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- - States that tax bullion (http://goldismoney.info/forums/showthread.php?t=286308)

SAUM | 07-25-2008 11:26 PM
States that tax bullion As people check in I'll edit a T next to states that charge sales tax on bullion and an NT next to those that do not. I know we could just use internet dealers to avoid the taxes. Here's the rub, many of us could save money and avoid a paper trail if we knew which states to boarder hop. I dearly miss my old dealer in UT who charged no tax and silver at spot. If numismatics are taxed differently let me know and I'll post a note next to the state. Commentary is welcome but unless you're certain of your states laws, I'm not going to update Ron Paul says, All credit card transactions will now be reported to the IRS. <<< Important link, passed with the FHA FMA bailout! T Alabama NT Alaska NT Arizona * Arkansas T California NT after $1000 Link NT Colorado T Connecticut NT after $1000 NT Delaware T Florida Taxes bullion but not coin. No tax after $500 Link NT Georgia * Hawaii * Idaho NT Illinois Sterling is taxed. T Indiana NT Iowa * Kansas T Kentucky T Louisiana No $1000 * Maine T Maryland No tax after $1000 T Massachusetts No tax after $1000 NT Michigan * Minnesota * Mississippi NT Missouri NT Montana * Nebraska T Nevada NT New Hampshire * New Jersey T New Mexico T New York nO TAX AFTER $1000 * North Carolina * North Dakota T Ohio LINK and another link T Oklahoma NT Oregon * Pennsylvania * Rhode Island T South Carolina NT South Dakota T Tennessee T Texas No tax after $1000 NT Utah T Virginia NT Washington * West Virginia * Wisconsin T Wyoming

mick silver | 07-25-2008 11:34 PM
Re: States that tax bullion here in ky they tax you on bullion

Drumblebum | 07-25-2008 11:35 PM
Re: States that tax bullion Actually, I'm not sure whether Cali technically taxes bullion... I have been charged tax before, but only by one dealer and he was trying to write me a receipt with my name on it (which he didn't get btw). He's the ONLY one that has every charged tax. My other dealers deal straight cash. The price is the price. This being California I'm not sure why anything wouldn't be taxed...

HomesteadHarry | 07-25-2008 11:45 PM
Re: States that tax bullion Yes, Virginia, there is tax on bullion.

silverwood | 07-25-2008 11:46 PM
Re: States that tax bullion South Carolina charges sale tax on bullion and numismatics. Georgia doesn't charge sale tax on bullion.:wink:

ME CO | 07-26-2008 12:11 AM
Re: States that tax bullion I asked my dealer here in CO about this the other day and from what he said there's no state or county tax but the city still wants their cut. Must be over $1000 too cause I got the full tax on my 10 ozer. HH Mark

harper | 07-26-2008 01:15 AM
Re: States that tax bullion texas charges tax on purchases less than $1,000.00

107.8682 | 07-26-2008 01:38 AM
Re: States that tax bullion I'm seeing a note for California claiming No Tax for coin shows? What is the source for that? My understanding is that Sales Tax is required for bullion purchases under $1000, period. Of course, cash gets around that often. :D

