State's sales taxes on PM purchases

[bluesky99]

InsertUserNameHere's recent thread on searching for PM dealer in East TN, and a comment about 9.75% sales taxes on PMs in TN led me to look into sales tax rules on PMs in other states. Here is a useful link that I found:

NOTE: Green = no sales tax, Blue = Tax is exempt above a certain dollar amount, Black = PMs are taxed.


The Coinologist
A Curator of Coins, Currency, and Cool Stuff
Sales Tax Laws | State by State Breakdown

http://thecoinologist.com/sales-tax-...ate-breakdown/

List of States that do or do not charge sales tax on Coins, Paper Money, and/or Precious Metals. Exemptions will be listed if applicable. I have done a lot of research and made many phone calls to verify this information. I am still calling it a”Work in Progress” due to the constant changes in tax laws by fifty different states.

Alabama
The State charges 4% on everything, there are also County & City taxes, which can add another 4-5%.

Alaska
No state sales tax, though local governments may still tax.

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

Arkansas
Sales tax is collected on Coins, Paper Money, and Precious Metals.

California
Exemption on Coins and Bullion when over $1500. Paper Money is taxable.

Colorado
Sales Tax on Coins, Paper Money, and Bullion varies by City. The State does not charge any sales tax.

Connecticut
No sales tax on Coins or Paper Money. Exemption on Bullion when over $1000.

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

District of Colombia
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Florida
No sales tax on U.S. Coins or Currency. Exemption on Bullion when over $500.

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

Hawaii
General Excise Tax is collected on Coins, Paper Money, and Bullion.

Idaho
No sales tax on Coins or Bullion. Paper Money is a grey area.

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

Indiana
Sales tax is collected on Coins, Paper Money, and Precious Metals.

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

Kansas
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Kentucky
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Louisiana
Exemption on Coins and Bullion when over $1000. Paper Money is taxable.

Maine
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Maryland
Numismatic items and Bullion are exempt when over $1000.

Massachusetts
Coins, Paper Money, and Bullion are exempt when over $1000.

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

Minnesota
Sales tax is collected on Coins, Paper Money, and Precious Metals.

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

Missouri
No sales tax on Coins or Bullion, but taxes Paper Money

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

Nebraska
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Nevada
Sales tax is collected on Coins, Paper Money, and Precious Metals.

New Hampshire
Sales tax is collected on Coins, Paper Money, and Precious Metals.

New Jersey
Sales tax is collected on Coins, Paper Money, and Precious Metals.

New Mexico
Sales tax is collected on Coins, Paper Money, and Precious Metals.

New York
Coins and Paper Money are Taxable, Bullion is Exempt when over $1000.

North Carolina
Sales tax is collected on Coins, Paper Money, and Precious Metals.

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

Ohio
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Oklahoma
Sales tax is collected on Coins, Paper Money, and Precious Metals.

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

Pennsylvania
No sales tax on Coins or Bullion, but taxes Paper Money.

Rhode Island
No sales tax on Coins or Bullion, but taxes Paper Money.

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

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

Tennessee
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Texas
Coins and Precious Metals are exempt over $1000. Paper Money is taxable.

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

Vermont
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Virginia
Sales tax is collected on Coins, Paper Money, and Precious Metals.

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

West Virginia
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Wisconsin
Sales tax is collected on Coins, Paper Money, and Precious Metals.

Wyoming
Taxes vary by city on Coins and Paper Money. Precious Metals are taxable.

Disclaimer: This is only a guide and information should be verified before any purchases are made. The|Coinologist in no way makes any guarantees about how states, counties, or cities collect sales tax.

[Silver Art]

Just want to add that in Tennessee, the total sales tax is the TN sales tax of 7% + TN county sales tax. If I remember correctly, the TN county sales tax can range from 2.25% to 2.75% depending on what TN county that the coin dealer is physically located in.

[bemac]

Yet another reason the vast majority of my purchases are on Ebay. Tax here is 9.25%.

[Silver Art]

Yet another reason the vast majority of my purchases are on Ebay. Tax here is 9.25%.

Even though I live in Tennessee, I am lucky enough to live close to Georgia and when I go silver art bar hunting, I start first with driving to the coin shops in Georgia and buy whatever silver art bars that I am interested in from those coin shops in GA since there is no sales tax on bullion purchases in GA. If there is a coin show on that weekend, then I will also go there to hunt for silver art bars that I am looking for because I do not get charged a sales tax on bullion purchases at coin shows held in Tennessee. I still buy from some of the local coin shops in my area in Tennessee but I have to be extra picky on my silver art bar purchases because of the sales tax and it is more noticeable now since spot silver is near $40/oz.

[Uglytruth]

Any idea about taxes when buying in Canada or Mexico?

[Irons]

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


They don't bother trying to tax consumption on anything besides booze and cigarettes, nobody has any money

so they concentrate on taxing the piss out of anybody foolish enough to own property here.

Businesses have already left for the most part.

[gringott]

Thank you, I was wondering about my state {Kentucky}, now I know why I don't purchase from local dealers. I knew there had to be a reason.

[wallywest]

I live in a a green state (no tax), but am right on the border with a black state (charges tax). I know of a couple dealers on the wrong side of the state line that will forgo the sales tax at least semi-regularly to try and stay competitive. I am not sure how they work it out, but I know it's a big problem for them to operate in such close proximity to other dealers that don't have to worry about an additional 8%.

[Silver Art]

I live in a a green state (no tax), but am right on the border with a black state (charges tax). I know of a couple dealers on the wrong side of the state line that will forgo the sales tax at least semi-regularly to try and stay competitive. I am not sure how they work it out, but I know it's a big problem for them to operate in such close proximity to other dealers that don't have to worry about an additional 8%.

On a few occasions for me in the past, a local dealer that is located in my local area in TN that I will buy a silver art bar from will also forgo the TN sales tax but that is a rare occasion that they will eat the sales tax and that sale.

[Rusty Shackelford]

I live in a a green state (no tax), but am right on the border with a black state (charges tax). I know of a couple dealers on the wrong side of the state line that will forgo the sales tax at least semi-regularly to try and stay competitive. I am not sure how they work it out, but I know it's a big problem for them to operate in such close proximity to other dealers that don't have to worry about an additional 8%.

Talked to a local guy in Indiana (7%) about what options he could do to get my business over out of state and online purchases. His reply was going to jail by avoiding tax collection did not appeal to him. Hence I shop else where.