Coin show, do you pay taxes?
Was thinking of going to a coin show this weekend. Wanted to know if it's customary to collect sales tax at coin shows.
Any general advice about buy gold coins at a coin show would also be appreciated.
Depends on the state. No taxes here in Missouri.
Originally Posted by panamagold
Speak the truth, do not become angered, and give when asked, even be it a little. By these three conditions one goes to the presence of the Gods.
That depends on your state. Some states charge taxes on numismatic material and bullion coins, some don't. Look up your state online.
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There have been some crackdowns recently here in California involving State officials checking dealers at shows to see if they are collecting sales taxes where necessary and then hitting them up with fines if they are not following the law. I heard they have even been fining out of state dealers for not following CA laws at shows.
That said, I go to many shows here in SoCal and I buy a bunch of coins and have still never been charged sales tax by any dealer. A couple of times I've had dealers attempt to tack it on to a final negotiated price, but instead I just told the dealer if they felt the need to charge me tax then they'd need to lower their price to where the price + tax equaled our previous negotiated price. 100% of the time that has worked for me.
In my experience I've never had a dealer bring up sales taxes prior to the negotiation of a final purchase price though. Sure, sometimes it's because I'm buying coins over $1500 which are exempt from sales tax under CA law, but that is not always the case.
Unlike the coin shows, the local coin shops definitely charge sales tax. And with the sales tax up to 9.75% now, and with the typically high prices of the shops to begin with, I do very little business with them!!
Yes, I'm aware my state charges tax on coin purchases, but didn't know if this was enforced for out of town coin dealers doing a day or two show. Wasn't sure if the same rules applied in these scenarios or not.
Thanks for the input.
Reclassification of an otherwise taxable item is quite common too. IE that uncirculated Large Cent becomes a $20 Lib on the sales cheque.
All gave some, some gave all - Remember The Heroes!
Sales taxes on coins? Not sure about other states but in Illinois, it is just not the thing to do. I've always wondered about that tax thing. Around here all you hear is how broke the State and many local counties and cities are. Layoffs, cut backs in services, etc. And yet there are no sales taxes on coins at coin shows, coin stores, etc. And too I've seen virtually thousands and thousands of people go through the flea markets and there too no taxes. At one flea market someone I know that works there told me they has aleady had over 1,000 people come in before the place even opened. At one dollar a person, all day long and no taxes. At all the expositions around here too, no taxes. At gun shows, knife shows, computer shows, camera shows, etc. no taxes. As an example someone I know recently purchased a camera for $17,000 and no taxes. So what is wrong with that picture?
I live in Illinois too, and agree 100%. I've never paid sales tax on coinage before. However, I have had to pay tax for coin books at the coin shop, but I have also been to coin shows, where I would buy a book, and they don't charge tax on it.
Here in CA they charge taxes for the right to be alive, so I don't buy anything in this state if I can help it. Do all my coin shopping....all my shopping, really, in AZ.
California yes, woppin 9.25%!
At the one coin show I've been to, in San Antonio, I was surprised that the dealer did not figure tax on the price. He said the price already factored in the tax. If so, then I guess I paid sales tax.
I also had an experience visiting a couple of coin shops in the Aurora, CO area this past summer. I had to pay sales tax at one but not the other.
So it's the little guy who takes it up the dumper. Rotten law.....
Originally Posted by illini420
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It actually varies by county and city... some of us pay as low as 8.25% (the base state rate), while others are as high as 9.75% (most of L.A. county) or even 10.75% (parts of L.A. county with additional local sales taxes).
Originally Posted by BNB Analytics
Doesn't make a big deal on small purchases, but when I'm making a major purchase, I'm driving across the county line to Ventura county to save 1-1.5% in sales tax!!!
MN is 6.875% and they check the dealers at shows, you will see a lot of signs on tables saying that tax will be added to final sales.
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