I asked a very knowledgeable coin dealer today who sounded like he would be a perfect forum member here.
Well he said the only way to get out of sales tax in ohio is to have a vendor's license. He said no matter how much you spend in either bullion or in coins you must pay sales tax. He said in the near future they hope to get the sales tax repealed on bullion, but the sales tax on coins is here to stay.
I would think it should be the other way. When you buy a coin, you are buying money!!!!! When you buy bullion you are buying a product. Either way there should be no tax.
"99% of all lawyers give the rest of them a bad name"
PA taxes supplies, but not coins. I don't think they tax bullion coins either.
Correct. I had to look that up when I started the Copper Cave, but everything I found indicated "bullion metal" or "investment metal" is non-taxable, along with coins.
The other way to deal with the tax is to have the item shipped to another (preferably sales tax free0 state for you. BC has a sales tax, Alberta does not, so the Alberta people that want to buy big ticket items like boats will have the boats delivered to the provincial border, then hauled back to thier vacation home in BC. This came to light in the news when someone alleged that certan dealers were just doing the paperwork and not actually pulling the boats to the border for people.
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw. Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony Passive Income blog
Only way to get out of sales tax in ohio...
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Posted - 09/08/2008 : 21:56:38
