Ebay and taxes on bullion purchases

I think this is just moronic, iam currency looking of a 500 GR. GOLD bar and yes that is correct, a good few months on BTC has allowed me to up the ante, the problem is I refuse to pay the 6K plus in taxes on the bay so if I can get it through my LCS I could save thousands on taxes, so far no luck iam going to call tomorrow and see if they found one.

Also I found an a store that is on the bay and there local here in Vegas but won't give me the in state discount, this is tough weight to get maybe 1 or 2 people even have it

So what do you think about taxes and the bay ?

 

Log in or Sign up to hide this ad.

I thought that Ebay just followed whatever the tax laws are for that state.

 

Drive to the B&M and just ask if they have any large gold bars.
Make a deal there, and don't tell them you saw it on Ebay.

 

I think they do, but I haven't tested the theory out. I do know that in Florida a law was passed this summer exempting precious metals from state sales tax.

 

I think -Edited- Trump is changing that in 2026

 

Yup, eBay and other out of state sellers, including coin dealers and auction houses, are required to collect state and local taxes based on the shipping address. If a local coin dealer does not charge the taxes (if required locally), they’re either breaking the law or the taxes are hidden in the quoted price. Occasionally, I’ve bought merchandise (not coins) from out of state sellers who did not charge Calif. sales taxes. They were fairly small businesses, did not have a physical presence in Calif., and probably figured they were too small and obscure for Calif. to come after them. The purchases were direct and not through a large intermediary like eBay or Etsy.

Large companies have no choice but to collect sales taxes and forward them to the states that require them. If they didn’t do it, they would soon be on the losing end of court cases brought by multiple states.

We can thank S. Dakota and its U.S. Supreme Court case for bringing about this tax situation. I remember talking to Ian Russell shortly after the Supreme Court ruled. He said it would cost Great Collections an overhead of at least $70K per year to collect sales taxes and send them to the various states that require them.

This situation can be changed only by a constitutional amendment or the Supreme Court reversing itself.

Mike

 

Buy smaller, save money, stick to 1 ounce coins!

 

Inconceivable!

 

They're certainly more liquid.

 

The thing is, Nevada does not charge sales tax on precious metal bullion. If eBay is collecting it, they're doing the wrong thing. (I know, "inconceivable".)

As I understand it, it's possible to file for a refund from your state if you're inappropriately charged sales tax on a non-taxable purchase. I have no idea what the process is like, or how certain it is.

 

If a business tried to charge me sales tax when none is due, I'd not go through with the transaction. Maybe contact them and try to fix the situation. Mike

 

In Florida, it's a Sales and Use Tax form. eBay is certainly large and flush enough to have their software updated on an annual basis to adhere to all states commerce laws. Mom and Pops, not so much, in particular if they do not have a nexus in the state they are selling and shipping to. Good luck trying to get them in compliance with every cotton picking 50 states. They would go broke. I was a CPA in a former lifetime, I saw this coming from 10 miles away. The various state governments will go broke chasing pennies from small vendors out of their jurisdiction, likewise.

 

Once a tax is paid, good luck getting it back. Larry 10/25
I should only hope to outlive a temporary tax. Mark Twain

 

See my previous post. At least in Florida, you can. But my point is, you shouldn't have to be hassled with it if it's not taxable to begin with.