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#1
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Sales taxes and coins
Does anyone have a list of states that charge sales taxes on the sale of
coins? As an individual, not a business do I have an obligation to collect or report sales taxes when I sell coins? dennis |
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#2
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Sales taxes and coins
As an individual, not a business do I have an obligation to collect
or report sales taxes when I sell coins? If coins are covered (and almost all states cover them up to some point, usually $1000) then you have to--strike, that, are supposed to pay tax on the sale. Of course, nothing is illegal if you don't get caught, and the grey/black market has many exceptions. For example, very few Internet sales are taxed, despite the best efforts of tax collectors all over the country to extend their reach. What state do you call home? Regards, Tom |
#3
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Sales taxes and coins
"Dennis G. Rears" wrote in message ... Does anyone have a list of states that charge sales taxes on the sale of coins? As an individual, not a business do I have an obligation to collect or report sales taxes when I sell coins? Yeah I have been keeping track of my e-Bay profits this year for federal and state tax purposes but as far as sales tax... I have not charged sales tax on the three of four shipments that I had all year in state (Minnesota) and am unsure if I need to worry about it. If I was selling like crazy to people in Minnesota I would be worried. But if I actually owe sales tax it would be a like five bucks at the very most. |
#4
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Sales taxes and coins
"PC" wrote in message ... "Dennis G. Rears" wrote in message ... Does anyone have a list of states that charge sales taxes on the sale of coins? As an individual, not a business do I have an obligation to collect or report sales taxes when I sell coins? Texas charges sales tax on coin purchases less than $1000. Purchases over that amount are considered investments and are sales-tax exempt. Anita |
#5
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Sales taxes and coins
"winwin" wrote in message
ups.com... As an individual, not a business do I have an obligation to collect or report sales taxes when I sell coins? If coins are covered (and almost all states cover them up to some point, usually $1000) then you have to--strike, that, are supposed to pay tax on the sale. Of course, nothing is illegal if you don't get caught, and the grey/black market has many exceptions. For example, very few Internet sales are taxed, despite the best efforts of tax collectors all over the country to extend their reach. What state do you call home? I call New Jersey home. I have very different feelings and interpretations of the laws when it comes to sales & use tax. I am also in the Army Reserve and buy stuff in the local PX which technically is sales taxable. If I was an aggressive sale & use tax collection agent I could make a very strong argument that any buys that I make from the US mint is subject to the sales & use tax. Just because the federal government does not collect it does not make it nontaxable for the sake of NJ. Is there in fact any federal that specifically forbids states from subjecting buyers from a sales & use tax. This year I bought $5K from the mint which would subject me to a $300 tax. This is not trivial. Our local coin dealers who are in business get away from the sales & use tax because it is for resale. Comments???? dennis Regards, Tom |
#6
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Sales taxes and coins
One state cannot impose it's trade laws on other states. Any mail order
sales which are outside of the state(s) were its business resides is not subject to sales tax. Requiring them to do that would be a violation of the Federal Interstate Commerce Trading laws. If a business has a presence in a state then it must collect the sales tax for any sale within that state. This is not simple, if it was the states would be collecting all that money. They try to get around it with the sales and use tax that it requires the buyer to pay directly to them. Right! "PC" wrote in message ... "Dennis G. Rears" wrote in message ... Does anyone have a list of states that charge sales taxes on the sale of coins? As an individual, not a business do I have an obligation to collect or report sales taxes when I sell coins? Yeah I have been keeping track of my e-Bay profits this year for federal and state tax purposes but as far as sales tax... I have not charged sales tax on the three of four shipments that I had all year in state (Minnesota) and am unsure if I need to worry about it. If I was selling like crazy to people in Minnesota I would be worried. But if I actually owe sales tax it would be a like five bucks at the very most. |
#7
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Sales taxes and coins
Dennis G. Rears wrote:
Does anyone have a list of states that charge sales taxes on the sale of coins? As an individual, not a business do I have an obligation to collect or report sales taxes when I sell coins? dennis yes with sales and use tax there may be some kind of responsibility to put somewhere on your state tax return. I used to do these too so i know. But in your case as an individual who sells coins i sure in hell wouldn't worry about. Nobody will know. And if your that worried about it there are charts you can use to put an estimate down so don't worry about keeping track. You'll be ok either way and if you report the estimate it won't make or break you. I can't say 100 percent cause i never did a N.J. tax return but i wouldn't worry about it. Your tax preparer will explain it all to you. Bry |
#8
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Sales taxes and coins
kodakoda wrote:
One state cannot impose it's trade laws on other states. Any mail order sales which are outside of the state(s) were its business resides is not subject to sales tax. Requiring them to do that would be a violation of the Federal Interstate Commerce Trading laws. If a business has a presence in a state then it must collect the sales tax for any sale within that state. This is not simple, if it was the states would be collecting all that money. They try to get around it with the sales and use tax that it requires the buyer to pay directly to them. Right! "PC" wrote in message ... "Dennis G. Rears" wrote in message ... Does anyone have a list of states that charge sales taxes on the sale of coins? As an individual, not a business do I have an obligation to collect or report sales taxes when I sell coins? Yeah I have been keeping track of my e-Bay profits this year for federal and state tax purposes but as far as sales tax... I have not charged sales tax on the three of four shipments that I had all year in state (Minnesota) and am unsure if I need to worry about it. If I was selling like crazy to people in Minnesota I would be worried. But if I actually owe sales tax it would be a like five bucks at the very most. same concept buying and selling a few things on ebay. yeah you should report the tax but who the hell will! Believe me, it's not worht the aggravation and tax time and uncle same won't know or give a **** over a few bucks. |
#9
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Sales taxes and coins
The sales taxes here in NJ are exempt from sales of used products. I
have checked with tax people & they told me that my yard sales are exempt from sales taxes because they are used items. I have a tax # from the state (NJ). So if that is the case coins are used. |
#10
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Sales taxes and coins
"Bry" wrote in message ... .... same concept buying and selling a few things on ebay. yeah you should report the tax but who the hell will! Believe me, it's not worht the aggravation and tax time and uncle same won't know or give a **** over a few bucks. Actually, if you get caught, it will be a major fine. It is an easy matter to get a permit to collect sales tax. It is almost as easy to send it in. PayPal collects state taxes automatically, so there is really no choice but to send them in. I wouldn't want to risk such legal trouble for a few state tax dollars. Now, state use tax is another matter. That would definitely by a pain to keep up with. Anita |
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