Are Coins subject to sales tax?

milkcoin · October 3, 2013 10:37AM

I was told they are not since Collectible coins are exempt from sales tax say in like the state of California. Is this true and if so, why?

TwoSides2aCoin · October 3, 2013 10:44AM

home state, yes
bordering states, no

sparky64 · October 3, 2013 10:47AM

NY = yes
PA = no

WTCG · October 3, 2013 10:53AM

Different states have different rules. In California all coins are subject to sales tax if total price is under $1500.

rxer · October 3, 2013 11:27AM

they are in NY even when bought out of state

AMRC · October 3, 2013 11:35AM

<< Different states have different rules. In California all coins are subject to sales tax if total price is under $1500. >>

I almost got read the riot act when a woman bought about $129 worth of coins from me at a show and wanted to pay by check so I added the tax. You would think I was the one breaking the law trying to collect the tax!

keyman64 · October 3, 2013 11:35AM

Not in FL.

mozin · October 3, 2013 2:13PM

I live in Oregon. What is sales tax?

airplanenut · October 3, 2013 5:02PM

<< I live in Oregon. What is sales tax? >>

I think it's something like income tax, but only on things you buy. BTW, no sales tax on coins in WA

Treashunt · October 3, 2013 9:35PM

<< I live in Oregon. What is sales tax? >>

I really have to move, apparently

OPA · October 3, 2013 10:15PM

List of States that charge a tax on coins or bullion

List

TheRaven · October 3, 2013 10:16PM

Ohio has tax on all coin purchases

Since this went into affect in 2005 it has hurt shows being here.

halfhunter · October 3, 2013 10:36PM

<< Not in FL.

>>

Nor in GA . . . But my old home state of NC is a different story . . .

HH

BillJones · October 3, 2013 11:50PM

Not in CT or at least it was that way were I was a dealer. In some states like MA there is not tax on invoices totaling $1,000 or more. Tokens and medals at taxed in all cases.

shylock · October 3, 2013 11:55PM

Coins from Heritage: NY yes, CA only coins under $1500, everyone else no (including TX).
Currency and all other collectibles from them are taxed.

Makes it worth your while to have dealer bid on coins for you if you live in NY,
the tax alone can cover most of their fee.

Greeniejr · October 3, 2013 11:56PM

<< Ohio has tax on all coin purchases

Since this went into affect in 2005 it has hurt shows being here. >>

Patience my friend. They are in the process of fixing that one.

Some states have sales tax on coins and bullion, many do not. If you have any questions there is an industry group that monitors state sales tax issues on coins as well as other legislation effecting our industry. This group is called ICTA (Industry Council for Tangible Assets). They were greatly involved in recently expanding the exemptions in Texas and Louisiana.

OKbustchaser · October 4, 2013 12:08AM

Oklahoma charges sales tax on all coin and bullion purchases. That said, I would rather pay that extra 8 and a half percent on a luxury like my hobby than I would on necessities like food or medicine--which OK also taxes.

jmski52 · October 4, 2013 12:08AM

Thanks for the list, OPA!

kimber45ACP · October 4, 2013 12:46AM

Texas has recently changed from what is on "the list". Since September, no sales tax on any numismatic item, silver & gold coins or bars.

CoinZip · October 6, 2013 11:59AM

<< List of States that charge a tax on coins or bullion

List >>

Thank you for posting this link

SoCalBigMark · October 6, 2013 1:44PM

* Hypothetically

BAJJERFAN · October 6, 2013 2:24PM

<< Oklahoma charges sales tax on all coin and bullion purchases. That said, I would rather pay that extra 8 and a half percent on a luxury like my hobby than I would on necessities like food or medicine--which OK also taxes. >>

Yep. Coins are optional; eating not so much.

jmcu12 · October 6, 2013 9:40PM

State of IA = no sales tax on coins and bullion.

Why? Because of successful lobbying efforts.

s4ny · October 6, 2013 10:00PM

NY does not impose sales tax on coins that are only a certain
percentage above melt. It is complicated (goes as high as 40%
above melt for the exemption) so everyone charges the tax.

renman95 · October 7, 2013 12:10AM

No break on anything in HI.

JustMe2 · October 7, 2013 2:25AM

<< Coins from Heritage: NY yes, CA only coins under $1500, everyone else no (including TX).
Currency and all other collectibles from them are taxed.

Makes it worth your while to have dealer bid on coins for you if you live in NY,
the tax alone can cover most of their fee. >>

As most know if the person selling is not required to collect the tax you are required to pay it when you file your state income tax return.

crazyhounddog · October 7, 2013 3:02AM

<< 

<< Coins from Heritage: NY yes, CA only coins under $1500, everyone else no (including TX).
Currency and all other collectibles from them are taxed.

