Would you consider storing your collection in another state if...

MrEureka

Would you consider storing your collection in another state if...

1. Deliveries to the facility were tax free. For example, in a state like Texas. The facility would keep your shipments secure until you visited and moved the coins to your own box.
2. The company managing the facility was highly trusted and insured.
3. The facility was as secure as your own bank's vault.
4. Private meeting areas were provided.
5. The price was not exorbitant. Let's say the same as you pay for your current safe deposit box(es), plus a $500 annual membership fee.
6. Cocktails were served every day between 5 and 7.

silviosi

I do understand well the underground.

I have collections. OK, explain: Not only Coins, Banknotes and Stamps, but also Art als Paints, Porcelain and others.

I keep with me in my own safe place with correct preservation environement.

Why to change the State?

alaura22

Just move like I did

Herb_T

We are moving to Maine but I am currently living in Ohio….coins are nicely tucked in 3 large safety deposit boxes in Maine. No worries!

lermish

Not particularly useful for me. As a California resident all purchases >$2k are tax free. For smaller purchases it's just not a big enough difference to take that large of a step.

keyman64

No.

I live in FL so there's no state income taxes here, if this is something you are trying to shelter yourself from. There's no sales tax on the purchase of bullion or coins here in FL either.

davewesen

Some states do not like that if they do not get their sales tax. It might be better to just move there.> @silviosi said:

I do understand well the underground.

I have collections. OK, explain: Not only Coins, Banknotes and Stamps, but also Art als Paints, Porcelain and others.

I keep with me in my own safe place with correct preservation environement.

Why to change the State?

sales tax nut (depending on state, county, city .... could be up to 10%) added to purchase for privilege of living in a state that is so generous?

silviosi

@ davewesen:

I have my collection. So I will be honest and declair what I sale or buy. Calculate Win or Loose in capital and will finish there.

AlanSki

I prefer to keep everything with me in a physical location. If anything (crap hits the fan) ever happens who knows how long it’d take to travel to another state to get anything. If you ever get to your destination who is to say the banks haven’t already been raided and safety deposit boxes emptied?

epc

No. The coins stay close.

renomedphys

No. I just started a collectibles business instead.

7Jaguars

Well not so bad if you live in the Four Corners area! LOL.

mikee999

I think it’s a dumb idea. Think of the 1,0001 ways that can happen to your precious collection that you’ve poured your blood, sweat and tears to acquire.

jkrk

@MrEureka said:
Would you consider storing your collection in another state if...

1. Deliveries to the facility were tax free. For example, in a state like Texas. The facility would keep your shipments secure until you visited and moved the coins to your own box.
2. The company managing the facility was highly trusted and insured.
3. The facility was as secure as your own bank's vault.
4. Private meeting areas were provided.
5. The price was not exorbitant. Let's say the same as you pay for your current safe deposit box(es), plus a $500 annual membership fee.
6. Cocktails were served every day between 5 and 7.

I've been debating this question for awhile.

First, let me say, I trust no one. I have my wife go through a metal detector everyday. I believe I control the SDB but I have always wondered about private vaults? I looked into Switzerland and Singapore but I could never get real comfortable with the idea that I couldn't drive to see them. In addition, who was I really sending the coins to? The Texas depository is an option but.... it's still a bit far from the NE. I have a difficult time with alternatives other than SDB's. WTS, one bank already told me they're no longer maintaining their boxes. Private vaults potentially might lie in my future. I currently visit them more than I visit people. I should bring lunch when visiting the coins so at least I can kill two birds with one stone. Going out for drinks after 5? Too late for me in the winter (dark).

silviosi

Buy one or two SAFE and you are OK. I have three, very old with historic value and have book vallue for them 450$. Or made one room humidity and temperature controlated out of any UV, armored with antifire and intrusions.

Smudge

No.

spacehayduke

No.

RobertScotLover

Why would I even consider doing such a thing, there is zero benefit for me

slider23

No, I have had trouble getting coins delivered to my address. When your coin is marked as delivered by courier and the out of state storage unit say's "we did not receive the coin". You are going to have three parties to track down: seller, courier, and storage unit.

