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Tennessee repeals sales tax on gold and silver

derrybderryb Posts: 36,025 ✭✭✭✭✭

:)


<3

The decline from democracy to tyranny is both a natural and inevitable one.

Comments

  • jmski52jmski52 Posts: 22,269 ✭✭✭✭✭

    Wow! The 42nd state to do so. Is there a list of those 42 states somewhere?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Progress..... I would like to see a complete list of those states as well... Hmmm ... Google is my friend... Will post a link if I find it. Cheers, RickO

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    The latest list had nine states that DO collect sales tax on gold and silver coins. The nine states that continue to tax gold and silver purchases include Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii. So, remove Tennessee and the remaining eight still tax gold/silver coin sales. Cheers, RickO

  • PppPpp Posts: 453 ✭✭✭✭

    New York should be included as a state that has sales tax on precious metals. New York does exempt sales tax if the sales is over $1,000- and the value of the metal is less than 140% for silver and 115% for gold. I am going by memory but there are other criteria besides what I wrote.
    Regardless, at todays premiums very hard to avoid sales tax especially for numismatics.

  • OPAOPA Posts: 17,104 ✭✭✭✭✭

    @Ppp said:
    New York should be included as a state that has sales tax on precious metals. New York does exempt sales tax if the sales is over $1,000- and the value of the metal is less than 140% for silver and 115% for gold. I am going by memory but there are other criteria besides what I wrote.
    Regardless, at todays premiums very hard to avoid sales tax especially for numismatics.

    I believe, the same holds true for Maryland

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  • ashelandasheland Posts: 22,567 ✭✭✭✭✭

    My state, North Carolina repealed the tax about 4 or 5 years ago... Coins, currency and bullion are exempt.

  • PppPpp Posts: 453 ✭✭✭✭

    Sorry I feel like venting.
    It’s very sad in this case there are several states that put their residents at a distinct disadvantage against people from other states.
    Example, because of ny state sales tax if I buy something on eBay (which i don’t do) or from a large on-line company like sd bullion I will pay approximately 9% more for the item than if I lived somewhere else. This extra amount takes some fun out of the hobby.

    Note, dealers in New York can get a tax I’d number to avoid paying the sales tax when they buy, but then they charge sales tax when they resell to people like me.

    someday it will be a non-issue for me because I am short for New York, unless many things change.
    🙂

  • blitzdudeblitzdude Posts: 5,294 ✭✭✭✭✭

    Never a sales tax on gold / silver here in The Commonwealth. God Bless The Commonwealth! RGDS!

    The whole worlds off its rocker, buy Gold™.

  • meluaufeetmeluaufeet Posts: 746 ✭✭✭

    Not holding my breath on Hawaii.

  • PerryHallPerryHall Posts: 45,203 ✭✭✭✭✭

    @blitzdude said:
    Never a sales tax on gold / silver here in The Commonwealth. God Bless The Commonwealth! RGDS!

    Which one? There are four states and two territories that are commonwealths.

    Worry is the interest you pay on a debt you may not owe.

  • JWPJWP Posts: 16,539 ✭✭✭✭✭

    @ricko said:
    The latest list had nine states that DO collect sales tax on gold and silver coins. The nine states that continue to tax gold and silver purchases include Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii. So, remove Tennessee and the remaining eight still tax gold/silver coin sales. Cheers, RickO

    I recently bought 2 coin coins at a MS coin show and no sales tax was collective. I have been told that Ms does charge tax on coin purchases. Just sayin

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  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @JWP... MS is included on the list of those who DO charge sales tax.... That being said, dealers at coin shows could make their own decision. Cheers, RickO

  • derrybderryb Posts: 36,025 ✭✭✭✭✭

    @Ppp said:
    Sorry I feel like venting.
    It’s very sad in this case there are several states that put their residents at a distinct disadvantage against people from other states.
    Example, because of ny state sales tax if I buy something on eBay (which i don’t do) or from a large on-line company like sd bullion I will pay approximately 9% more for the item than if I lived somewhere else. This extra amount takes some fun out of the hobby.

    Move to a state that offers you the best tax advantages, some states have no income tax. People and businesses are fleeing NY and CA and moving to FL.

    Note, dealers in New York can get a tax I’d number to avoid paying the sales tax when they buy, but then they charge sales tax when they resell to people like me.

    They don't pay tax if they have a tax ID because they are reselling the product. Taxes are required on the retail end.
    🙂

    The decline from democracy to tyranny is both a natural and inevitable one.

  • blitzdudeblitzdude Posts: 5,294 ✭✭✭✭✭

    @PerryHall said:

    @blitzdude said:
    Never a sales tax on gold / silver here in The Commonwealth. God Bless The Commonwealth! RGDS!

    Which one? There are four states and two territories that are commonwealths.

    The original, Penn's Woods. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • Mike59Mike59 Posts: 294 ✭✭✭

    I’m in 1 of the states that still collect 7% sales tax on all PM. The worst part of the tax is when I have to pay it on USA legal tender. It’s like going into a bank cashing a check and paying Sales Tax on my withdrawal.

    MIKE B.

  • blitzdudeblitzdude Posts: 5,294 ✭✭✭✭✭

    @Mike59 said:
    I’m in 1 of the states that still collect 7% sales tax on all PM. The worst part of the tax is when I have to pay it on USA legal tender. It’s like going into a bank cashing a check and paying Sales Tax on my withdrawal.

    I just bought a gold coin off the bay, tax free of course since I'm in The Commonwealth but there was a $5 shipping charge that they decided to tax me $0.30 cents. Now I could care less about 30 cents but how in hell is shipping taxable? Crazy world! RGDS!!

    The whole worlds off its rocker, buy Gold™.

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @blitzdude said:

    ... how in hell is shipping taxable? Crazy world! RGDS!!

    Curious - does the commonwealth tax food? If not, go to Amazon and find a food item - put it in your car and see if it charges you tax. Normally shipping goes as the sales goes, so that is either a quirk in your state laws - or a quirk in eBay's system.

  • PerryHallPerryHall Posts: 45,203 ✭✭✭✭✭

    @taxmad said:

    @blitzdude said:

    ... how in hell is shipping taxable? Crazy world! RGDS!!

    Curious - does the commonwealth tax food? If not, go to Amazon and find a food item - put it in your car and see if it charges you tax. Normally shipping goes as the sales goes, so that is either a quirk in your state laws - or a quirk in eBay's system.

    Shipping is a service and many states tax services. That's why many small service providers will give you a discount for cash payments.

    Worry is the interest you pay on a debt you may not owe.

  • blitzdudeblitzdude Posts: 5,294 ✭✭✭✭✭
    edited June 5, 2022 10:13AM

    @taxmad said:

    @blitzdude said:

    ... how in hell is shipping taxable? Crazy world! RGDS!!

    Curious - does the commonwealth tax food? If not, go to Amazon and find a food item - put it in your car and see if it charges you tax. Normally shipping goes as the sales goes, so that is either a quirk in your state laws - or a quirk in eBay's system.

    No tax on groceries in The Commonwealth however prepared food like at a restaurant or caterer is taxable. Tried the Chinazon thing for some beef stick / Jerky. No tax on the meat or the shipping. Looks like another feebay glitch. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,760 ✭✭✭✭✭

    Good. It is right to put more of what belongs to the people back in their wallets.

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