The|Coinologist.

Always Buying Coins, Currency, and Cool Stuff.

Change in Nevada Tax Law | Private Bullion Becomes Exempt

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Here is a copy of this short statute, 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 section.

AUTHORITY: §1, NRS 360.090.

A REGULATION relating to taxation; revises provisions relating to the sale of bullion; and
providing other matters properly relating thereto.

Section 1. NAC 372.170 is hereby amended to read as follows:
372.170 1. The tax applies to sales of coins or uncancelled stamps at a premium price for
purposes other than use as a medium of exchange or postage. The tax does not apply to sales of
coins or uncancelled stamps, even though sold at a premium price, if the purpose of the use of
the coins or stamps is as a medium of exchange or postage.

2. If the sales price exceeds the face value of the coins or stamps by 50 percent, they will be
deemed to have value as collectors’ items and will be taxable. If the sales price does not exceed
the face value of the coins or stamps by 50 percent, they will be deemed to have value solely as a
medium of exchange or postage and will not be taxable. Sales of any coins not currently
accepted as money and sales of cancelled stamps or stamps not currently accepted for postage
are taxable.

3. Sales of coins to gaming establishments at any price for use in gaming operations are not
taxable, except that, sales of coins at a premium price to gaming establishments for purposes
other than use as a medium of exchange are governed by subsection 2.

Adopted Regulation R154-10

4. The tax applies to sales of bullion at a premium price for purposes other than use as a
medium of exchange. The tax does not apply to sales of bullion, even though sold at a
premium price, if the purpose of the use of the bullion is as a medium of exchange.

Written by Robert L. Wilson

December 23, 2011 at 6:23 am

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