The|Coinologist.

Curator of Coins, Currency, and Cool Stuff.

Sales Tax Laws | State by State Breakdown

with 20 comments

List of States that do or do not charge sales tax on Coins, Paper Money, and/or Precious Metals.  Exemptions will be listed if applicable. I have done a lot of research and made many phone calls to verify this information.  I am still calling it a”Work in Progress” due to the constant changes in tax laws by fifty different states.

Alabama
The State charges 4% on everything, there are also County & City taxes, which can add another 4-5%.
Alaska
No state sales tax, though local governments may still tax.
Arizona
No sales tax collected on Coins, Paper Money, or Precious Metals.
Arkansas
Sales tax is collected on Coins, Paper Money, and Precious Metals.
California
Exemption on Coins and Bullion when over $1500. Paper Money is taxable.
Colorado
Sales Tax on Coins, Paper Money, and Bullion varies by City.  The State does not charge any sales tax.
Connecticut
No sales tax on Coins or Paper Money. Exemption on Bullion when over $1000.
Delaware
No sales tax collected on Coins, Paper Money, or Precious Metals.
District of Colombia
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Florida
No sales tax on U.S. Coins or Currency.  Exemption on Bullion when over $500.
Georgia
No sales tax collected on Coins, Paper Money, or Precious Metals.
Hawaii
General Excise Tax is collected on Coins, Paper Money, and Bullion.
Idaho
No sales tax on Coins or Bullion.  Paper Money is a grey area.
Illinois
No sales tax collected on Coins, Paper Money, or Precious Metals.
Indiana
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Iowa
No sales tax collected on Coins, Paper Money, or Precious Metals.
Kansas
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Kentucky
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Louisiana
Exemption on Coins and Bullion when over $1000. Paper Money is taxable.

Maine
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Maryland
Numismatic items and Bullion are exempt when over $1000.
Massachusetts
Coins, Paper Money, and Bullion are exempt when over $1000.
Michigan
No sales tax collected on Coins, Paper Money, or Precious Metals.
Minnesota
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Mississippi
No sales tax collected on Coins, Paper Money, or Precious Metals.
Missouri
No sales tax on Coins or Bullion, but taxes Paper Money
Montana
No sales tax collected on Coins, Paper Money, or Precious Metals by the State.  There is a 3% Provisional tax in some communities.  See Comments.
Nebraska
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Nevada
Sales tax is collected on anything that sells for over 50% of its “Face Value.” Private Mint Bars and Rounds are exempt.
New Hampshire
Sales tax is collected on Coins, Paper Money, and Precious Metals.
New Jersey
Sales tax is collected on Coins, Paper Money, and Precious Metals.
New Mexico
Sales tax is collected on Coins, Paper Money, and Precious Metals.
New York
Coins and Paper Money are Taxable, Bullion is Exempt when over $1000.
North Carolina
Sales tax is collected on Coins, Paper Money, and Precious Metals.
North Dakota
No sales tax collected on Coins, Paper Money, or Precious Metals.
Ohio
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Oklahoma
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Oregon
No sales tax collected on Coins, Paper Money, or Precious Metals.
Pennsylvania
No sales tax on Coins or Bullion, but taxes Paper Money.
Rhode Island
No sales tax on Coins or Bullion, but taxes Paper Money.
South Carolina
No sales tax collected on Coins, Paper Money, or Precious Metals.
South Dakota
No sales tax collected on Coins, Paper Money, or Precious Metals.
Tennessee
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Texas
Coins and Precious Metals are exempt over $1000. Paper Money is taxable.
Utah
No sales tax collected on Coins, Paper Money, or Precious Metals.
Vermont
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Virginia
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Washington State
No sales tax on Coins or Precious Metals.  Paper Money is taxable.
West Virginia
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Wisconsin
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Wyoming
Taxes vary by city on Coins and Paper Money.  Precious Metals are taxable.

Points of Interest:
Coins, Paper Money, and Precious Metals can be taxed differently.

Disclaimer:  This is only a guide and information should be verified before any purchases are made.  The|Coinologist in no way makes any guarantees about how states, counties, or cities collect sales tax.

Written by Robert L. Wilson

April 26, 2011 at 3:17 pm

20 Responses

Subscribe to comments with RSS.