107.8682 | 07-26-2008 01:50 AM
Re: States that tax bullion More on California law... http://www.boe.ca.gov/pdf/reg1599.pdf Regulation 1599. COINS AND BULLION. Reference: Sections 6007, 6008, 6009, 6011, 6354, 6355, Revenue and Taxation Code. (a) GENERAL. (1) SALES OF COINS. The transfer of coins for use solely as a medium of exchange, i.e., as legal tender, is not subject to tax even though the transferee pays an amount exceeding the face amount. For example, tax does not apply to a transaction whereby a coin changer returns only 95 cents on a dollar. On the other hand, tax does apply to sales of coins as collector�s items or as an investment, except as otherwise specified in this regulation. (2) SALES OF GOLD OR SILVER BULLION. Tax applies to sales of gold or silver bullion except as provided in subdivision (a) (3) below. (3) SALES IN BULK OF MONETIZED BULLION, NONMONETIZED GOLD OR SILVER BULLION, AND NUMISMATIC COINS. Sales in bulk of �monetized bullion,� nonmonetized gold or silver bullion, and numismatic coins which sales are substantially equivalent to transactions in securities or commodities through a national securities or commodities exchange, are exempt from both the sales tax and the use tax. The exemption for sales in bulk of nonmonetized gold or silver bullion and numismatic coins is effective with respect to sales occurring on and after January 1, 1986. �Monetized bullion� means coins or other forms of money manufactured of gold, silver, or other metal and heretofore, now, or hereafter used as a medium of exchange under the laws of this state, the United States, or any foreign nation. The medium of exchange must have had a legal status equivalent to legal tender. Effective September 28, 1983, �monetized bullion� includes gold medallions struck under authority of the American Arts Gold Medallion Act (Title IV of Public Law 95-630). Nonmonetized bullion means gold or silver which has been smelted or refined and has a value dependent primarily upon its gold or silver content and not upon its form. Neither the sales tax nor the use tax applies to sales of �monetized bullion,� nonmonetized gold or silver bullion, and numismatic coins provided the following conditions are met: (A) The sale is in bulk amount. A sale in bulk occurs if the total market value of the monetized bullion, nonmonetized gold or silver bullion, and numismatic coins sold in a single transaction is $1,000 or more or is equal to or exceeds the adjusted amount as computed by Revenue and Taxation Code Section 6355. For purposes of this regulation, market value means sales price as defined in Section 6011 of the Sales and Use Tax Law. (B) The sale is by or through a person registered pursuant to the Commodity Exchange Act (7 U.S.C. Sec. 1 et seq.) or not required to be registered under the Commodity Exchange Act.

SAUM | 07-26-2008 02:28 AM
Re: States that tax bullion Only 42 more to go, and damn the insomnia.

Sparky | 07-26-2008 03:06 AM
Re: States that tax bullion Massachusetts: Tax; No Tax over $1,000

WAoG | 07-26-2008 03:17 AM
Re: States that tax bullion I no like to pay tax. So 99% of the time with PMs I do not. I hear a dealer bitch about some guy (s) that wants to spend a fair amount of bucks but then do not want to pay that much or pay taxes. He will bitch and bitch about how cheap they are but when I buy he never charges me tax as he knows I will not pay it as I can go someplace else and not pay it. He does not know the people he bitches about and why should he get busted and not make much? He just might do it if they came in and bought a little to get something going with him?

Maple Leaf Steve | 07-26-2008 03:29 AM
Re: States that tax bullion WA State - - No sales tax on bullion

eyeofliberty | 07-26-2008 09:34 AM
Re: States that tax bullion Oregon - HELL NO, there's no taxes on bullion!

Mujahideen | 07-26-2008 09:40 AM
Re: States that tax bullion I don't consider eagles or 90% coins bullion as they are legal tender coins. :rolleyes_m:

southfork | 07-26-2008 10:08 AM
Re: States that tax bullion Florida chanrges bullion tax, not coin.

EdThePilot | 07-26-2008 11:03 AM
Re: States that tax bullion NY State taxes under $1,000, over $1,000 none...that is, for those dealers that do it all official-like.

the toxic avenger | 07-26-2008 11:12 AM
Re: States that tax bullion Where I am in Tennessee, they charge the regular sales tax of 9.25% :rant: That's why I buy 99% of mine from APMEX. I do know of one Pawn/Gun shop that has a few SAE's from time to time priced decently that does not charge me sales tax on them because I have bought guns from them for several years and have a good relationship with them. Back in Feb/March when silver was in its run up to 21 dollars. I bought a few SAE's there for 17 bucks each out the door. :bull-buddy-icon:

Bama Boy | 07-26-2008 11:15 AM
Re: States that tax bullion I believe Alabama charges sales tax. I've called the dealer and asked him the other day if he charged sales tax on bullion. Answer was YES. So needless to say, I did not buy. A 8% premium is WAY to much on an investment for me to pay.

