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EBay and Sales Tax
Exbrit
Posts: 1,517 ✭✭✭✭
Yesterday was the first time eBay added sales tax on a coin I sold to a buyer in Washington State. 10.15%, if I remember correctly. I thought Washington only taxed currency and not coins - per Stack Bowers email. The coin is a NCLT. Has this happened to you?
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Yes, been happening in Washington for months now......
There was news the politicians in WA were trying to change the law to tax bullion/coins. I think it was shot down.
Edit to add: Appears it was shot down.
“Washington State Politicians Drop Cynical Attempt to Impose Taxes on Gold & Silver
Money Metals News Service
April 19th, 2019
Well, here’s some encouraging news…
Efforts in Washington State to impose sales taxes on gold and silver were SHUT DOWN today thanks to intense efforts by the Sound Money Defense League, a group of in-state coin dealers led by Dan Duncan, the Association of Washington Businesses, and a large number of vocal grassroots supporters.”
https://www.moneymetals.com/news/2019/04/19/washington-state-taxes-gold-silver-001759
The following is the current WA law/regulation:
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Coins and precious metal bullion
Gross income from sales of precious metal bullion (gold bars, processed nuggets, etc.) and monetized bullion (coins, etc.) are generally exempt from wholesaling and retailing B&O tax and retail sales tax. This applies even if the bullion is sold for more than face value.
"Precious metal bullion" is any processed, smelted or refined precious metal valued on its content, not form (RCW 82.04.062).
Precious metals include:
Gold
Silver
Platinum
Rhodium
Palladium
"Monetized bullion" is a coin or other forms of money made from metal and used as an exchange medium under the laws of a government (RCW 82.04.062).
https://dor.wa.gov/get-form-or-publication/publications-subject/tax-topics/currency-and-coin-sales
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Bay and other sellers should be making adjustments to their taxing
algorithms.
No Sales Tax on Coins in Washington State.
You have 10 percent sales tax in Washington State?!
And I thought NJ was bad...
(It is.)
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Did the buyer pay it? If not get ready for a possible NPD or if he did then heaven forbid a return. It sucks to be an eBay seller.
He paid then cancelled the order - I do not blame him.
Thanks for all the info - looks like I can sell the coin after all without the tax being collected.
you can see the tax on there before you hit the pay now button. the guy must of been half awake
And starting May 7th that will cost you the 2.9% in paypal fees.
That stinks!
I wish the article had more sourcing.
We should all thank Danny Duncan for his work on his effort in Washington State.
I bought a BIN yesterday and went to pay for it and there was no way to get rid of the Ca Sales Tax that I do not pay because I have a Ca Resale Number.
I had to contact the seller with my number and he took off the tax.
Ebay NEEDS to have a place where you put your state sales tax number in to work with the ebay tax software.
I got news for you the wholesale price of a coin aka the acquisition price by the dealer or collector is getting too wide in comparison to the Sale Price.
Well, what do you mean by this? example 1894 PCGS AU 55 cost $1300 sale S/B auction +%20 + 7% sales tax ON TOP OF THE 20%, plus + shipping $25. Now, you got a coin at auction for $1694.20.
The point is the throw away money ($394.20) between you and the seller is huge, too much, too big a spread and not to mention the cost of Ebay fees.
This is the bitter end of a nice hobby that got run out by gov't and "Stealth Inflation" factors that are killing the exchange of what is United States of America's money Yes, In the first place it was money all the rest of the perceptions of value are in your head and others like us.
It is my understanding that NJ Sales tax is 6.625% but try to tell that to any roundup jack bone on the other end of the transaction.
New Jersey is one of the states I ship to the most, Florida a close second, California-3rd
Thank you, I will check it out. I never read any company emails .....