Sales Tax charged by JMBullion

OPA

States Where We Currently Collect Sales Tax
We presently charge sales tax on the following states in some form.

Alabama
Colorado
Connecticut
Georgia
Hawaii
Idaho
Illinois
Indiana
Kentucky
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Nevada
New Jersey
North Carolina
North Dakota
Rhode Island
South Carolina
South Dakota
Texas
Vermont
Washington
Wisconsin

ricko

Nice to know... and my state is not listed..... yippeee..... Cheers, RickO

asheland

They need to update NC!

Coinstartled

@ricko said:
Nice to know... and my state is not listed..... yippeee..... Cheers, RickO

Ditto

johnny9434

i wonder how long before the others catch up with the others as well

1630Boston

I though Massachusetts taxed only on pm/coin purchases UNDER $1000 ?
But I could be wrong

astrorat

@OPA said:
States Where We Currently Collect Sales Tax
We presently charge sales tax on the following states in some form.

Texas

For Texas residents, there is no sales tax on silver, gold, and platinum, but you will get taxed on copper rounds, accessories, and other items.

Even if your state is listed, taxes may not be collected on what you wish to purchase.

GRANDAM

I don't see how they can collect sales tax in Indiana as there is none on Coins or Bullion.

I supposed that they would have to on supplies and such.

Ok, I just went to JM Bullion and they didn't charge me Sales Tax on a 10 oz silver bar.

oldstandard

I don't think Idaho has sales taxes on gold and silver I have never been charge at a coin store or is this an internet tax.

derryb

@oldstandard said:
I don't think Idaho has sales taxes on gold and silver I have never been charge at a coin store or is this an internet tax.

"Internet taxes" are sales taxes. It is how states now collect previously unreported state sales taxes on internet sales. There is no "internet tax" other than this. The easiest way to do this would be to have the on-line seller's home state be the one getting the taxes, not one of 50 possible states that make the seller's job 50 times more difficult. After all, if I make a purchase in a Florida gift shop and have them ship it to my mom in New York, I pay Florida sales tax on the purchase.

TwoSides2aCoin

I see this as only half of our citizens are taking it in the pooch, now. The other half has been set free.

CaptHenway

When I left Illinois in 2013 there was no sales tax on bullion or coins. Has that changed?

oldstandard

@derryb said:

@oldstandard said:
I don't think Idaho has sales taxes on gold and silver I have never been charge at a coin store or is this an internet tax.

"Internet taxes" are sales taxes. It is how states now collect previously unreported state sales taxes on internet sales. There is no "internet tax" other than this. The easiest way to do this would be to have the on-line seller's home state be the one getting the taxes, not one of 50 possible states that make the seller's job 50 times more difficult. After all, if I make a purchase in a Florida gift shop and have them ship it to my mom in New York, I pay Florida sales tax on the purchase.

So if the seller sells an item let’s say on eBay and the state the seller lives in has a law of sales tax on bullion then the seller has to charge sales tax?
Idaho and Utah for example there is no sales tax on bullion so would the seller be exempt from collecting sales tax.

shinywhite

@ricko said:
Nice to know... and my state is not listed..... yippeee..... Cheers, RickO

Neither is mine

derryb

@oldstandard said:

@derryb said:

@oldstandard said:
I don't think Idaho has sales taxes on gold and silver I have never been charge at a coin store or is this an internet tax.

"Internet taxes" are sales taxes. It is how states now collect previously unreported state sales taxes on internet sales. There is no "internet tax" other than this. The easiest way to do this would be to have the on-line seller's home state be the one getting the taxes, not one of 50 possible states that make the seller's job 50 times more difficult. After all, if I make a purchase in a Florida gift shop and have them ship it to my mom in New York, I pay Florida sales tax on the purchase.

So if the seller sells an item let’s say on eBay and the state the seller lives in has a law of sales tax on bullion then the seller has to charge sales tax?

On-line sellers should fall under the sole jurisdiction of state sales tax laws where they have a phyiscal presence and where they ship from, not based on who they sell to or where the buyer lives. It has worked for decades in the store-front retail industry. Can you imagine if every Walmart retail store had to obtain the residence of all it's buyers and then collect the correct amount for the applicable state and then send all those collected tax receipts to up to 50 different states? This is how cumbersome and complicated it is about to become for on-line sellers.

