Just got this email from JM Bullion after purchase of 1 OZ Gold Krugerrand

Discussion in 'Bullion Investing' started by mpcusa, Jun 12, 2017.

  1. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER" Supporter

    Hello,

    I wanted to contact you regarding your recent order. Due to current uncertainty on the application of sales tax to sales of precious metals in Nevada, we have suspended sales to our customers with a Nevada shipping address. We hope to resolve this soon in order to resume sales to our Nevada customers. We will be issuing a full refund to you. We apologize about this inconvenience.

    Thanks,

    Brian
    JM Bullion
     
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  3. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER" Supporter

    what kind of B.S is this !!
     
  4. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER" Supporter

    That,s fine just placed my order at APMEX only cost me an extra $80 is
    all :(
     
  5. Dougmeister

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

  6. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER" Supporter

    I think recent gold prices have gone up after listing and they dont want to sell the
    Coin that cheaply, will noy buy from them again, just dishonest business practices :(
     
  7. sakata

    sakata Devil's Advocate Supporter

    I've never heard of an online vendor charging sales tax. A new law passed in VA exempting it but it is not yet in effect. But I have never been charged by the seller.
     
  8. scottishmoney

    scottishmoney Bammed

    That or they are doing the Hannes Tulving thing and "selling" gold that they do not have physical possession of and couldn't guarantee a delivery. At least they are allegedly sending your dosh back.
     
  9. Johndoe2000$

    Johndoe2000$ RE-MEMBER

    I feel your pain. Tell them they owe you $80 +pain/suffering.:punch::rage::mad:
     
    spirityoda likes this.
  10. Speedbump

    Speedbump Not a New Member

    What was it you were trying to buy?

    JMbullion moved their fulfillment operations to a warehouse in Las Vegas a little while back. I had previously asked them about this as I live in Nevada were we tax the sale of currency based on face value (ie, government issued bullion coins). They said because their operations was technically out of Texas, no tax was applicable. The problem I saw was, they still had a business license in Nevada for the fulfillment center. It would seem they eventually ran into issues with the state on this matter.

    I doubt they are trying to pull a fast one on you. I truly believe they are having tax issues with the state and they need to figure that out before they continue to sell without collecting taxes, or collect taxes when none is required.
     
    ToughCOINS and Insider like this.
  11. Nathan401

    Nathan401 Supporter! Supporter

    Bummer. I've never had a problem with JM. Many purchases too...
    You got the right idea, the power of being a consumer... don't buy.
     
  12. Jason.A

    Jason.A Active Member

    What is your evidence of their intention?
     
  13. Johndoe2000$

    Johndoe2000$ RE-MEMBER

    I think it's a tax issue as @Speedbump said . I would hope they are attempting to fix the issue ASAP. Curious, have you ever stopped into the "PAWN SHOP" from History channel? If so, how are their prices. If not, shame on you. :)
     
  14. micbraun

    micbraun coindiccted

    Come on, at least it was a pretty good assumption ;-)
     
  15. kkathyl0

    kkathyl0 Active Member

    that's not right. SO all in NV suffer because they did not know of the new or current sales tax rules. Please!!! @mpcusa what item was it?
     
    Last edited: Jun 12, 2017
  16. Speedbump

    Speedbump Not a New Member

    I believe JMBullion is the largest consumer level retailer of bullion currently operating in Nevada. This is probably no small issues with over $100 in potential sales taxes on just one gold eagle. If they end up charging sales tax on Nevada residents, you are likely going to take your business elsewhere anyways. This is part of the reason I don't buy locally.

    Dealers here are sketchy at times. All of the ones I have visited will exempt the sales tax if you pay in cash or sell them other things to pay for what you want. My guess is, they are pulling the restaurant server tax-avoidance scheme and hiding at least some cash transactions from their revenue...
     
  17. Speedbump

    Speedbump Not a New Member

    The sale technically happens through Texas. This is where they are based and this is where the money passes through. The products are shipped from Las Vegas. They probably had an attorney tell them they were good with not charging tax on Nevada residents. They probably got caught or someone tattled on them. Likely the ladder... There are some differing interpretations on the law and this is probably why they are holding on Nevada sales while they investigate. I understand the issue and appreciate them being honest. However, they should probably update their store to automatically kick out an error when you enter the shipping zip code and block the purchases before you can hit submit.
     
  18. Johndoe2000$

    Johndoe2000$ RE-MEMBER

    Yep, they should.
     
  19. kkathyl0

    kkathyl0 Active Member

    I am an accountant and you have to collect and file sales tax in each state you have a physical location in. That's the rule for most. If home office in state A and you ship & sell in state B. you file 2 returns, 1 in A & another in B. That's how the law is been doing this stuff for over 30 years.
     
    micbraun likes this.
  20. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER" Supporter


    I think they need to make that clear in advance especially on the bay ! i have
    to say this is somewhat suspicious though since there price is way cheaper then
    Anybody else,s Hmmmm...
     
  21. Speedbump

    Speedbump Not a New Member

    The problem we have in Nevada is what is considered a taxable bullion sale. Its an iffy topic depending on who you ask. Some claim to have written clarification from the state that exempts bullion coin that are minted for the purpose of investment. This would make bullion silver eagles exempt, but proof silver eagles would still get taxed. Other dealers say this is a load of crock and tax everything with a face value regardless.

    This is likely a somewhat recent development as I have purchased from them recently without issue. What was it that you tried to buy? Was it a government issued coin with a face value, or something generic like a round or bar?
     
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