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How Many States Actually Collect Sales Tax on Coins
pocketpiececommems
Posts: 5,754 ✭✭✭✭✭
pocketpiececommems
Posts: 5,754 ✭✭✭✭✭
pocketpiececommems
Posts: 5,754 ✭✭✭✭✭
pocketpiececommems
Posts: 5,754 ✭✭✭✭✭
pocketpiececommems
Posts: 5,754 ✭✭✭✭✭
Comments
NY does, including bullion under $1000
Handy reference guide courtesy of HA
https://www.ha.com/information/state-sales-tax-info.s
Only if its under $2,000. Anything over that amount is free of sales tax.
I knew a few coin dealers that didn't charge you sales tax if they knew you, you paid in cash, and you didn't ask for a receipt.
Worry is the interest you pay on a debt you may not owe.
Here in Illinois there is no sales tax on coins, bullion or currency but that still doesn't stop some places like antique malls from trying to charge it. Of course, we have a resale number so we wouldn't have to pay regardless, but on the rare occasions when I buy anything numismatic at such a place, I usually hear something to the effect of "anything under our roof is considered antiques and is therefore taxable". Translation...We pocket the "tax" collected on coins/currency/bullion.
RIP Mom- 1932-2012
I wish everyone at E-bay would read that link!
https://smallcopperguy.com
There is a LCS where I live here in Texas that tries the same thing for coins. They argued with me until I told them that I was just going to buy from their eBay listing then all of a sudden remembered they were making a mistake on taxes.
How did they get permission from the state tax bureau?
😈
Colorado does unless the item has precious metal content.
You might find the Ill Dept of Revenue interested in a tip. https://tax.illinois.gov/programs/fraud/report-tax-fraud.html - they might even pay a finder's fee. 10% of the tax not remitted is customary.
ANA 50 year/Life Member (now "Emeritus")
There are two ways.
ANA 50 year/Life Member (now "Emeritus")
eBay has been hitting me with taxes recently, even though I’m a Texas resident. Are the sellers now required to collect taxes on eBay sales if their home date charges? Tried to find out what’s up by contacting eBay, unsuccessfully. Something new is afoot.
If you're a TX resident then there should be no sales tax on coins, but on paper money and most other stuff, yes.
RIP Mom- 1932-2012
I won a lot today and there are 138$ in taxes added to my lot... I contact the seller... no response.
It is world gold on ebay...
I am in Texas
They did this to me in Florida a couple years ago. Constant battle with them. I finally stopped buying through them. At some point it was fixed.
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
Too many!
Also in Colorado, cities can charge sales tax on coins and bullion even when the State does not.
Life member of ANA
If it was just 1 state, it would be 1 too many.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
One can get their sales tax back by calling eBay and telling them that your items were taxed inappropriately. They will refund the tax to your Paypal account.
Some FL dealers still charge sales tax on occasion. I was hoping a class action suit against eBay would put an end to this ripoff.
Sellers don't collect tax. Ebay collects it.
The dealer is going to tell you it's not him but Ebay
In that case tell him to void the sale until HE gets it right with Ebay
Mike
My Indians
Danco Set
That's funny.
I've posted on this before, Sales Tax is freakishly complex. There are over 10,000 taxing districts in the US.
There are a couple of companies that make their living with software that determines whether tax should be collected and what amount. But at the end of the day, the software isn't magic. It depends on the description and category the item for sale is listed under.
If you list those gold coins as both coins and collectibles, in Texas one is taxable, the other isn't. How is the software to know? For that matter, how would a seller in, say Oklahoma, be knowledgeable enough about Texas law to provide guidance to the software????
Software like this is written under an 80-20 or 90-10 rule - if you get 80% right, you manually fix the other 20%.
ANA 50 year/Life Member (now "Emeritus")
I spoke to an eBay agent regarding their charging taxes on numismatic items shipped to Texas. I believe they will refund the taxes on my recent purchases but my greater concern is that they fix their process going forward. Assuming I’m not alone, a one-off, If they don’t it will harm sellers as buyers in Texas will price accordingly or not buy. I’ve put a hiatus on big ticket items.
NM requires sales tax on coins (and pretty much everything besides food). I don’t know if there are exemptions for bullion or certain values (doubt it, though)
No sales tax on coins and bullion in Nebraska. Another bill just passed to drop capital gains tax on same. Grassroots governing.
Welcome, first off. That seems to be an unfair tax on the poor, doesn't it ?
Then again, it is called " The Hobby of Kings."
Why is that funny?
It happened to me before ebay fixed it, the dealer told me that he wasn't charging the tax ebay was and I should contact them to get it fixed. I told him YOU contact them and get it fixed otherwise cancal the deal. He didn't, I canceled and moved on.
The end
Mike
My Indians
Danco Set
Unfair to the seller,,,,,,,, nothing he could have done about the tax,,,,,,, eBay would have to fix it.
I agree, but it should not be the problem for buyer, the seller would have more of a chance to get it fixed
Mike
My Indians
Danco Set
It's funny because dealers do NOT charge the sales tax and also can't be expected to know the rules in 10,000 different taxing jurisdictions as well as hundreds of foreign duties and taxes.
It is the problem of ebay and the buyer. The sales tax is levied by ebay and based on the buyer's location.
Sometimes it just makes more sense to the buyer to just cancel a sale rather than going through the aggravation of dealing with the eBay bureaucracy.
Worry is the interest you pay on a debt you may not owe.
The tax is levied by the buyer's jurisdiction (location).
It is collected and remitted to the taxing authority by eBay based on the buyer's jurisdiction (location).
It would be illegal for eBay to collect a tax and not remit it.
If the tax is improperly collected and remitted, then eBay has to be the one to fix it.
(Well technically, eBay could allow the buyer to receive the refund of the improperly collected and remitted tax, but in many jurisdictions that requires a NOTARIZED form for each occurrence - it's far easier for eBay to make the correction to the buyer and adjust their next tax filing.)
ANA 50 year/Life Member (now "Emeritus")