minn. law and shun those customers unfairly, but it could also be that the buyer know Minn. law is an issue and wanted to ask in advance.
I personally don't sweat a couple of sales a year to MN.
The price of gold is set by faith, or lack of, in the currency it is priced in.
If you read one of the OP's posts, he stipulates that he DOESN'T ship to Minnesota.
Yes I saw that but I was wondering why the potential buyer bothered to ask.
He really liked the item????
It is unwise to solicit legal advice from anonymous individuals over the internet. You should try contacting the Minnesota taxing authority or a Minnesota lawyer if you have questions that cannot be answered by looking at the plain text of the statute or regulation in question.
My cat is a better lawyer than your dog.
ANA 50 year/Life Member (now "Emeritus")
This.