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<p>[QUOTE=&quot;hontonai, post: 603036, member: 4703&quot;]Your statement is just plain wrong wrong if by tax you mean income tax - just ask your friendly neighborhood coin dealer what s/he paid last year in federal taxes, and also in state taxes if s/he resides in a state or city which has an income tax.</p><p><br /></p><p>You are also wrong if you mean federal gift and estate taxes, as coins are taxable property under federal (and where applicable state) gift and estate tax laws.&nbsp; (Sometimes they are taxed on the basis of their face value as money, sometimes on their value as collectibles.)Wrong again.&nbsp; In some states coin shop sales are fully subject to sales tax, in others they are fully exempt, and in some - like California - they are exempt if the transaction is greater than a specified threshold ($1,000 under the California Revenue &amp; Taxation Code chapter on sales and use taxes). </p><p><br /></p><p>Outside of the District of Columbia and possibly other federal enclaves, there is no sales/use tax on anything; but constitutionally federal law could not preempt state laws imposing such taxes.</p><p><br /></p><p>Bottom line - IMHO anyone who relies on the tax advice of an unqualified person fully deserves to <ul> <li>pay the substantial penalties and interest, and</li> <li>suffer the criminal penalties</li> </ul><p>they can incur for non-payment or underpayment of taxes.</p><p><br /></p><p>(Of course, if you can provide a citation to a section of the US Code which actually justifies your statement of &quot;US law&quot;, I&#039;ll be glad to concede that your expertise exceeds that which I have developed in the 45 years I have been practicing law - including several years as a member of the bar of the US Tax Court.)</p><p><br /></p><p>Unfortunately, although an attorney, licensed accountant, or IRS Enrolled Agent can be sued for malpractice if they give incompetent advice, someone relying on advice from their friendly neighborhood plumber, coin collector, hair dresser, etc., has no recourse.[/QUOTE]</p><p><br /></p>

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