Craigslisters Are Crazy

Discussion in 'Coin Chat' started by Extreme, Sep 7, 2012.

  1. George8789

    George8789 Leaving CoinTalk for good

    Really? I once paid with a pre-paid credit card. I was charged a little extra but hey it was a christmas gift.
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  3. easj3699

    easj3699 Well-Known Member

    yep cash only at my four old local coin stores and the two in the town i moved to
  4. jatallman87

    jatallman87 I am Jay

    I find that rather odd. All of the dealers around here take cards.
  5. easj3699

    easj3699 Well-Known Member

    haha and i find it odd dealers take credit cards. one explained it to me as he is selling real money, in return he wants money not a number on a screen. plus i am sure there is the whole tax thing
  6. Extreme

    Extreme Member

    I've been told by multiple dealers in the area that they can take credit cards for anything but bullion, and that they are required to take cash only for that. The reason being, all the other money is technically classified as collectibles. I also heard from several that they aren't supposed to tax you on anything under $1500, because they don't have to pay taxes on that, but this dealer 30 minutes from here will charge you tax if you spend $1.
  7. BUncirculated

    BUncirculated Well-Known Member

    Whoever told you that is wrong. Virginia taxes coins, paper money and bullion.
  8. Extreme

    Extreme Member

    I've bought plenty, and never paid taxes except at one dealer. Most of the guys around here don't even have registers, they deal all cash. And if it were true, then why don't banks tax you when you buy a box of coins?

    Not saying you're wrong, I genuinely don't know, I just know when and where I have and have not paid taxes, and it has not ever happened in Virginia Beach, only Chesapeake. Maybe it's a city by city thing?
  9. BUncirculated

    BUncirculated Well-Known Member

    Because you're paying face value for those boxes of coins, right?

    I posted this on another thread this morning. The fact that "many dealers" you buy from do not collect sales tax, as they should, doesn't necessarily mean that Virginia doesn't require collectible numismatic items to be taxed.

    State by state list.
  10. omahaorange

    omahaorange Active Member

    BU, that is a good, basic site for state by state sales tax info. Keep in mind that dealers who only accept cash are not doing so to avoid paying sales tax (this cost is, after all, passed onto the buyer anyway). He's doing cash-only deals so he doesn't have to pay income tax on any profit he generated from the sale.
  11. BUncirculated

    BUncirculated Well-Known Member

    I'm well aware of that. Coin dealers aren't the only ones who avoid income tax on sales.
  12. omahaorange

    omahaorange Active Member

    The first line was in regards to your link. The rest was simply a general comment.
    i figured you'd know the other part. ;)
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