Makes it worth your while to have dealer bid on coins for you if you live in NY,
the tax alone can cover most of their fee. >>

As most know if the person selling is not required to collect the tax you are required to pay it when you file your state income tax return. >>

Cash, no tax...Any other way of payment there may be tax evolved....

johnny9434 · October 7, 2013 5:16AM

no tax in ct and there is tax in ma.

brg5658 · October 7, 2013 5:32AM

<< I live in Oregon. What is sales tax? >>

Well, they get you another way -- one of the highest state income taxes in the nation.

steveben · October 7, 2013 5:51AM

so, if you don't have a business...how do you pay it...on income tax return?

TwoSides2aCoin · October 7, 2013 6:17AM

<< 

<< 

<< Coins from Heritage: NY yes, CA only coins under $1500, everyone else no (including TX).
Currency and all other collectibles from them are taxed.

Makes it worth your while to have dealer bid on coins for you if you live in NY,
the tax alone can cover most of their fee. >>

As most know if the person selling is not required to collect the tax you are required to pay it when you file your state income tax return. >>

Cash, no tax...Any other way of payment there may be tax evolved.... >>

Let's not get off track on the tax.

We are mixing SALES TAX with personal income tax and those are two different things in two different categories which are both addressed in detail in our Internal Revenue Service Code, or otherwise known as "tax code."

As always, 'tis best to hire an accountant or check tax codes before referring to the U.S. Coin Forum for issues unrelated to U.S. Coins and numismatics, as it were.... It is fun to address taxes while I have fun with my coins.

MICHAELDIXON · October 7, 2013 6:43AM

CoinZip.com has a state by state listing of whether coins are subject to sales tax.

GotTheBug · October 8, 2013 3:07AM

Not in FL, on U. S. coins but I understand that tax applies to foreign coins.

pjcoins · October 8, 2013 4:59AM

Not in IL

Timbuk3 · October 8, 2013 5:00AM

Thanks for the information.
Good to know !!!

bigjpst · October 8, 2013 5:27AM

<< so, if you don't have a business...how do you pay it...on income tax return? >>

In California you are required to claim and pay Use Tax on items purchased out of state that would normally require sales tax if purchased in state. This is done on the Ca personal income tax return.

TwoSides2aCoin · October 8, 2013 5:33AM

They're more subject to dipping.

steveben · October 8, 2013 5:53AM

<< 

<< so, if you don't have a business...how do you pay it...on income tax return? >>

In California you are required to claim and pay Use Tax on items purchased out of state that would normally require sales tax if purchased in state. This is done on the Ca personal income tax return. >>

So the burden is on the buyer in that scenario?

illini420 · October 8, 2013 6:01AM

<< 

<< 

<< so, if you don't have a business...how do you pay it...on income tax return? >>

In California you are required to claim and pay Use Tax on items purchased out of state that would normally require sales tax if purchased in state. This is done on the Ca personal income tax return. >>

So the burden is on the buyer in that scenario? >>

Under current law, yes. As a California resident you owe it to your state to make sure they don't miss out on any revenue simply because you're buying out of state. If you buy something out of state that would have been taxed as sales tax in CA, then you owe that money as use tax on your personal return. So far, we don't require folks from out of state to collect use tax on California residents as that would be a burden on out of state seller's unfamiliar with CA law... so residents have to track it and claim it themselves. Not surprisingly, the use tax is one of the most underreported taxes.

So anytime a CA resident is purchasing coins from me (under $1500) and whines about having to pay sales tax they wouldn't have to pay to an out of state seller, I know they aren't properly reporting and paying their use taxes.

fastfreddie · October 8, 2013 6:09AM

<< 
So anytime a CA resident is purchasing coins from me (under $1500) and whines about having to pay sales tax they wouldn't have to pay to an out of state seller, I know they aren't properly reporting and paying their use taxes. >>

They could be whining again when they fill out their personal return but I doubt it.

I know I have paid use tax for a number of years in my state and it is bafflling to me that I still get blank stares from people who have never paid use tax claiming they have never bought on line out of state or are completely unaware of their duty (non-coin).

It's funny until the tax man calls...then it'll be

derryb · October 8, 2013 11:45AM

sales taxes are a state issue and vary state to state. A review of the state's sales tax website is in order. Also note that if a purchase is made on-line for an out of state purchase, normally the buyer is expected (by law) to file and pay the sales tax in his home state.

Are Coins subject to sales tax?

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