No sales tax over $1000 ???

mnmcoin

Anybody know for sure if this applies to all coin related purchases or just bullion?

morris <><

dthigpen

Depends on the State.

MadMarty

If I remember right Texas is like that, no sales tax if the coins are over $1000.

RKKay

In CA, here is the text of BOE reg 1599 (a)(3):

(3) SALES IN BULK OF MONETIZED BULLION, NONMONETIZED GOLD OR SILVER BULLION, AND
NUMISMATIC COINS. Sales in bulk of “monetized bullion,” nonmonetized gold or silver bullion, and numismatic
coins which sales are substantially equivalent to transactions in securities or commodities through a national
securities or commodities exchange, are exempt from both the sales tax and the use tax. The exemption for sales
in bulk of nonmonetized gold or silver bullion and numismatic coins is effective with respect to sales occurring on
and after January 1, 1986.

“Monetized bullion” means coins or other forms of money manufactured of gold, silver, or other metal and
heretofore, now, or hereafter used as a medium of exchange under the laws of this state, the United States, or any
foreign nation. The medium of exchange must have had a legal status equivalent to legal tender.
Effective September 28, 1983, “monetized bullion” includes gold medallions struck under authority of the American
Arts Gold Medallion Act (Title IV of Public Law 95-630).

Nonmonetized bullion means gold or silver which has been smelted or refined and has a value dependent primarily
upon its gold or silver content and not upon its form.

Neither the sales tax nor the use tax applies to sales of “monetized bullion,” nonmonetized gold or silver bullion, and
numismatic coins provided the following conditions are met:

(A) The sale is in bulk amount. A sale in bulk occurs if the total market value of the monetized bullion,
nonmonetized gold or silver bullion, and numismatic coins sold in a single transaction is $1,000 or more or is equal
to or exceeds the adjusted amount as computed by Revenue and Taxation Code Section 6355. For purposes of
this regulation, market value means sales price as defined in Section 6011 of the Sales and Use Tax Law.

(B) The sale is by or through a person registered pursuant to the Commodity Exchange Act (7 U.S.C. Sec.
1 et seq.) or not required to be registered under the Commodity Exchange Act.

I interpret it to include non-bullion, as well as bullion.

mnmcoin

Wow, thank you for that!

Seems like any numismatic coin to me too.

morris <><

clw54

Unless it's changed in the last couple of years, there isn't any sales tax on a coin over $1000 in Califorinia.

Fletcher

It depends on which state you are in. Sales tax is collected by the state, and every state is different. However, if you are buying from a different state than the one in which you live, no sales tax should be paid.

RKKay

And, it is "$1,000 or more," not "over $1,000."

Blade

Marty is right - I'm in Texas and no tax over $1,000. Which means I get burned for 8.8% taxes on any Heritage auction where my purchases are below $1,000. I just don't buy my low $$$ items from them - too much of a hit.

PerryHall

No sales tax in Maryland for coin purchases of $1000 or more. So if you're going to Baltimore this weekend, be sure to spend at least $1000.

cosmicdebris

Is there sales tax on coins in Florida?

JrGMan2004

<< <i>Is there sales tax on coins in Florida? >>

If I remember right, I believe there's only sales tax on foreign coins under $1,000. All US Coins are exempt... don't remember exactly at the moment, but I've yet to have to pay sales tax on any coin here in FL.

MrSpud

So, if I sell you a state quarter for $1001 and you sell me back a state quarter for $1000.50 then there is no sales tax, even if anywhere else the first state quarter would cost $0.50 and the second state quarter would cost a quarter?

lathmach

There is no sales tax on coins in Michigan.

Ray

mhammerman

"Marty is right - I'm in Texas and no tax over $1,000. Which means I get burned for 8.8% taxes on any Heritage auction where my purchases are below $1,000. I just don't buy my low $$$ items from them - too much of a hit. "

Same approach here too, you just can't afford to buy a $500 coin in Texas but you can buy a $1001 coin...go figure. Sure stops those knee-jerk purchases.

TwoSides2aCoin

Sales Tax on coins ? Really ?..... in Nebraska we barter with corn and beef .......... and occasionally some BULL

busco69

Ray,Thanks for the info I live in Michigan. Cool thread mnm coin

TheRaven

Your screwed in Ohio any and all ways possible.....