Who wants to pay tax when you buy bullion coins?
JWP
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I've bought bullion online and just cringe when I see the $$ charged for tax. I have found a site where no tax is charged YAHOO I try to buy 8 to 9 silver coins at least 1 time a month. The site is 1st Fidelity Reserve. Does any one else know of a site that is not taxed?
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How can you legally avoid sales tax if your state charges it?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Why does the USM not charge tax?
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Who wants to pay tax when they buy anything?
Especially when you pay tax on money.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Don't buy it online then - go to dealers or coin shows! Or "Big Lew" on the street corner...........
"When they can't find anything wrong with you, they create it!"
The pandemic has canceled the coin shows in my area the 18 months. I live in the country and we don't have street corners. Most coin shops sell on line and in their shop - whats your point. The coin shop nearest to me is closing at the end of the year. So, I take it from your comments that you don't buy online, from Ebay, Amazon, and not from the US Mint (which does not charge sales tax).
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Answer
Every state has their law on sales tax. If you buy out of state, sometimes the merchant/seller does not bother with collecting taxes from you, the consumer, but they are obligated to follow the sales tax law of your state. Things slip through the cracks. This is why Ebay and Amazon now charge sales tax. Online coin dealers like APMEX also charge sales tax even if shipping out of state. There have been some rule changes so that tax revenue collection is enforced on interstate commerce where it was not before. If you get away with not paying sales tax from an out of state purchase because the seller does not bother collecting it from you, I think you have to report it on your state income tax form. Many people do not know that they need to do this and probably do not buy so much out-of-state to begin with. I do not know of the penalties of not reporting it, though.
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State Sales Tax Rules by State (determined by shipping destination)
Sales Tax Policy at First Fidelity Reserve
If I read the 'First Fidelity Reserve' information correctly, they are attempting to comply with the current state-specific requirements.
Edited for a typo.
Kinda says it all
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Ohio just repealed the tax law on gold, silver, platinum and palladium bullion and coins.
Hope it spreads to all the 50 states.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
No street corners means no streets. Living in the jungle?
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