Sales taxes on coins and collectibles 0

[Nutmeg Coin]

This list needs to be re-checked. I know New Hampshire doesn't charge vs. Vermont; it is one of the reasons so much business has gone to the former state.

 

On those who think unregulated cash sales are great, I have a six letter name for them: Tom Noe. I was speaking with one of the industry leaders who remembers that jerk with literal bricks of $100 bills for his "investment" company at coin shows. He royally boluxed up the coin businesses in Ohio and was singularly responsible for their Draconian laws. There are levels of compliance that anyone who has done six or seven figures a year is aware should be followed.

 

A way around paying sales taxes by any significant investor is to file with his town and state as a business, get a sales and use tax license, then fill out the paperwork relevant to that business in states where he/she expects to do business. It will prevent a lot of potential aggravation. I have not had an accountant or tax professional fill me in on the process, it seems that a lot more money gets made by the tax workers if the problem gets caught years after the law non-compliance.

[erickso1]

Can you please re-name this post so the title is relevant to the content?

 

Something like " A short exploration of the state and local sales taxes of the greater New England area and the acceptance of sales and use tax exemptions."

 

That way I'll stop clicking on it thinking you have finally explained, in clear, concise language, what your exact issue is with the dealer in the first place

[Conder101]

You are right, checked the New Hampshire dept of revenue website and they say New Hampshire does not have a sales tax. I will update the list above.

[mkman123]

Dang Conder101, nice list you gave us

[Henri Charriere]

On 7/19/2012 at 5:59 PM, BillJones said:

 

When I was dealer in New England, here were the rules as I knew them by state.

 

Massachusetts - No sales tax on coin purchases $1,000 and more.

 

New Hampshire - No sales tax period

 

Connecticut - No sales tax on U.S. coins period.

 

Vermont is a very radical state. It would not surprise me if they had sales tax on all purchases.

 

I only did one show in Maine when I lived in New England, and I can't remember the rules there.

 

Bullion was taxable, but since the U.S. gold and silver eagles have a face value, they are coins and are treated as such. Bars are another matter.

New Hampshire... no surprise there.  "Live Free or Die," right?

[JKK]

On 7/24/2012 at 7:01 AM, Conder101 said:

For those interested here is a list, by state, of which states do and do not have sales tax on coins and bullion.

 

 

Oregon

No sales tax collected on Coins, Paper Money, or Precious Metals.

 

Washington State

No sales tax on Coins or Precious Metals. Paper Money is taxable.

 

 

This list was as of April 2011

Definitely correct on OR, as we have never had a sales tax.

As I remember in WA, US coins had no sales tax, but foreign coins did.

[Bitto]

On 4/11/2021 at 7:56 PM, Quintus Arrius said:

On 7/20/2012 at 1:59 AM, BillJones said:

When I was dealer in New England, here were the rules as I knew them by state.

 

Massachusetts - No sales tax on coin purchases $1,000 and more.

 

New Hampshire - No sales tax period

 

Connecticut - No sales tax on U.S. coins period.

 

Vermont is a very radical state. It would not surprise me if they had sales tax on all purchases.

 

I only did one show in Maine when I lived in New England, and I can't remember the rules there.

 

Here personal tax advisor near me from company Your Books On Time.
 

 

Bullion was taxable, but since the U.S. gold and silver eagles have a face value, they are coins and are treated as such. Bars are another matter.

 

New Hampshire... no surprise there.  "Live Free or Die," right?

 

 

 

how was the issue resolved?