  1. [...] And here's a more recent (2011) article trying to break it down by state:http://thecoinologist.com/sales-tax-…ate-breakdown/ I believe that David Bowers Guide to Collecting and Investing in Rare Coins has a grid that breaks [...]

  2. [...] put the finishing touches on the Sales Tax Page, I am sure this will be a big help to collectors and investors alike.  I did a lot of research and [...]

  3. Good post. Thank you!

    While the comment on Montana is accurate (the STATE does not collect sales tax), there is a provision in the laws for certain individual communities and resorts to collect a tax of up to 3%. The last time I checked, there were seven such communities in Montana.

    garyrobson

    October 25, 2011 at 10:30 am

  4. [...] like all government documents its wording can be a bit tricky.  I have made the adjustment on my Sales Tax Laws | State by State Breakdown page.  Feel free to post any of your thoughts in this comment [...]

  5. [...] like all government documents its wording can be a bit tricky.  I have made the adjustment on my Sales Tax Laws | State by State Breakdown page.  Feel free to post any of your thoughts in this comment [...]

  6. [...] 229 times From what I understand MI does NOT collect sales tax on coins in which case you would not have to collect taxes. Tf this works it will give you a list by state and whether or not they have sales tax on coins http://thecoinologist.com/sales-tax-…ate-breakdown/ [...]

    tax?

    February 15, 2012 at 12:58 pm

  7. [...] 363 times This site has a list by state of whichdo and do not have to charge sales tax on coins, paper money and bullion. This was accurate as of August of last year. http://thecoinologist.com/sales-tax-…ate-breakdown/ [...]

  8. [...] 132 times Originally Posted by easj3699 you have to pay tax on coins in california?? Technically, yes, but sales tax is exempted on coins and bullion that cost $1,500 or more. From my experience, most dealers just ring you up for the price you see posted for the coin(s) even when they sell for under $1,500, anyway. Sometimes I get taken for a loop when a coin shop employee adds in sales tax. Read the rules on all states here: http://thecoinologist.com/sales-tax-…ate-breakdown/ [...]

  9. [...] look up state laws about taxing coins and bullion in the United States. Here's the state one: http://thecoinologist.com/sales-tax-…ate-breakdown/ You'll have to catch one of our Canadian members about the tax laws up [...]

    Tax

    October 2, 2012 at 6:21 am

  10. [...] factor in gas and sales tax you are almost certainly better off buying from a good online seller http://thecoinologist.com/sales-tax-…ate-breakdown/ New York Coins and Paper Money are Taxable, Bullion is Exempt when over [...]

    Silver for Xmas

    December 16, 2012 at 12:00 pm

  11. I’ve read several excellent stuff here. Certainly value bookmarking for revisiting. I wonder how much effort you place to create this sort of excellent informative website.

    cold calling scripts

    December 28, 2012 at 12:30 pm

  12. [...] sucks for you. lol http://thecoinologist.com/sales-tax-…ate-breakdown/ [...]

    Fiscal Cliff Thread

    January 3, 2013 at 9:58 pm

  13. Are you sure about Mississippi sales tax in the above chart?

    Pat

    January 27, 2013 at 6:13 am

  14. Hi Pat, As I wrote, this page is a work in progress. I did do research on each state, but tax laws are always changing. If you have any information on Mississippi tax law, please share.

    Robert L. Wilson

    February 13, 2013 at 7:14 am

    • Hi, I did contact the State Office of Revenue and we are not exempt. Hope this helps. Sincerely, Pat Davis   PS. What I understand IS exempt are foreign coins used by another country as legal tender.   

      ________________________________

      Pat Davis

      February 20, 2013 at 10:35 am

  15. […] Some don't charge, some waive at a certain level.. I think most charge sales tax though. Here: Sales Tax Laws | State by State Breakdown | The|Coinologist. Reply With […]

    Continuing to fall

    May 17, 2013 at 7:00 pm

  16. I don’t think New Hampshire has any sales tax.

    Jon

    October 1, 2013 at 7:13 am

    • So if there is no state tax for selling and buying coins in your state, can you be assessed a federal tax for selling coins online, like ebay or other sites that sell coins?

      Hal Johns

      February 12, 2014 at 10:07 am

  17. […] tax does apply in some cases to Silver Eagles, depending on the state you live in so be sure to check your state’s laws. In some states, sales tax can be avoided by purchasing over a set amount of silver bullion coin, […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 1,274 other followers

%d bloggers like this: