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

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

"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.

"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

"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

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.

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

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.

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.

"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