Options
APMEX + Sales Tax
OPA
Posts: 17,104 ✭✭✭✭✭
It appears, that APMEX is now charging a sales tax on purchases to those who live in a State that has a sales tax. On line, and also on eBay. Not sure if they jumped the gun with that scenario, because non of their big competitors that I know of, are implementing it at this time.
Edited: Info from APMEX website
STATES WHERE WE CURRENTLY COLLECT SALES TAX
We are currently charging sales tax in some form on orders shipped to the following states:
Alabama, Hawaii, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Jersey, North Carolina, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Vermont, Washington, Wisconsin
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
0
Comments
We need a Sales Tax Holiday for Christmas bullion sales.
The Apmex site has a link to an explanation about state sales taxes and it looks like the change is due to a June 21, 2018 Supreme Court ruling on state sales taxes. It varies state by state now. There's only two way out of the government spending debt spiral - higher and higher taxes, or currency devaluation. Well, a third also - outright default on gov.com bonds.
I knew it would happen.
"default on gov.com bonds" - there wont be much pressure to pay off bonds owned by the PRC when we are at war with them, so that is a big chunk of debt off the books.
Loves me some shiny!
MCM on ebay is charging tax for MN and FL sales. For tax exempt FL purchases MCM automatically refunds tax via payapl next day.
Give Me Liberty or Give Me Debt
This does not bode well for internet sales.... one of the main drivers for shopping online and not in stores...No tax and free shipping has been a big lure... This could drive business back into malls... Cheers, RickO
Are you notified BEFORE YOU PAY that ST will be collected?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Yes....at the "Pay Now" prompt where the tax appears, but not before.
Or across state lines.
So is it too late to cancel the deal at that point?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
if a internet sales tax hits my state, that would pretty much put a end to my business. I sometime lose money on purchases even with bonus e bucks included
Interesting! In NC they abolished tax on coins, currency and bullion. I wonder if they have that in their database? (APMEX)
I haven't ordered from them in a while and have no immediate plans to buy any time soon. I'd be curious to find out how they handle that...
My YouTube Channel
Very interesting. Just bought from Apmex and no tax charged to me. I am in the Commonwealth where we have no taxes on coins and bullion. Glad to see the Big A agrees.
The whole worlds off its rocker, buy Gold™.
Neither did I until I placed an order on 10/17...btw, I live in MD.
I did a trail run last night and wasn’t charged any sales tax. That works for me since Washington just started enforcing tax on online orders.
The odd thing is, MD has not enforced the online order status yet , but APMEX decided to do their job for them.
I noticed they added sales tax on an item from eBay I planned to buy when I went to spend my bucks with them. Bought a golf club instead.
My Ebay Store
This is from APMEX website: ( You've got to look for it) So, it's not every State yet.
STATES WHERE WE CURRENTLY COLLECT SALES TAX
We are currently charging sales tax in some form on orders shipped to the following states:
Alabama Hawaii Illinois Indiana Kentucky Maine Maryland Massachusetts Michigan Minnesota Mississippi Nevada New Jersey North Carolina North Dakota Oklahoma Rhode Island South Carolina South Dakota Vermont Washington Wisconsin
I though Massachusetts taxed only on pm/coin purchases UNDER $1000 ?
But I could be wrong
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
If you're running a business, even on-line, your state probably already requires you to collect state sales tax on their behalf just as they do any retailer. The problem is that on-line sellers are now being required to collect and forward sales tax for states they do not reside in. This requirement is tax law initiated by each state and somehow includes sellers who do no live in the state. (Not sure how they can claim jurisdiction over the out of state seller). These tax laws differ from state to state in regards to volume sold and type product sold and include all merchandise sold to their state residents. In many states, sales tax rules for coins and bullion offer some type of exemption.
Don't blame the sellers now collecting various state sales taxes; new state laws are requiring them to do so.
Note that current and previous state laws require buyers of out of state merchandise to report the purchase on their state income tax form and then pay a sales tax on the out of state purchases to their state. Since no one seems to be complying with this the states have pushed for this "internet tax" that requires sellers to their residents to collect and report the transaction. Can't blame the states for wanting their tax revenue, but I do blame them for making others suffer the expense and time to do it for them. Because of the different requirements from state to state it is not as simple as just adding a set percentage to every sale like your in-state store front retailers do.
Must be a nightmare for big sellers. Small sellers are often excluded from reporting sales to the outside state, depending on how the particular state has worded it requirements. On-line sellers have to learn the sales tax reporting requirements for each individual state. There are big $$ in future software for selling platforms (such as ebay) to streamline and automate this tax collecting process for its many sellers. Keep in mind that on-line sellers who are required to collect these sales taxes are also required to deliver them (under varying rules) to those states. Developers of this type software were big (lobbying) proponents of these new "internet tax" laws.
Give Me Liberty or Give Me Debt
Individuals might consider declaring PMs to be assets (IRS Schedule D, investments) and not business inventory (IRS Schedule C). One does not pay a state sales tax when he sells 100 shares of stock. Any such decision should include a talk with your tax professional.
Give Me Liberty or Give Me Debt
Call them and tell them they made a mistake. LOL
Different states have different exceptions for tax on precious metals. Type and quantity of product may very easily determine taxability. My state, FL, has it's own set of rules.
Give Me Liberty or Give Me Debt
You are correct. Over $1,000 to avoid the sales tax
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
No sales tax on coins/bullion in Washington State, so if they do try to charge it, they are in the wrong and I would let them know and, barring a fix on it immediately, report them for collecting non-required sales tax.
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
Same with MI, no tax on coins or bullion.
Peace for rent.