The|Coinologist.

Always Buying Coins, Currency, and Cool Stuff.

Page Update | Sales Tax Breakdown

with 3 comments

I 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 made many phone calls putting this page together.  This information should be a good guide for anyone who is looking to purchase coins, paper money, or precious metals.  I am still calling this page a ‘Work in Progress” due to the ever-changing state tax laws in our country.

Written by Robert L. Wilson

July 18, 2011 at 4:18 am

3 Responses

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  1. It appears then, that any seller of gold/silver who sells from a State that has a sales tax on gold/silver must collect the sales tax from the buyer whether that buyer lives in the seller’s State or not. If the buyer lives in a Sales tax required State but purchases gold/silver from a seller who sells from a no sales-tax State, no sales tax is required on the transaction. Am I correct? So, why would I ever wish to purchase significant numbers of gold/silver bullion if I might have to pay an additional 5-9% in sales tax on top of the sellers premium?

    Ray

    January 13, 2013 at 7:51 am

    • Hi Ray, As a consumer I have always gone by the rule that, if I buy something out of state and it is shipped to me, I DO NOT have to pay sales tax. The only exception is if the retailer has a physical location in my state, then they must collect sales tax.

      Robert L. Wilson

      January 14, 2013 at 12:45 am

      • Makes sense and is one of the reasons Amazon.com
        is so popular.
        My only reservation was simply the fact that none of the online gold/silver sellers actually declare “Residents of the the State of XX pay sales tax” if the seller and buyer live in the same State and that State requires sales tax whether the seller has a shop/business or just an online presence. So your Rule of Thumb is a good one. You could say that it’s the Rule of Thumb and 1st 2 fingers rubbed together in tiny circles! ;>)
        Ray

        Ray

        January 14, 2013 at 7:13 am


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