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!

Re: States that tax bullion
 

here in ky they tax you on bullion

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...

Re: States that tax bullion
 

Yes, Virginia, there is tax on bullion.

Re: States that tax bullion
 

South Carolina charges sale tax on bullion and numismatics.
Georgia doesn't charge sale tax on bullion.:wink:

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

Re: States that tax bullion
 

texas charges tax on purchases less than $1,000.00

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

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.

Re: States that tax bullion
 

Only 42 more to go, and damn the insomnia.

Re: States that tax bullion
 

Massachusetts: Tax; No Tax over $1,000

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?

Re: States that tax bullion
 

WA State - - No sales tax on bullion

Re: States that tax bullion
 

Oregon - HELL NO, there's no taxes on bullion!

Re: States that tax bullion
 

I don't consider eagles or 90% coins bullion as they are legal tender coins. :rolleyes_m:

Re: States that tax bullion
 

Florida chanrges bullion tax, not coin.

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.

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:

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.

Re: States that tax bullion
 

No tax in Arizona

Re: States that tax bullion
 

Iowa and South Dakota DONT charge tax on Precious metals : )

Re: States that tax bullion
 

Missouri has no tax on bullion

Re: States that tax bullion
 

Re: States that tax bullion
 

Arizona-No Tax

Re: States that tax bullion
 

please elaborate on bullion tax?
I dont recall payin no tax so far

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:

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.

Re: States that tax bullion
 

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:

Re: States that tax bullion
 

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%.

Re: States that tax bullion
 

Great thread, i've been looking for something like this.

CT taxes on bullion purchases under $1000

Re: States that tax bullion
 

I wonder why $1000 seems to be the magic number.

Re: States that tax bullion
 

New Mexico charges Gross Receipts Tax on everything, except food (fairly recent change).

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.

Re: States that tax bullion
 

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

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:

Re: States that tax bullion
 

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:

Re: States that tax bullion
 

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.

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 ;)

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.

Re: States that tax bullion
 

You also have to pay tax on foodstuffs also? I was told by people that visit Dale Hollow that was the case.

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$1000 = arbitrary figure at which theft of property begins, as defined by some guys calling themselves "government".

Yeah, as if! :confused_ma:

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.

Re: States that tax bullion
 

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.

Re: States that tax bullion
 

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.

Re: States that tax bullion
 

MD no tax after 1000

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Louisiana, if less than $1000, taxed as jewelry; no tax if transection greater than 1000.

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Michigan NO TAX

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.

Re: States that tax bullion
 

IL no tax except for sterling

Re: States that tax bullion
 

oklahoma is a taxing state on all amounts. No deals for me at Apex.:banghead:

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.

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.

Re: States that tax bullion
 

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?

Re: States that tax bullion
 

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.

Re: States that tax bullion
 

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

Re: States that tax bullion
 

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

Re: States that tax bullion- Maryland info
 

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.

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:

Re: States that tax bullion
 

Colorado levies no tax on retail bullion sales.