HaroldS | 07-26-2008 11:22 AM
Re: States that tax bullion No tax in Arizona

highroller4321 | 07-26-2008 11:24 AM
Re: States that tax bullion Iowa and South Dakota DONT charge tax on Precious metals : )

Buddha | 07-26-2008 11:26 AM
Re: States that tax bullion Missouri has no tax on bullion

The Great Ag | 07-26-2008 03:24 PM
Re: States that tax bullion Delaware has NO SALES TAX period. The Great Ag

Gcubed | 07-26-2008 03:37 PM
Re: States that tax bullion Arizona-No Tax

khambi | 07-26-2008 03:47 PM
Re: States that tax bullion Quote:
Originally Posted by southfork (Post 1210131) Florida chanrges bullion tax, not coin.
please elaborate on bullion tax? I dont recall payin no tax so far

latemetal | 07-26-2008 04:19 PM
Re: States that tax bullion http://rscott.org/bullion/taxes.htm According to this site bullion coin purchases over $500, no tax.:wink: What you and your dealer workout is between the two of you.:tongue_ma:

SAUM | 07-26-2008 10:30 PM
Re: States that tax bullion Need 29 more. South Dakota is good for me. I'll have to head over there for school shopping & coins soon.

107.8682 | 07-26-2008 11:19 PM
Re: States that tax bullion Quote:
Originally Posted by Mujahideen (Post 1210110) I don't consider eagles or 90% coins bullion as they are legal tender coins. :rolleyes_m:
That is correct. A one ounce Gold Eagle is worth exactly $50 Federal Reserve Notes. 90% are worth their respective face value. No tax when you transfer money. And no rolled eyes here. :wink:

107.8682 | 07-26-2008 11:21 PM
Re: States that tax bullion Quote:
Originally Posted by the toxic avenger (Post 1210182) Where I am in Tennessee, they charge the regular sales tax of 9.25% :rant:
Good God! 9.25%?! And they say California taxes are high! Ours is 7.25% statewide, with some counties and cities adding on more. LA is only 8.25%.

dimitri | 07-27-2008 12:16 AM
Re: States that tax bullion Great thread, i've been looking for something like this. CT taxes on bullion purchases under $1000

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- - States that tax bullion (http://goldismoney.info/forums/showthread.php?t=286308)

SAUM | 07-27-2008 01:04 AM
Re: States that tax bullion I wonder why $1000 seems to be the magic number.

LukeNM | 07-27-2008 01:15 AM
Re: States that tax bullion New Mexico charges Gross Receipts Tax on everything, except food (fairly recent change).

igorthesmall | 07-28-2008 09:01 AM
Re: States that tax bullion Alaska, Delaware, Montana, New Hampshire and Oregon have no sales tax. Here in Ohio, we get charged tax on bullion, coins, everything.

silversliver | 07-28-2008 09:18 AM
Re: States that tax bullion Quote:
Originally Posted by igorthesmall (Post 1212278) Alaska, Delaware, Montana, New Hampshire and Oregon have no sales tax. Here in Ohio, we get charged tax on bullion, coins, everything.
I believe you are mistaken about Ohio taxing Bullion or coins. I have looked it up and as of 2004 the Ohio tax laws state that they do not tax Precious Metals bullion or coins. I provided the state government link on this forum a long time ago to prove it. I will try to relocate it. I used google - Ohio Sales Tax - The site was a state government tax law site. "Section 5739.02(B)(35) of the Ohio Revised Code states that sales tax does not apply to: �Sales of investment metal bullion and investment coins. �Investment metal bullion� means any elementary precious metal which has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, and palladium, and which is in such state or condition that its value depends upon its content and not upon its form. �Investment metal bullion� does not include fabricated precious metal which has been processed or manufactured for one or more specific and customary industrial, professional, or artistic uses. �Investment coins� means numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal under the laws of the United States or any foreign nation with a fair market value greater than any statutory or nominal value of such coins.� Jewelry and/or commemorative medallions are not defined as investment metal bullion or investment coins. All retail sales of such items are sales subject to sales tax in the State of Ohio. Individuals who sell such items at retail are required to be licensed as vendors, collect the sales tax and remit the same to the State of Ohio." This is why I mainly purchased American Eagles because they are legal tender and can not be taxed ! Link = http://tax.ohio.gov/divisions/commun...s/st199507.stm

