Can someone clarify which states have slapped on this extra sales tax on Numismatic and Bullion Coin buyers?
Obviously Washington State, AND possibly Maryland ?
What about the others? Looks like its time to relocate to Delaware or Alaska! Or become a Dealer?
Other States With Minimal Sales Tax Rates
While five states have no sales tax, 11 other states that have relatively low sales tax rates, ranging from 2% to 5%.
1
These include:
Alabama (4%)
Colorado (2.9%)
Georgia (4%)
Hawaii (4%)
Louisiana (4.45%)
Missouri (4.23%)
New York (4%)
North Carolina (4.75%)
Oklahoma (4.5%)
South Dakota (4.2%)
Wyoming (4%)
Which U.S. States Have No Sales Tax?
Alaska, Delaware, Montana, New Hampshire, and Oregon are the five states without a sales tax.
1
Tax Foundation. "State and Local Sales Tax Rates, Midyear 2024."
What Is the Most Tax-Friendly State?
Various states have favorable tax treatments, from sales tax to income tax. For example, Delaware has no sales tax and has the country's seventh-lowest median property tax rate. Like Delaware, Alaska has no state sales tax, although Juneau has a 5% local sales tax rate. In addition, there's no income tax across the state. Meanwhile, Wyoming offers low sales tax, property tax, and no income tax—making it one of the most tax-friendly states in America.
20
“When you don't know what you're talking about, it's hard to know when you're finished.” - Tommy Smothers
Can someone clarify which states have slapped on this extra sales tax on Numismatic and Bullion Coin buyers?
Obviously Washington State, AND possibly Maryland ?
What about the others? Looks like its time to relocate to Delaware or Alaska! Or become a Dealer?
Other States With Minimal Sales Tax Rates
While five states have no sales tax, 11 other states that have relatively low sales tax rates, ranging from 2% to 5%.
1
These include:
Alabama (4%)
Colorado (2.9%)
Georgia (4%)
Hawaii (4%)
Louisiana (4.45%)
Missouri (4.23%)
New York (4%)
North Carolina (4.75%)
Oklahoma (4.5%)
South Dakota (4.2%)
Wyoming (4%)
Which U.S. States Have No Sales Tax?
Alaska, Delaware, Montana, New Hampshire, and Oregon are the five states without a sales tax.
1
Tax Foundation. "State and Local Sales Tax Rates, Midyear 2024."
What Is the Most Tax-Friendly State?
Various states have favorable tax treatments, from sales tax to income tax. For example, Delaware has no sales tax and has the country's seventh-lowest median property tax rate. Like Delaware, Alaska has no state sales tax, although Juneau has a 5% local sales tax rate. In addition, there's no income tax across the state. Meanwhile, Wyoming offers low sales tax, property tax, and no income tax—making it one of the most tax-friendly states in America.
20
.
Colorado has an exemption on sales tax for coins and bullion.
Note, however, that some local counties and cities within Colorado may have their own sales tax that is usually not exempt for coins and bullion.
@OnlyGoldIsMoney said:
The Commonwealth of Pennsylvania is still accepting refugees from high tax States.
No sales tax on coins and bullion in the Commonwealth.
And their income tax rate is 3.07%. Until I spend more than 30% of my income on coins (and I don't come close to that), I'm coming out ahead. Anything can look great or horrible if you draw the right control volume.
As a refugee from New York State, I can tell you that is misleading information. Yes, that is the state sales tax rate but every county has had the option to add on their own local sales tax. Virtually every county has a total minimum combined sales tax of 7% with some cities (like NYC) adding their own city sales tax on top of that.
As a refugee from New York State, I can tell you that is misleading information. Yes, that is the state sales tax rate but every county has had the option to add on their own local sales tax. Virtually every county has a total minimum combined sales tax of 7% with some cities (like NYC) adding their own city sales tax on top of that.
Yup. Most are at 8%
All comments reflect the opinion of the author, even when irrefutably accurate.
As a refugee from New York State, I can tell you that is misleading information. Yes, that is the state sales tax rate but every county has had the option to add on their own local sales tax. Virtually every county has a total minimum combined sales tax of 7% with some cities (like NYC) adding their own city sales tax on top of that.
