From the August 24 Numismatic News E-Newsletter:
Do you look for coin and bullion sellers where you don't have to pay sales taxes?
Here are some answers sent from our e-newsletter readers to Editor Dave Harper.
No, I don’t need to. I don’t care for bullion per se; I can buy all the collector coins I could ever afford at local estate auctions. I have given up on almost all Internet and brick-and-mortar dealers, and my state has its own exemption from sales taxes for all coins. This is the numismatic world in which any mid-state Pennsylvanian can live, with a little attention.
V. Kurt Bellman
Yes; like most people, I don’t like to pay excess taxes. This does include coins, tokens, and other related items. As for books and other related “storage” materials, by all means, yes! For these items, it’s a no-brain activity.
I ABSOLUTELY look for places/dealers where I can acquire tax-free bullion and coins. Listen, we all pay our fair share in taxes, yet it is unfair for anyone to charge tax on what is essentially money (a.k.a. the major form of payment since the beginning of man). I always have and always will go out of my way to find these types of outlets. Naturally, it would be stupid for anyone who collects to want to pay more. More lost capital equals fewer coins. Duh! Just because certain states or locales are so greedy and wasteful with the income they receive that they want their hands in everyone’s pockets doesn’t mean that we collectively have to bend over and accept it. I would argue that the reason some people collect coins (especially those made of precious metals) is to keep tangible assets that are devoid of taxes and/or government interference, are private, and can be passed on to heirs and/or future generations. (name withheld to avoid the IRS., FBI, CIA and other alphabet soup departments).
I have not thought of it yet and have not experienced it, either. I probably would not complete the sale.
The government sometimes goes too far. This is my opinion. Taxes on coins are over the top.
I did attend the ANA convention in Philadelphia, and taxes were not mentioned. I did make several purchases as well.
Steven R. Angle
I do not look for dealers per se, but I do look at total cost including shipping and taxes when deciding when to purchase. Because I have a junk shop as well as a couple of other businesses, I do charge sales tax because I am located in Ohio. I think I am more concerned about federal excise tax and capital gains than sales tax. If people are dealers, they can be excluded from paying it if they are purchasing for resale.
Love your articles, keep up the good work!
Mary Jane Campbell
West Union, Ohio
I absolutely look for dealers who charge no sales tax on coin purchases. Any dealer that charges, or does not give the customer an option like in California (you must buy $1,500 to escape sales tax), is not worth doing business with.
I don’t, like some (Moron in Chief), intentionally avoid paying taxes at the Federal or State level. If I find a good deal, I just buy it.
Yes, I do! Usually the margins are so close that sales tax can take all the “fun” out of buying silver/gold coins.
Tracy , Calif.
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