jorhyne | 07-28-2008 09:25 AM
Re: States that tax bullion Heres the link regarding Ohio, which states that bullion/investment coins should not be taxed: http://tax.ohio.gov/divisions/commun...s/st199507.stm The only time I have bought bullion in Ohio I was taxed. :rant:

silversliver | 07-28-2008 09:35 AM
Re: States that tax bullion Quote:
Originally Posted by jorhyne (Post 1212299) Heres the link regarding Ohio, which states that bullion/investment coins should not be taxed: http://tax.ohio.gov/divisions/commun...s/st199507.stm The only time I have bought bullion in Ohio I was taxed. :rant:
I know it's frustrating to see other Ohioans charge state tax when it clearly states that bullion should not be taxed. I have informed some bullion sellers that I will not be charged state tax and take my business elsewhere. I wonder what process could be taken for everyone to get their paid tax back:sarc:

the toxic avenger | 07-28-2008 10:26 AM
Re: States that tax bullion Quote:
Originally Posted by 107.8682 (Post 1210853) Good God! 9.25%?! And they say California taxes are high! Ours is 7.25% statewide, with some counties and cities adding on more. LA is only 8.25%.
The sales tax is very high but we have no state income tax and our property taxes are much lower than a lot of areas. Charging that rate of sales tax on bullion though makes it a no brainer that us folks in Tennessee have to buy our bullion via the internet.

Heimdhal | 07-28-2008 10:58 AM
Re: States that tax bullion The florida note is incorrect I believe. The tax is anything under $500, not $1000 However there is no tax at coin shows ;)

teedub31 | 07-28-2008 12:19 PM
Re: States that tax bullion Indiana has a 7% sales tax on all bullion transactions. As far as buying over the net, Indiana tax law requires you to report all internet and catalogue purchases, failure to do so is tax evasion. I have never bought anything from APMEX.

teedub31 | 07-28-2008 12:22 PM
Re: States that tax bullion Quote:
Originally Posted by the toxic avenger (Post 1212378) The sales tax is very high but we have no state income tax and our property taxes are much lower than a lot of areas. Charging that rate of sales tax on bullion though makes it a no brainer that us folks in Tennessee have to buy our bullion via the internet.
You also have to pay tax on foodstuffs also? I was told by people that visit Dale Hollow that was the case.

eyeofliberty | 07-28-2008 12:29 PM
Re: States that tax bullion Quote:
Originally Posted by SAUM (Post 1210958) I wonder why $1000 seems to be the magic number.
$1000 = arbitrary figure at which theft of property begins, as defined by some guys calling themselves "government". Yeah, as if! :confused_ma:

HaroldS | 07-28-2008 01:00 PM
Re: States that tax bullion "I wonder what process could be taken for everyone to get their paid tax back" Slim to non existent. Those sellers charging sales tax could be not reporting and forwarding it; just some frosting on the sale for them. You better believe they know whether what they sell is taxable or not. You are wise to walk out.