For this simple idea to work it would require all states to stop requiring their residents who make out of state on-line purchases to report and pay a sales tax to their home state. After all, if this were working as designed, there would be no need for an "internet sales tax."

BAJJERFAN

@derryb said:

@oldstandard said:

@derryb said:

@oldstandard said:
I don't think Idaho has sales taxes on gold and silver I have never been charge at a coin store or is this an internet tax.

"Internet taxes" are sales taxes. It is how states now collect previously unreported state sales taxes on internet sales. There is no "internet tax" other than this. The easiest way to do this would be to have the on-line seller's home state be the one getting the taxes, not one of 50 possible states that make the seller's job 50 times more difficult. After all, if I make a purchase in a Florida gift shop and have them ship it to my mom in New York, I pay Florida sales tax on the purchase.

So if the seller sells an item let’s say on eBay and the state the seller lives in has a law of sales tax on bullion then the seller has to charge sales tax?

On-line sellers should fall under the sole jurisdiction of state sales tax laws where they have a phyiscal presence and where they ship from, not based on who they sell to or where the buyer lives. It has worked for decades in the store-front retail industry. Can you imagine if every Walmart retail store had to obtain the residence of all it's buyers and then collect the correct amount for the applicable state and then send all those collected tax receipts to up to 49 different states? This is how cumbersome and complicated it is about to become for on-line sellers.

For this simple idea to work it would require all states to stop requiring their residents who make out of state on-line purchases to report and pay a sales tax to their home state. After all, if this were working as designed, there would be no need for an "internet sales tax."

I believe that Walmart does just that for online orders. Being in Iowa if I buy a taxable item at WM, I pay 7% ST. If I'm passing thru Lincoln, Nebraska, and buy the same item at a WM there I pay whatever ST is in force in the area. If I buy it online I pay IA sales tax. If I live in Nebraska and buy it online, I'll probably pay NE sales tax. In face to face purchases you pay ST at the point of purchase wherever that may be and you're not required to pay to your state.

Would it even the playing field any if ST was collected at the point of purchase regardless of where the purchaser resided?
Frankly, I wouldn't be too thrilled to pay NJ sales tax on an item purchased in NJ but shipped to Iowa.

derryb

@BAJJERFAN said:

Frankly, I wouldn't be too thrilled to pay NJ sales tax on an item purchased in NJ but shipped to Iowa.

would you rather be the NJ seller who has to keep up with 50 different sets of sales tax laws and do all the collecting, recording keeping and forwarding of collected taxes to 50 different states?

At least as a buyer you have a choice where you shop. The burdened seller above has no choice.

BAJJERFAN

@derryb said:

@BAJJERFAN said:

Frankly, I wouldn't be too thrilled to pay NJ sales tax on an item purchased in NJ but shipped to Iowa.

would you rather be the NJ seller who has to keep up with 50 different sets of sales tax laws and do all the collecting, recording keeping and forwarding of collected taxes to 50 different states?

At least as a buyer you have a choice where you shop. The burdened seller above has no choice.

True, but frankly I wouldn't want to be either one. Then again I don't see it coming to the scenario I presented, unless they find a way to automate it or lessen the burden.

A couple days ago I ordered some supplements from Swanson in Fargo and was whacked for sales tax, but not sure for whom. Also ordered some shooting supplies from a place in Arizona and no sales tax.

Bochiman

@oldstandard said:
So if the seller sells an item let’s say on eBay and the state the seller lives in has a law of sales tax on bullion then the seller has to charge sales tax?
Idaho and Utah for example there is no sales tax on bullion so would the seller be exempt from collecting sales tax.

I'm still waiting to see how this works out, but usually, it is taxed on where the recipient is IF a tax is going to be collected. So, if someone from California purchased something under $1000 from somewhere, it is likely taxable, as it is California that is after the money, from how I understand it.

If someone from Utah made the purchase, and there is no tax in Utah on those types of goods, then it shouldn't be taxed.

All that said, I am sure the greedy governments will try to err on the side of taxing, one way or another.

Washington State does NOT have a sales tax on bullion/coins either (supplies, yes, but not the actual coins/PMs), and I can't wait until I see someone online try to charge me a tax.

derryb

I'm in Fl. Modern Coin Mart is in FL. My bullion purchases from them are exempt from FL sales tax. However, because of the complexity of the many different state income tax laws they still charge me the sales tax on my ebay purchase and then later refund it after the fact.