Many people buy bullion items and rare coins from a variety of sources in different places. Some people pay a state sales tax on their purchases and some do not. Why is that?
Years ago, virtually all state sales taxes were paid in person. You went to a store, bought something and if your state collected sales tax and there wasn't an exception to the tax on that item, it was added to your total cost.
Forty-five states and the District of Columbia all impose state sales taxes on some items. There are local municipalities that may also impose an additional sales tax. Five states-Alaska, Delaware, Montana, New Hampshire and Oregon-impose no state sales taxes of any kind on any purchases.
But for coins and bullion items, different rules apply. That is because 38 states look at bullion products and rare coins differently than most other purchased products. Some states take the "enlightened view" that coins and bullion are purchased for investment purposes. So just like when you buy a mutual fund or a common stock, no sales taxes are added to the total.
But to complicate matters, the rules on coin and bullion purchases differ from state to state. Some exclude all bullion purchases but not rare coin purchases. Some charge a different rate on coins and bullion than on other products. Some exclude rare coins and currency but not bullion.
The amount a state may exempt can be based on:
• Your purchase amount: Over certain minimums you may be subject to no sales taxes.
• Some exclude monetized coins, which is actual coinage, but they don't exclude non-monetized items.
• Some states require the purity of the gold or silver to be at certain levels before they exclude anything.
• Some exclude gold and silver but not platinum, palladium or other precious metals. Some only exclude gold or silver.
• Some states exclude any coins that currently have or may have had a legal tender status.
Denne historien er fra December - January 2025-utgaven av COINage Magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December - January 2025-utgaven av COINage Magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Coin Dealers Attacked, Targets of Organized Crime
Coin dealers nationwide have become the latest victims of organized crime, facing targeted attacks following their attendance at coin shows.
Should You be Paying Sales Tax on Your Bullion and Coin Purchases?
THERE ARE MANY IMPORTANT EXCEPTIONS AND EXEMPTIONS
Physical Format Bitcoin Gains Collector Acceptance
PRICE RECORDS CONFIRM MARKET DEMAND
Coin Industry's Version of the Good Housekeeping Seal
CAC GRADING NOW APPROVES AND CERTIFIES
Scott Travers' 2025
TOP 12 COIN & PRECIOUS METALS TIPS & FORECASTS
Showcasing Jefferson Nickels
HOW TO IDENTIFY VALUABLE VARIETIES
ALEKS GREGORY - VERIFY THAT YOUR GOLD IS REAL
Aleks Gregory entered the coin and precious metals market four years ago as a collector and started trading bullion professionally shortly after. He utilized a Sigma Metalytics Pro verifier to confirm that his purchases were real and was astonished at the machine's capabilities.
Top 5 Gifts for Friends, Family and You
YOUR 2024-2025 NUMISMATIC HOLIDAY
Standing Liberty Quarters - THE RISE OF A SUPERPOWER
Standing Liberty quarters were minted from 1916 to 1930, but the design of these coins relates to issues “in the news” in 2024 and beyond. Indeed, an interesting and not well understood aspect of Standing Liberty Quarters is their reflection of then-recent changes in the foreign policy and military power of the United States.
The World's Most Valuable Coin - 1933 SAINT-GAUDENS DOUBLE EAGLE
How can a coin that was intended for circulation and had a mintage of 445,500 coins be the world’s most expensive gold coin? It is a story about timing, a gift, a theft, and our nation’s economic history.