igorthesmall | 07-28-2008 01:18 PM
Re: States that tax bullion Quote:
Originally Posted by silversliver (Post 1212290) I believe you are mistaken about Ohio taxing Bullion or coins. I have looked it up and as of 2004 the Ohio tax laws state that they do not tax Precious Metals bullion or coins. I provided the state government link on this forum a long time ago to prove it. I will try to relocate it. I used google - Ohio Sales Tax - The site was a state government tax law site. "Section 5739.02(B)(35) of the Ohio Revised Code states that sales tax does not apply to: �Sales of investment metal bullion and investment coins. �Investment metal bullion� means any elementary precious metal which has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, and palladium, and which is in such state or condition that its value depends upon its content and not upon its form. �Investment metal bullion� does not include fabricated precious metal which has been processed or manufactured for one or more specific and customary industrial, professional, or artistic uses. �Investment coins� means numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal under the laws of the United States or any foreign nation with a fair market value greater than any statutory or nominal value of such coins.� Jewelry and/or commemorative medallions are not defined as investment metal bullion or investment coins. All retail sales of such items are sales subject to sales tax in the State of Ohio. Individuals who sell such items at retail are required to be licensed as vendors, collect the sales tax and remit the same to the State of Ohio." This is why I mainly purchased American Eagles because they are legal tender and can not be taxed ! Link = http://tax.ohio.gov/divisions/commun...s/st199507.stm
The link is to an outdated information release. If you look at the applicable section of the Revised code that release reference [Section 5739.02(B)(35) ], however, you will see that it has nothing to do with exempting bullion. http://codes.ohio.gov/orc/5739.02 I have also never found a dealer who didnt charge sales tax in the last few years. I dont see any reason for them to lie about it, since it obviously hurts their sales.

Victor | 07-28-2008 01:27 PM
Re: States that tax bullion Quote:
Originally Posted by jorhyne (Post 1212299) Heres the link regarding Ohio, which states that bullion/investment coins should not be taxed: http://tax.ohio.gov/divisions/commun...s/st199507.stm The only time I have bought bullion in Ohio I was taxed. :rant:
Every brick and mortar coin shop I have ever been to in Ohio has charged sales tax on all purchases. Any and all types of gold, silver, numi's, paper money, you name it.

mshen11 | 07-28-2008 05:57 PM
Re: States that tax bullion MD no tax after 1000

goldrad | 07-28-2008 06:26 PM
Re: States that tax bullion Louisiana, if less than $1000, taxed as jewelry; no tax if transection greater than 1000.

handyman1 | 07-28-2008 09:11 PM
Re: States that tax bullion Michigan NO TAX

Jaxon | 07-28-2008 09:48 PM
Re: States that tax bullion Here's the law for Florida. What I got out of it is: There is no sales tax if the transaction is over $500. There is no sales tax if the transaction is under $500 and for US legal tender. There is a 6% sales tax otherwise. Legal tender was not defined in the statute, but I'm going to go out on a limb and say that it includes silver/gold eagles and US 90% silver coins. Quote:
Florida Statutes 212.05 (j)1. Notwithstanding any other provision of this chapter, there is hereby levied a tax on the sale, use, consumption, or storage for use in this state of any coin or currency, whether in circulation or not, when such coin or currency: a. Is not legal tender; b. If legal tender, is sold, exchanged, or traded at a rate in excess of its face value; or c. Is sold, exchanged, or traded at a rate based on its precious metal content. 2. Such tax shall be at a rate of 6 percent of the price at which the coin or currency is sold, exchanged, or traded, except that, with respect to a coin or currency which is legal tender of the United States and which is sold, exchanged, or traded, such tax shall not be levied. 3. There are exempt from this tax exchanges of coins or currency which are in general circulation in, and legal tender of, one nation for coins or currency which are in general circulation in, and legal tender of, another nation when exchanged solely for use as legal tender and at an exchange rate based on the relative value of each as a medium of exchange. 4. With respect to any transaction that involves the sale of coins or currency taxable under this paragraph in which the taxable amount represented by the sale of such coins or currency exceeds $500, the entire amount represented by the sale of such coins or currency is exempt from the tax imposed under this paragraph. The dealer must maintain proper documentation, as prescribed by rule of the department, to identify that portion of a transaction which involves the sale of coins or currency and is exempt under this subparagraph.

goldsilverman | 07-29-2008 02:27 AM
Re: States that tax bullion IL no tax except for sterling

Coltwind | 07-29-2008 07:57 AM
Re: States that tax bullion oklahoma is a taxing state on all amounts. No deals for me at Apex.:banghead:

juanvaldez | 08-01-2008 02:16 PM
Re: States that tax bullion Thanks for the link from Ohio. They have been charging sales tax. This gives me a new bounce in my step as I have been discouraged with being unable to buy in my home state. They suggested I drive to PA because they do not charge sales tax. I could not bring myself to waste the gas. This is greatly appreciated.