MrEureka

@RobertScotLover said:
Why would I even consider doing such a thing, there is zero benefit for me

For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

GoBust

Interesting idea Andy

EastonCollection

I know an art collector that purchases investment art that lives in one state and has his art work delivered to a neighboring state to avoid the collector's resident sales tax. Unfortunately, the artwork doesn't fit into a safe deposit box therefore, he keeps the artwork in a location in that neighboring state. An inconvenience to avoid the state sales and use tax but on larger purchases it can add up.

jmlanzaf

@MrEureka said:

@RobertScotLover said:
Why would I even consider doing such a thing, there is zero benefit for me

For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

291fifth

If it comes to having to move your collection out-of-state the best solution would probably be to put the entire collection up for sale and move on to something else that does not involve so much money that it becomes an issue.

sellitstore

@AlanSki said:
I prefer to keep everything with me in a physical location. If anything (crap hits the fan) ever happens who knows how long it’d take to travel to another state to get anything. If you ever get to your destination who is to say the banks haven’t already been raided and safety deposit boxes emptied?

If things get this bad, I doubt that my coins will be my top priority.

pruebas

@jmlanzaf said:

@MrEureka said:

@RobertScotLover said:
Why would I even consider doing such a thing, there is zero benefit for me

For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

Sales tax is based on shipping or delivery address. So taking delivery in a tax-free state is attractive for many collectors.

MrEureka

@291fifth said:
If it comes to having to move your collection out-of-state the best solution would probably be to put the entire collection up for sale and move on to something else that does not involve so much money that it becomes an issue.

The more you spend on coins and the more sales tax you can avoid by taking delivery in a sales tax free state, the less the expense of using that SDB facility matters.

MrEureka

@jmlanzaf said:

@MrEureka said:

@RobertScotLover said:
Why would I even consider doing such a thing, there is zero benefit for me

For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

The address could be something like:

jmlanzaf
c/o PNG Custodial Services
123 Main St.
Dallas, TX 06060

MrEureka

@pruebas said:

@jmlanzaf said:

@MrEureka said:

@RobertScotLover said:
Why would I even consider doing such a thing, there is zero benefit for me

For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

Sales tax is based on shipping or delivery address. So taking delivery in a tax-free state is attractive for many collectors.

And keep in mind that once you've taken delivery in a tax free state, there's nothing to stop you from transporting the coins back home.

BStrauss3

6 is the deal breaker. I don't want a storage place that invites people to visit for unrelated activities, hang around, &c.

If the TPGs were really serious about security, they would not publicize their physical addresses, and any drop-off center would be a separate facility with a counter a vault, and armed guard transfers to the real site.

WCC

@291fifth said:
If it comes to having to move your collection out-of-state the best solution would probably be to put the entire collection up for sale and move on to something else that does not involve so much money that it becomes an issue.

This is my opinion too. I don't get to my SDB that often, but I don't see any point in having a collection without physical access to it.

Other than financial, the most likely reason I will sell my collection is if I retire outside the US. I'm not moving it to another country. Haven't checked on insurance but not going to pay import duty.

Crypto

I live right on the boarder where Md, DC and Virginia all come together to the point where calling 911 is a crap shoot. I go where ever has the best SDB setup. So, yes I would

BryceM

@MrEureka said:
Would you consider storing your collection in another state....

No.

MrEureka

No, I'm not taking any credit for this. I just want to know if they're going to do the daily happy hours.

https://vault.stacksbowers.com

pruebas

The vault is located in Dallas.

Non-starter right there, happy hours or not.

DCW

@MrEureka said:
No, I'm not taking any credit for this. I just want to know if they're going to do the daily happy hours.

https://vault.stacksbowers.com

No visitation allowed+ Withdrawal fees to get your own item back?!

Please 😆

OAKSTAR

@MrEureka said:
Would you consider storing your collection in another state if...

..................there was a tornado coming through!

YES!!

Cougar1978

No. Need it nearby, easily accessible.

skier07

Change your mailing address to a friend who lives in a tax friendly state. Either visit your friend or have your friend ship the coins to you.

Atcarroll

@silviosi said:
I do understand well the underground.

I have collections. OK, explain: Not only Coins, Banknotes and Stamps, but also Art als Paints, Porcelain and others.

I keep with me in my own safe place with correct preservation environement.

Why to change the State?

To dodge taxes. I wouldn't store my coins in another state but I'm on board with dodging taxes whenever possible on general principles.

silviosi

@Atcarroll said:
To dodge taxes. I wouldn't store my coins in another state but I'm on board with dodging taxes whenever possible on general principles.

I agree if it is possible but it is hard to avoid. In my case is very hard even to postpone them to other year. I have to pay the IRC and then the left from will be on Canadian side. It is what it is, for this reason every year on this time I sell direct here 2 or 3 gold coins to pay the taxes afferente to coins and notes, and to minimize is direct deal.