Sales Tax on Gold and Silver Sales

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#1 Wed, Aug 12, 2020 - 6:56pm
WillyHans
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Sales Tax on Gold and Silver Sales

Starting in 2019, I found an unwelcome change in my online purchases of gold and sliver. When getting to the payment portion of the order, I found that a sales tax for my state was levied. I went to my two favorite online sites and found both attempted to levy the tax. I then went to my local coin store, and found they also were charging sales tax to buy silver American Eagles. Am I stuck with this, or is there a way to work around my government charging me for purchasing real money with fiat?

Sat, Aug 15, 2020 - 6:30pm
KG
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Joined: Jul 22, 2020
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Sales Tax

I am in a similar situation. Maybe your Local Coin Shop operator has a personal stack they are willing to sell from for cash. This requires a good bit of trust/confidence. You might have to close the deals off-premises, etc.

With premiums this high, cost savings like that add up.

Sun, Aug 16, 2020 - 2:38am
Tyrion
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Joined: Aug 13, 2020
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taxes

You guys live in the wrong state. How much is the sales tax?

Sun, Aug 16, 2020 - 11:01pm Tyrion
KG
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Joined: Jul 22, 2020
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7%+

I am at 7%+ range for sales tax. It varies a bit by municipality.

Mon, Aug 17, 2020 - 2:44am
11IMIX
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Chicago, IL
Joined: Aug 31, 2011
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Maybe buy junk silver

I thought I read that they couldn't tax so called "money". So junk silver should be tax free ?

I miss my old dog.

Mon, Aug 31, 2020 - 10:31am
JohnH
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Joined: Feb 25, 2012
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Not all states

Some states don't charge sales tax, but you have to buy in person in that state.

randomness