SAUM | 08-01-2008 05:54 PM
Re: States that tax bullion Juan, take note that there are two links in the OH link area. The software wouldn't let me separate them because I pasted the list in. Some kind of formating error there.

Ag_man | 08-01-2008 08:38 PM
Re: States that tax bullion Quote:
Originally Posted by goldsilverman (Post 1213488) IL no tax except for sterling
Interesting, I've never been charged tax on bullion here, but if one buys a bar/round of .925 (why one would, I dunno :wink:), they have to pay tax, whereas no tax on an ounce of .999. What about numismatics?

Bullionaire | 08-03-2008 03:22 PM
Re: States that tax bullion Quote:
Originally Posted by Bama Boy (Post 1210186) I believe Alabama charges sales tax. I've called the dealer and asked him the other day if he charged sales tax on bullion. Answer was YES. So needless to say, I did not buy. A 8% premium is WAY to much on an investment for me to pay.
On an anonymous phone call that could be from the State Tax commission checking up, WHAT would you expect a dealer to say over the phone? Go in-person and ask him what the total cash out the door price is, he may suprise you.

JD4x4 | 09-04-2008 10:04 AM
Re: States that tax bullion Quote:
Originally Posted by mshen11 (Post 1212981) MD no tax after 1000
I know this is an old thread but can someone refer me to a reasonably authoritative source for this Maryland law/regulation? I was told the same thing by a dealer & in fact wasn't charged tax on a 1k purchase, but I can't find the actual statute anywhere in the MD tax info., and I really don't want to call them! Thanks

silversliver | 09-04-2008 10:52 AM
Re: States that tax bullion Quote:
Originally Posted by igorthesmall (Post 1212600) The link is to an outdated information release. If you look at the applicable section of the Revised code that release reference [Section 5739.02(B)(35) ], however, you will see that it has nothing to do with exempting bullion. http://codes.ohio.gov/orc/5739.02 I have also never found a dealer who didnt charge sales tax in the last few years. I dont see any reason for them to lie about it, since it obviously hurts their sales.
It is confusing but the ST-1995-07 is still located on the official ohio state government website under taxation. There are other areas where they also say that Materials that are used as personal property that have been manufactured, milled or refined are not a taxable item, which I would assume would cover silver and gold refined into monetary metal coins. Looks like there is some confusion on if OHIO taxes investment bullion or coin....Can anyone provide info or a link where they state that it is taxable? http://tax.ohio.gov/divisions/commun...s/st199507.stm I just used the above link 5 minutes ago and it worked...now it has been removed? What's going on here? try this one http://tax.ohio.gov/divisions/commun...s/st199507.stm

JD4x4 | 09-04-2008 12:07 PM
Re: States that tax bullion- Maryland info Quote:
Originally Posted by JD4x4 (Post 1269948) I know this is an old thread but can someone refer me to a reasonably authoritative source for this Maryland law/regulation? ...<snip>..
I guess I've answered my own question but I'll post it for the benefit of the Marylanders. In lieu of calling the MD State Comptroller's office :-) a better Google search came up with this regarding advice from Whitman to Dealers at their Baltimore coin shows: http://www.whitmanexpo.com/contentPa...Baltimore.aspx ..Good enough for me to use if I'm audited, imo.

Talah | 09-04-2008 04:49 PM
Re: States that tax bullion I'm new to the game but every time I've bought here in the great state of Nevada...I have been taxed. No idea however if its only to a certain limit of purchase or on any amount. Ill let you know when I'm a big player :wink:

DrillAndFill | 09-04-2008 05:02 PM
Re: States that tax bullion Colorado levies no tax on retail bullion sales.

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