Got a question

3 posts / 0 new
Last post
Hold over
Hold over's picture
Offline
Joined: 10/10/2011
Hat Tips: 2853
Posts: 230
Got a question

I buy phyzz through my coin dealer, in the past he had given me a fair price on phyzz, but last summer he took a beating  when he bought 50K in eagles right before the drop . I think he said he bought @ 38-39  

Now he wont let his silver eagles go for less than 36.  Thats the inside story , not what he tells everyone, so I go to his shop the other day when silver was 28 , and his son  wants 36 for the eagles.  I asked why so much over spot? he said that what they're going for. I said ok and left.

S0 I get around to going to the bullion dealer today , (Jack Hunt Buffalo NY) and he said his eagles are 32. spot was 29 @ the  time . which I didnt think it was too bad considering no shipping , the guys got to make a dollar. 

So I said how much a tube of eagles running ? he said 655. I'll take it.  He said if its under 1k I have to charge NYS tax. WTF over? He said around 720 (I think) , (8%)  So I said hold on let me see if I got on me , I count out 980 , I said close enough?  he said nope , then I got to cover it (Bullshit)  Anyways ,I went to the bank   and picked up the difference. 31 eagles for 1015

Now I never paid taxes on silver there before , nor at the other place. and I thought it unusual to pay taxes on less then 1k but not on more than 1k, thats not how NYS works .

Hennnnnnnnnyways, I was wondering what I could do about it. And where I could check and who I could call if hes full of shit , which I know he is. 

OHH, by some miraculous twist of fate , I cant even believe it happened myself. the son of the coin store owner who I normally buy from with the $36 eagles ,the guy I walked out on the other day,was in front me before I bought.   I just said how ya doing .(chuckles to self)

The thing is I just dont know who to talk to  or what to do about this tax bullshit.  I didnt want to argue with him  because Im not sure  what to do anyway . 

Edited by admin on 11/08/2014 - 06:13
kemp
kemp's picture
Offline
Joined: 06/19/2011
Hat Tips: 552
Posts: 52
According to the document

According to the document below sales of bullion of under $1000 in NY are subject to sales tax.

http://www.tax.ny.gov/pdf/memos/sales/m89_20s.pdf

Hold over
Hold over's picture
Offline
Joined: 10/10/2011
Hat Tips: 2853
Posts: 230
AHHHHHHHHH, thanks, I wasn't

AHHHHHHHHH, thanks, I wasn't sure. I thought there was no tax on silver .

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Topic locked
Syndicate contentComments for "Got a question"