Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
US Coins Forum
>
Paying sales tax on US Coin/Currency sales
>
Reply to Thread
Message:
<p>[QUOTE="medoraman, post: 997208, member: 26302"]Yep, most people don't. They never have. Like I said, this has been on the books for years, and mostly ignored. States have not really pressed the matter since it would cost money to enforce and tick taxpayers off. This is how they get around the whole "use tax has to apply to everyone" thing. They just didn't enforce it except for businesses. </p><p><br /></p><p>The problem is states are broke, they have audited some taxpayers actions and seen the potential now for a lot of money from back use taxes. Also, the current administration has promoted class warfare, making it ok to penalize taxpayers as long as they do it to the "rich". Tax departments are visiting auctions, estate sales, and auditing auction house records in some cases to levy a use tax bill. According to most state laws, once they levy a bill, the taxpayer has to prove that they don't owe the tax, the state doesn't have to prove that they do. States say by definition use tax is owed unless you prove to us its already been paid, and of course most people do not keep those records.</p><p><br /></p><p>Keep your records of tax paid, and consider how you may dispose of your collection, is what I was warning about. You are not paranoid if they really are out to get you, and in some states they really are nowadays. Hopefully it will not get worst, but looking at some state budgets, I doubt it.</p><p><br /></p><p>PS, to wheaties point, Ebay doesn't need to, since when they audit you and find the coins they will assess use tax then. It will not matter if you get them from Ebay, out of state, or trading, they will assess the use tax and then you will have to prove to them why you do not owe it. Also, safe deposit boxes HAVE been subpoenaed in these cases, as well as house search warrrants if the state had enough proof of purchases to warrant a search. They are very rare, but have happened.[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 997208, member: 26302"]Yep, most people don't. They never have. Like I said, this has been on the books for years, and mostly ignored. States have not really pressed the matter since it would cost money to enforce and tick taxpayers off. This is how they get around the whole "use tax has to apply to everyone" thing. They just didn't enforce it except for businesses. The problem is states are broke, they have audited some taxpayers actions and seen the potential now for a lot of money from back use taxes. Also, the current administration has promoted class warfare, making it ok to penalize taxpayers as long as they do it to the "rich". Tax departments are visiting auctions, estate sales, and auditing auction house records in some cases to levy a use tax bill. According to most state laws, once they levy a bill, the taxpayer has to prove that they don't owe the tax, the state doesn't have to prove that they do. States say by definition use tax is owed unless you prove to us its already been paid, and of course most people do not keep those records. Keep your records of tax paid, and consider how you may dispose of your collection, is what I was warning about. You are not paranoid if they really are out to get you, and in some states they really are nowadays. Hopefully it will not get worst, but looking at some state budgets, I doubt it. PS, to wheaties point, Ebay doesn't need to, since when they audit you and find the coins they will assess use tax then. It will not matter if you get them from Ebay, out of state, or trading, they will assess the use tax and then you will have to prove to them why you do not owe it. Also, safe deposit boxes HAVE been subpoenaed in these cases, as well as house search warrrants if the state had enough proof of purchases to warrant a search. They are very rare, but have happened.[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
US Coins Forum
>
Paying sales tax on US Coin/Currency sales
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...