Does your local dealer charge tax?

If paying cash, does your local coin dealer charge tax? I just moved a couple of months ago and 2 of my former dealers wouldn't charge me tax if paying cash. The one where I live now does. Just curious what other dealers are doing.

 

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When they follow the law, they charge tax....

I know some who do both, but they are suppose to charge tax. The ones who don't usually do a lot of under the table business or they already have it included in their prices.

 

Yes...and he gives me 2 dollar bills crisp in my change. A very odd man

 

Mine only charges tax on items like 2x2s. It must be a different law by state. They clearly tell you that there's no tax on coins.

 

If I pay in cash there is no tax, but with credit card. Yes, so far I have not made any purchases with my CC.

 

It does depend on the state, I should have included that.

 

I think in Florida, at least i was told invoices over 2,500 are tax exempt...

 

Not in New Hampshire.

 

The law in Texas is to charge sales tax for sales less than $1,000 and I have been charged that when paying cash. Of course, these days it doesn't take much to go over $1,000.

 

I'm required to charge sales tax to Indiana residents on all transactions.

 

Same in Massachusetts.

 

It depends on the state, and even what kinds of coins you are buying within the state for some.

Btw, in any state if you know the item is taxable and they are not charging tax, they are breaking the law. Every state in the country that has sales tax makes it illegal to include sales tax in the sales price. The reason for this is two fold. One, a sales tax is a charge on the consumer, if the vendor includes it in the sale then it becomes an expense for him, making the tax illegal. Two, if a dealer includes it in the sales price its not as auditable. So, there never is an excuse if he is not collecting a tax, it is always illegal if that item is taxable.

 

Anyone know the specific nj law?

 

Is there a tax on the internet?

 

I think so...If its an official invoice. Who's to go around hunting PP gifts though

 

If you buy on the internet, and the company does not have nexus (physical presence) in your state, they are not required by Federal law to collect sales taxes. However, if you live in a state with a sales tax technically you owe use tax on the purchase, which you are supposed to pay directly to the state.

 

In California, the way the sales tax law is written, the seller is required to pay the sales tax. IF the seller chooses to pass that cost on to the customer he can, but seller is responsible regardless. It is generally accepted that the seller is going to pass that cost on to the customer, but it is not required. And although it is easiest if you list it separately, it can be included in the price as long as it is posted on the invoice or at the place of business that tax will be included.

Oh and to answer the OP, when paying with a credit card or check every local shop I go to charges tax. When paying cash it's about 50-50

 

Different states, different laws. I called one dealer trying to charge sales tax on coins because another dealer told me that it was not legal for WA to tax coins. Supplies yes, coins no.

 

Does my dealer charge a sales tax? For me, it depends on the dealer and it depends on the state that the dealer is located in. For example, Tennessee charges anywhere from 8.50% to 9.75 sales tax on bullion purchases depending on what TN county that the dealer is physically located in. There is one local TN dealer that I know that does not charge a sales tax for bullion purchases but this dealer usually does not get many silver art bars in his shop and I end up rarely buying anything there. The other local TN dealers do charge a sales tax. As far as I know, in Alabama, there is a 9.00% sales tax on bullion purchases there. In Georgia, there is no sales tax on any bullion purchases.

 

I can only say what it is in Pennsylvania. In PA coins (I'm sure) and bullion (I think) are not taxable. Paper currency, I believe, is taxable on the amount over the face value of the bill (ie- buy a $1 silver certifcate for $3, you pay 6% of $2) although I'm not sure how well this is enforced. Cash or credit purchases are no different. Although "under the table" buys may not be taxed (by the seller, not by law) so he can save some money and paperwork, it's not legal here. As to the internet purchases, PA will require sales tax be collected on taxable items purchased from a vendor who has any type of physical presence in the state, regardless of where the actual physical transaction took place, and do require you report purchases from outside the state on your tax return, but again, this is probably dificult to enforce when the purchase was made outside the state. It's all about the paper trail.

http://www.state.nj.us/treasury/taxation/pdf/pubs/sales/su4.pdf

For New Jersey's sale tax laws.