Got a question

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#1 Fri, Jan 6, 2012 - 10:19pm
Hold over
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Buffalo, NY
Joined: Oct 10, 2011
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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: Hold over on Nov 8, 2014 - 5:13am
Mon, Jan 9, 2012 - 10:09am
kemp
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Tempe, AZ
Joined: Jun 19, 2011
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According to the document

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

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

Tue, Jan 10, 2012 - 1:15am (Reply to #2)
Hold over
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Buffalo, NY
Joined: Oct 10, 2011
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AHHHHHHHHH, thanks, I wasn't

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

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