Sales Tax Info by State: Coins, Bullion, Paper Money

This forum is for the discussion of USA coin and paper money collecting that is unrelated to saving bulk Copper Bullion Penny, Nickel & CuNi Bullion Nickel, or Silver Coins for metal content. Feel free to post scheduled coins shows.

Sales Tax Info by State: Coins, Bullion, Paper Money

Postby Recyclersteve » Fri Sep 20, 2019 6:40 pm

In another thread about a totally different topic someone brought up the subject of sales taxes charged for coins and how they vary from state to state. I thought I'd start a separate thread on this important topic. Here is a link to begin the discussion.

https://thecoinologist.com/sales-tax-st ... breakdown/

There are likely many other websites out there with valuable info, but this was the first apparently decent one that I was able to find back in the day.

A few caveats:
1) Sometimes states don't charge sales tax, but certain cities within those states may (examples: AK and CO).
2) Sometimes there is no sales tax on bullion, but the sale of paper money is taxable (examples: CA, LA and MO).
3) Some states have certain thresholds, above which no sales tax is charged (examples: $1,500 in CA, $1,000 in both MA and MD).

Essentially, these 21 states appear to be the most tax friendly to the coin community:

AZ
DE
GA
ID
IL
IN
IA
MI
MO
NE
NH
ND
OK
OR
PA
RI
SC
SD
TX
UT
WA

One of the strangest ones that I saw was OH, which charges sales tax on 40% silver halves, but not on 90%.

I don't see dates listed for when the information was added for many of the states, so call in advance before making purchases in case laws have changed. Also, you might consider bookmarking this thread so you can find it more easily in the future.

Good luck.
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).

Please note that ANY stocks I discuss, no matter how compelling, carry risk- sometimes substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) as well.
Recyclersteve
Too Busy Posting to Hoard Anything Else
 
Posts: 4424
Joined: Sun Jan 20, 2013 5:59 am
Location: Where I Want To Be

Return to USA Numismatics

Who is online

Users browsing this forum: No registered users and 10 guests