Coin show, do you pay taxes?

Discussion in 'Coin Chat' started by panamagold, Oct 13, 2009.

  1. panamagold

    panamagold Junior Member

    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.

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  3. AdamL

    AdamL Likes Silver

    Depends on the state. No taxes here in Missouri.
  4. MissSasha

    MissSasha Junior Member

    That depends on your state. Some states charge taxes on numismatic material and bullion coins, some don't. Look up your state online.

    Oh and I have all this wonderful info from a book called "Coin Collector's Survival manual".

    Best $20 I ever spend!
  5. illini420

    illini420 1909 Collector

    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!!
  6. panamagold

    panamagold Junior Member

    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.

  7. scottishmoney

    scottishmoney Bammed

    Reclassification of an otherwise taxable item is quite common too. IE that uncirculated Large Cent becomes a $20 Lib on the sales cheque.
  8. Just Carl

    Just Carl Numismatist

    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?
  9. logical123

    logical123 Senior Member

    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. :goofer:
  10. coleguy

    coleguy Coin Collector

    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.
  11. BNB Analytics

    BNB Analytics New Member

    California yes, woppin 9.25%!
  12. SwendiCoin

    SwendiCoin Junior Member

    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.
  13. green18

    green18 Sweet on Commemorative Coins Supporter

    So it's the little guy who takes it up the dumper. Rotten law.....
  14. illini420

    illini420 1909 Collector

    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).

    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!!! :thumb:
  15. illini420

    illini420 1909 Collector

    Yeah, it used to be a $1000 and over was exempt rule... but they recently raised it to $1500.

    I've had local shops get around it though when I was buying say a $500 coin. They would just add an ounce of gold to my order to get me up over the exemption amount. Then a few minutes later I'd theoretically come back to the shop and sell them an ounce of gold at about the same price :)

    But yes, for the most part the little guy loses... welcome to California ;)
  16. mrh757

    mrh757 Senior Member

    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.
  17. andrew289

    andrew289 Senior Analyst

    Don't buy any raw pre-1933 gold coins unless you know what you are doing.

    Just buy all the AGE's, Maple Leafs, Kruggerands and Philharmonics you can find. Dont forget the buffs ...yummy cool looking.
  18. panamagold

    panamagold Junior Member

    Why not buy raw pre-1933?
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