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Auction winnings being taxed.... Help?
Relaxn
Posts: 875 ✭✭✭✭
Can someone help me with the sales tax rules for Stacks Bowers ? I won lots in the Auction and I have 1900$ in friggin taxes. I am in Texas... My coin winnings do not get taxed... PLease advise
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Unfortunately, Texas taxes paper currency.
Can you show me the rule somewhere?
The Texas Comptroller of Public Accounts amends Tex. Admin. Code tit. 34, Section 3.336, concerning gold, silver, coins, and currency for sales and use tax purposes. Among other changes, the amendments: 1) retitle the section “Currency, Certain Coins, and Gold, Silver, and Platinum Bullion” to describe the subject of the section more completely; 2) implement H.B. 78 by stating that all sales of gold, silver, or numismatic coins and gold, silver, or platinum bullion are exempt;
Currency was not exempted in the language above…
Yeah.. I found it. Doggone it.. thank you for your time and effort.
Np. At least you’ll still have your new notes to enjoy. FWIW, HA will also apply taxes to any notes you win while GC will not.
That doesn't mean that your GC coins aren't taxable, too. They just don't collect it for Texas. If you get audited, you will pay the tax plus penalty and interest.
You could pay $200 per year for a mail receiving box at Mail Boxes etc in a tax-friendly State.
You don't need to be there to set it up and they will gladly re-mail any packages to you in a different State for a small service fee.