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<p>[QUOTE=&quot;cpm9ball, post: 1194105, member: 24633&quot;]This discussion arose on the NGC forum, and I thought it might be a good idea to discuss it here. Here is my post from that discussion. How about the rest of you? Do you know if the purchase of coins and bullion are exempt from sales tax in your home state?</p><p>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p><p>In Florida, the purchase of coins and bullion are exempt from sales tax when the TOTAL purchase price exceeds $500.</p><p><br /></p><p>Chris</p><p><br /></p><p><br /></p><p>Sales Tax Exemption Available for U.S. Legal Tender</p><p>and Certain Sales of Other Coins, Currency, or Bullion</p><p><br /></p><p>Effective July 1, 1999, the sale of coins and currency that are U.S. legal tender is no longer taxable. The sale of any other coin and any other currency with a price of more than $500, and the sale of gold, silver, and platinum bullion with a price of more than $500, is exempt. </p><p><br /></p><p>For coins and currency that are legal tender of the United States, no tax is imposed regardless of whether the sales price exceeds the face value. It does not matter whether the coins or currency are in circulation. </p><p><br /></p><p>For coins and currency that are not legal tender of the United States, tax is imposed at the rate (unchanged) of 6% of the sales price, unless the coins or currency have a sales price that exceeds $500. When the sales price exceeds $500 for a single sale, the transaction is exempt from sales and use tax. Note: The present exemption for coins and currency of general circulation that are legal tender of another nation, when exchanged solely for use as legal tender at an exchange rate based on its relative value, is not affected by this change. </p><p><br /></p><p>Sales of gold, silver, and platinum bullion are exempt if the sales price exceeds $500 in a single transaction. A single transaction could include a combination of gold, silver, or platinum bullion. </p><p><br /></p><p>Dealers must maintain proper documentation to show that each sale, or that portion of each sale, is exempt from the tax imposed. Failure to keep proper documentation may subject an otherwise exempt sale to tax. </p><p><br /></p><p>For More Information </p><p><br /></p><p>References:</p><p>Ch. 99-337, L.O.F.</p><p>Ss. 212.05(1)(k), 212.08(7), F.S.[/QUOTE]</p><p><br /></p>

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