Clarification on Sales / Use Tax on bBllion

Discussion in 'Bullion Investing' started by Dougmeister, Aug 4, 2018.

  1. Dougmeister

    Dougmeister The Coin Scavenger © ¯\_(ツ)_/¯

    Anyone give me a hand with this?

    According to Retailer's Information (REV-717) from the PA Dept of Revenue, the following are *not* taxable:

    * Bullion, investment metal
    * Coins, investment (numismatic coins and legal tender)

    Several other sites reiterate that there is no sales tax "on coins or bullion". The Coinologist adds that paper money *is* taxable (?).

    Q1) So if I buy old U.S. Currency out of state, I am to pay Use Tax on it?

    I don't know this website, but Golden Eagle Coin goes out of its way to say:

    "There is an exemption for purchase of coins and bullion, as long as the value is based on the metal content and not the form of the product."

    Q2) So what does that mean for 5 oz ATB "quarters"? They make it sound like buying the "burnished" version of the 5-ouncers (~$150 or more) would be taxable, but the "bullion" versions (~$100 or so) would not be.

    @dwhiz ? @V. Kurt Bellman?
     
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  3. Dillan

    Dillan The sky is the limit ! Supporter

    Coins are not taxable until someone calls them collectables and puts the collectable name to them or numismatics and Canada Customs taxes these . If the seller sends and marks down US coins then they ship right on past with no problems or money grab. I know this is a bit different then the ATBs but I think your right if they say they are to tax them for the artistic value which in my mind is subjective. If they call these bullion which as far as I know is no tax.
     
  4. Dougmeister

    Dougmeister The Coin Scavenger © ¯\_(ツ)_/¯

    I think that U.S. Customs is a totally different beast than U.S. state sales/use tax, but thanks for the reply!
     
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