Yup. Most are at 8%
8.75% in Erie County
DPOTD-3 'Emancipate yourselves from mental slavery'
I get that Sales Tax is frustrating. I got my latest Heritage Auction invoice and the Buyer’s Premium and Service and Handling were over 2x the add-on for Sales Tax. All three lines added $600 to the cost of my winning bid. You have to factor these costs including Sales Tax into your “cost to do business.” None of them are fun to pay.
So I take it that the days are over in Washington State when you ask a dealer will he take $200 for a coin marked $225 and he says sure and then you hand him two hundreds.
Is it correct he'll now have stop and write up an invoice showing the price and tax paid?
"Inspiration exists, but it has to find you working" Pablo Picasso
@chesterb said:
I’m curious what the ANA has done to educate and lobby for changes in the state sales tax laws for rare coins and bullion?
The ANA is an educational organization and doesn't lobby. If any lobbying is done, I would expect that it would be done by the PNG.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@chesterb said:
I’m curious what the ANA has done to educate and lobby for changes in the state sales tax laws for rare coins and bullion?
What's to "educate"?
From their web site "The American Numismatic Association is a nonprofit educational organization dedicated to educating and encouraging people to study and collect coins and related items." You should consider joining. You might learn something.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@chesterb said:
I’m curious what the ANA has done to educate and lobby for changes in the state sales tax laws for rare coins and bullion?
What's to "educate"?
From their web site "The American Numismatic Association is a nonprofit educational organization dedicated to educating and encouraging people to study and collect coins and related items." You should consider joining. You might learn something.
Don't be an ass.
The post to which i responded was asking what the ANA had done "to educate and lobby" for changes in sales tax. Since you apparently need more specific signposts to aid your reading comprehension, my question is "what would the ANA educate States about with regard to sales tax?"
I'm fairly certain the States do not need education on sales tax or coins.
All comments reflect the opinion of the author, even when irrefutably accurate.
@Swampboy said:
So I take it that the days are over in Washington State when you ask a dealer will he take $200 for a coin marked $225 and he says sure and then you hand him two hundreds.
Is it correct he'll now have stop and write up an invoice showing the price and tax paid?
I assume that he would need that info to prove that he collected the tax. Does it ever happen where a rep from a state that charges sales tax is there to collect the taxes from dealers BEFORE they can leave the show?
@Swampboy said:
So I take it that the days are over in Washington State when you ask a dealer will he take $200 for a coin marked $225 and he says sure and then you hand him two hundreds.
Is it correct he'll now have stop and write up an invoice showing the price and tax paid?
I assume that he would need that info to prove that he collected the tax. Does it ever happen where a rep from a state that charges sales tax is there to collect the taxes from dealers BEFORE they can leave the show?
.
I seem to remember a story of something like that happening at a show in (I think) Dothan Alabama.
As the story goes, the local tax official, along with a county sheriff, showed up at the show as dealers were setting up.
They demanded some payment from all the dealers.
Most of them packed up and left instead of paying.
I don't think there was ever a show there again.
@Swampboy said:
So I take it that the days are over in Washington State when you ask a dealer will he take $200 for a coin marked $225 and he says sure and then you hand him two hundreds.
Is it correct he'll now have stop and write up an invoice showing the price and tax paid?
I assume that he would need that info to prove that he collected the tax. Does it ever happen where a rep from a state that charges sales tax is there to collect the taxes from dealers BEFORE they can leave the show?
.
I seem to remember a story of something like that happening at a show in (I think) Dothan Alabama.
As the story goes, the local tax official, along with a county sheriff, showed up at the show as dealers were setting up.
They demanded some payment from all the dealers.
Most of them packed up and left instead of paying.
I don't think there was ever a show there again.
.
An attempted shakedown.
Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
Comments
Can someone clarify which states have slapped on this extra sales tax on Numismatic and Bullion Coin buyers?
Obviously Washington State, AND possibly Maryland ?
What about the others? Looks like its time to relocate to Delaware or Alaska!
Or become a Dealer?
Other States With Minimal Sales Tax Rates
While five states have no sales tax, 11 other states that have relatively low sales tax rates, ranging from 2% to 5%.
1
These include:
Alabama (4%)
Colorado (2.9%)
Georgia (4%)
Hawaii (4%)
Louisiana (4.45%)
Missouri (4.23%)
New York (4%)
North Carolina (4.75%)
Oklahoma (4.5%)
South Dakota (4.2%)
Wyoming (4%)
Which U.S. States Have No Sales Tax?
