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Tax question again.

mrpaseomrpaseo Posts: 4,753 ✭✭✭
in Precious Metals
Locally the B&Ms charge 9.5% taxes on all purchases. If they actually pay those taxes that's a whole different topic. My question is, why don't we charge them taxes (that we have to pay) when we sell them something?

Comments

  • derrybderryb Posts: 36,825 ✭✭✭✭✭
    because the have a state tax ID number that exempts them from paying taxes on something they buy for resale. Wanna avoid paying the taxes? Then get a state tax ID number, present it to dealer upon purchase and then be up to your elbows in state tax paperwork.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • mrpaseomrpaseo Posts: 4,753 ✭✭✭


    << <i>because the have a state tax ID number that exempts them from paying taxes on something they buy for resale. Wanna avoid paying the taxes? Then get a state tax ID number, present it to dealer upon purchase and then be up to your elbows in state tax paperwork. >>



    Fair enough but aren't all coins purchased for resale? I can't recall in what situation that I would live longer than a coin, that is one that is in the numismatic arena. Just sayin, eventually all coins are re-sold, but I am sure the laws that be cover that loophole.


    Thanks,
    Ray
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Tax laws are made to collect money, loopholes get closed when they appear to hinder this purpose. Tax ID numbers are there to monitor businesses. Tax laws are not there to help people. Cheers, RickO
  • taxmadtaxmad Posts: 979 ✭✭✭✭
    Get a resellers permit from your State and you can buy tax free. Of course you will have to collect sales tax on every sale made in your home state - of everything you sell (yard sales are going to not be as profitable)...
  • bronco2078bronco2078 Posts: 10,227 ✭✭✭✭✭



    I don't even know if my state expects sales tax on bullion no one has ever brought it up.

    I suppose if I tried to pay with a credit card I'd find out pretty quick


    Just to be sure I looked in my receipt box........................... I found a dead spider but thats about it










  • UNLVinoUNLVino Posts: 416 ✭
    My state has sales tax if the coin has a legal tender denomination. If just generic, no tax. Also if trade (IE Morgan for ASE's no tax). Kinda sucks that's why I make my non generic purchases on BST, the premium is less than sales tax most of the time! image
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