Ohio charges sales tax for coins! This is why the Cincinn coin show is held across the river in Kentucky!!!!
I think you'll find more states than just Ohio collecting sales tax on coin sales. From a state law perspective it probably really doesn't matter. Once the property purchased crosses the state line, Ohio residents and those residing in any state having sales tax are more than likely required to pay the tax directly to their state irrespective of where the purchase was made. Of course you get a credit for sales tax properly collected by the other state.
There is no sales tax on food, collector coins and bullion here in Michigan. However for any mail order/internet purchases you are required to consult a tax chart in the income tax instructions and remit on your annual tax return. The question is how many people actually do it?
NY taxes EVERYTHING! Including the air we breathe. That is why I don't jog, don't want to use too much and incur a surcharge.
Many states seem to charge sales tax. Look at the fine print from one of the major auction houses and you can get a list. CA used to charge tax on any coin purcheses less than 1K and recently updated it not in our favor to 1.5K.
Yes indeed! In fact NY State just this month raised state sales tax a half a percent from 8.375% to 8.875%. Heritage Auctions also recently started requiring individuals shipping items to NY State addresss to pay sales tax: "Effective April 15th Heritage will be required by state law to charge all applicable sales taxes on any items delivered to New York addresses other than sales to dealers with valid New York sales tax numbers who are purchasing for resale and who furnish us with a properly completed New York resale certificate (exempt purchasers may, of course, furnish us with properly completed New York exemption certificates)."
Actually I am surprised states haven't tried using the large multistate banks as a backdoor for establishing nexus for the purpose of forcing out of state businesses into collecting sales tax.
We have to pay our %7 sales tax on coins here at the shop... whether it is law or not I'm not sure... but i know we treat it as inventory and pay tax accordingly
Yeah, I'm definitely not a fan of the CA sales tax... I'm not going to pay 9.25% on a coin if I don't have to. This is especially harsh on Teletrade/Heritage as you can be bidding on $10k+ worth of coins, but only end up winning a $1200 coin then end up owing another $100+ of sales tax... No thanks... anytime I run into that issue of sales tax I have the seller ship to one of my out of state addresses where there is no sales tax.
illini420, I had an interesting Heritage experience trying to avoid the tax thing earlier in the year. There was a coin I wanted that should not have gone over $1500 so I bid on two other coins just incase I won. Well the coin I wanted went for over $3500 and I dropped out just before that. I won the backup coins and had to get a third at the last minute to avoid the tax.
Even worse than that on Heritage I was bidding on one coin around $1300 after BP so I figured I'd find a $200 commem to buy instead of paying $100+ to California... Of course I put in my bid and after BP my bid was only one increment too low to make it to $1500 total. Had to have a friend shill bid someone elses auction to bump me over the $1500 total But, I'd rather have the $200 coin for about $70 or so extra vs. handing over another $130 or so to CA for them to waste.
That's why millions of New Yorkers and New Jersey people come to my area each year, no taxes and cigarettes are really cheap. At least Jersey has cheap gas.
Not really because Kentucky charges sales tax on coins as well. Inventory tax and sales tax are not the same thing In theory YOU pay inventory tax on items you didn't sell, and you are supposed to collect sales tax from the BUYERS on the items you do sell. The problem is so many collectors refuse to pay the sales tax that the shop owners have to pay it out of their own pocket.
But they don't let you pump it yourself in NJ so you get to wait in a queue to get your gas. :computer:
No worries...Obama was just on TV saying we're all getting a tax cut! WOO HOO!! :hail: "Change We Can Believe In"