Alaska, Delaware, Montana, New Hampshire, and Oregon are the five states without a sales tax.
1
Tax Foundation. "State and Local Sales Tax Rates, Midyear 2024."
What Is the Most Tax-Friendly State?
Various states have favorable tax treatments, from sales tax to income tax. For example, Delaware has no sales tax and has the country's seventh-lowest median property tax rate. Like Delaware, Alaska has no state sales tax, although Juneau has a 5% local sales tax rate. In addition, there's no income tax across the state. Meanwhile, Wyoming offers low sales tax, property tax, and no income tax—making it one of the most tax-friendly states in America.
20
.> @rooksmith said:
.
Colorado has an exemption on sales tax for coins and bullion.
Note, however, that some local counties and cities within Colorado may have their own sales tax that is usually not exempt for coins and bullion.
.
And their income tax rate is 3.07%. Until I spend more than 30% of my income on coins (and I don't come close to that), I'm coming out ahead. Anything can look great or horrible if you draw the right control volume.
New York (4%)
As a refugee from New York State, I can tell you that is misleading information. Yes, that is the state sales tax rate but every county has had the option to add on their own local sales tax. Virtually every county has a total minimum combined sales tax of 7% with some cities (like NYC) adding their own city sales tax on top of that.
Member ANA, SPMC, SCNA, FUN, CONECA
Yup. Most are at 8%
All comments reflect the opinion of the author, even when irrefutably accurate.
8.75% in Erie County
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
I get that Sales Tax is frustrating. I got my latest Heritage Auction invoice and the Buyer’s Premium and Service and Handling were over 2x the add-on for Sales Tax. All three lines added $600 to the cost of my winning bid. You have to factor these costs including Sales Tax into your “cost to do business.” None of them are fun to pay.
Florida has no sales tax on U.S. legal tender coins and gold, silver, and platinum bullion as long as it meets purity standards.
So I take it that the days are over in Washington State when you ask a dealer will he take $200 for a coin marked $225 and he says sure and then you hand him two hundreds.
Is it correct he'll now have stop and write up an invoice showing the price and tax paid?
"Inspiration exists, but it has to find you working" Pablo Picasso
Are you taxed on the value of the coin or the holder? 🤔🤪
I’m curious what the ANA has done to educate and lobby for changes in the state sales tax laws for rare coins and bullion?
The ANA is an educational organization and doesn't lobby. If any lobbying is done, I would expect that it would be done by the PNG.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
What's to "educate"?
All comments reflect the opinion of the author, even when irrefutably accurate.
From their web site "The American Numismatic Association is a nonprofit educational organization dedicated to educating and encouraging people to study and collect coins and related items." You should consider joining. You might learn something.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Don't be an ass.
The post to which i responded was asking what the ANA had done "to educate and lobby" for changes in sales tax. Since you apparently need more specific signposts to aid your reading comprehension, my question is "what would the ANA educate States about with regard to sales tax?"
I'm fairly certain the States do not need education on sales tax or coins.
All comments reflect the opinion of the author, even when irrefutably accurate.
I assume that he would need that info to prove that he collected the tax. Does it ever happen where a rep from a state that charges sales tax is there to collect the taxes from dealers BEFORE they can leave the show?
.
I seem to remember a story of something like that happening at a show in (I think) Dothan Alabama.
As the story goes, the local tax official, along with a county sheriff, showed up at the show as dealers were setting up.
They demanded some payment from all the dealers.
Most of them packed up and left instead of paying.
I don't think there was ever a show there again.
.
sounds like dealers' urban legend
.
It actually happened. Here is the original discussion thread:
https://forums.collectors.com/discussion/275400/dothan-alabama-coin-show-disaster/p1
.
https://forums.collectors.com/discussion/comment/2594317/#Comment_2594317
Lot of good, but deceased, folks in that thread that responded to it, from 2004.
Lot of MIA ones as well.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
An attempted shakedown.
I was wondering if they ever were there and expected the dealers to tally up the collected tax and pay it on the spot.
Taxes are an overhead expense and part of Opex. For sure a part of the markup equation / project expense. No free ride in RCI.
https://www.ha.com/information/state-sales-tax-info.s
Wall of HONOR transaction list:WonderCoin, CoinFlip, Masscrew, Travintiques, lordmarcovan, Jinx86, Gerard, ElKevvo, PROMETHIUSS88.