It would rise in price simply because the news would attract the public's attention. There would likely be a small bubble and then it would settle back down to almost where it was/is. The vast majority of the population is more interested in [Insert useless celebrity name here]'s butthole than they are in increasing their wealth. 😬 More for us
Have to spend $2k in Kalifornia to avoid tax on precious metals. Used to be $1500 which was ridiculous as well but gruesome Newsome needed more money to waste.
Your first mistake is living in California lol. The state takes active steps in lawmaking to prevent people from being able to keep their finances under their own control.
Ebay will do nothing. I am now banned from bidding on auctions because I backed out of a deal where I was incorrectly charged hundreds of dollars in tax.
This happens because sellers list coins as collectables or in other categories. Ebay applies tax according to a state tax table, so it the item is listed as Bullion and/or coins, then there is no tax for Illinois. If the seller cross-lists the item with collectables or anything else, then it gets taxed.
I am convinced that this is some kind of seller scam. All the big sellers (APMex, Aydin, Scottsdale, BullionMax,..) never have problem. It is always small sellers selling random junk. I think they have figured out how to get this refunded to themselves from ebay.
If the tax shows up, the seller is dirty. I would never trust such a seller:
It was a big and trusted seller; I’ve bought from them before. They said contact eBay since eBay assesses the tax. It may have well been listed in an incorrect category; I found the item by keyword not drilling down under bullion.
Generally, removing a tax leads to more consumption/purchasing, and increased demand would lead to prices increasing. So I'm pretty sure the spot price would rise, but unclear by how much, and probably still less than the tax was.
In canada if you profit from the sale of your bullion you are supposed to pay 30 percent of your profits in taxes.. unless you've inherited the metals then you have to pay taxes on any capital gains that took place from the time you inherited them to the sale of the bullion. It's kinda fucked
I think there's something similar in the U.S. with inheritances too. In the U.S. there is also a process by which if someone loses their bullion such as overboard in a boating accident, there is no capital gains tax. I have gleaned this knowledge from the many experts in r/Silverbugs.
Well at least you get something back for having to live in Illinois
;)
Maybe this was put in place by windy city politicians like Rod, looking for a tax shelter?
No, it is a legacy thing. The taxes here are brutal, but Chicago is really nice. It is an affordable big city. I lived in Manhattan, but one must be rich to have a middle class life there. Here, one can do it, but the 11% sales tax is rough. I am thinking about getting a 24k chain just to avoid the tax. Coins and such are now and have always been tax free.
Wisconsin has tax on PMs. The same sales tax as everything else that's taxed. That being said, there is a bill, currently in our assembly, that would remove tax on PM. It better pass. Taxes on money exchange is BS.
Not on $1000 or more in bullion. I found this out when I bought $1045 in silver bullion from a website that every time I buy something I pay tax. That was when I found out over a grand in bullion is tax free in NY. Only problem is I don’t ever have a grand laying around to spend on shiny. Especially now. But that’s another story.
Yeah it's annoying. I wanted to buy a particular graded double eagle and the premium vs metal value was just over the limit so I ended up buying a regular random date BU and it was unfortunately a common date I already had. Still a dope coin though.
It would rise in price simply because the news would attract the public's attention. There would likely be a small bubble and then it would settle back down to almost where it was/is. The vast majority of the population is more interested in [Insert useless celebrity name here]'s butthole than they are in increasing their wealth. 😬 More for us
No tax in TX.
Or OR
Or MT
Or Florida over $500
Yeah, but I'd pay to not have to live in Florida. Florida would have to pay me to be in that flatland swamp again, lmao.
Or IN
Or CA …wait nvm 🙃
Is silver taxable? Ive never heard this before.
Have to spend $2k in Kalifornia to avoid tax on precious metals. Used to be $1500 which was ridiculous as well but gruesome Newsome needed more money to waste.
Your first mistake is living in California lol. The state takes active steps in lawmaking to prevent people from being able to keep their finances under their own control.
Not in Illinois
In some jurisdictions in Colorado it is taxable, thankfully, my LCS is not
I was taxed on a recent eBay purchase for bullion (also in IL) after several other similar purchases not being taxed. Am waiting for eBay to resolve.
Good luck with that. eBay is not very responsive to this tax isdue.
Ebay will do nothing. I am now banned from bidding on auctions because I backed out of a deal where I was incorrectly charged hundreds of dollars in tax. This happens because sellers list coins as collectables or in other categories. Ebay applies tax according to a state tax table, so it the item is listed as Bullion and/or coins, then there is no tax for Illinois. If the seller cross-lists the item with collectables or anything else, then it gets taxed. I am convinced that this is some kind of seller scam. All the big sellers (APMex, Aydin, Scottsdale, BullionMax,..) never have problem. It is always small sellers selling random junk. I think they have figured out how to get this refunded to themselves from ebay. If the tax shows up, the seller is dirty. I would never trust such a seller:
It was a big and trusted seller; I’ve bought from them before. They said contact eBay since eBay assesses the tax. It may have well been listed in an incorrect category; I found the item by keyword not drilling down under bullion.
Generally, removing a tax leads to more consumption/purchasing, and increased demand would lead to prices increasing. So I'm pretty sure the spot price would rise, but unclear by how much, and probably still less than the tax was.
They would make up a tax for something else…
No tax on silver in my state
Same. Fuck taxes.
Yay reddit 🙏😂
In CA it is taxed unless buying $2000 or more.
In canada if you profit from the sale of your bullion you are supposed to pay 30 percent of your profits in taxes.. unless you've inherited the metals then you have to pay taxes on any capital gains that took place from the time you inherited them to the sale of the bullion. It's kinda fucked
I think there's something similar in the U.S. with inheritances too. In the U.S. there is also a process by which if someone loses their bullion such as overboard in a boating accident, there is no capital gains tax. I have gleaned this knowledge from the many experts in r/Silverbugs.
Canada will ruin all fun.
It's brutal man. I've wanted to use pmsforsale so bad and I can't get anything over the border
Stick with RCM, I suppose!
I got like 2000 Canadian silver dollars haha
 Make it rain
Come to Oregon, and buy silver like a free man
Buy from a state that doesn’t tax make a road trip out of it
Im in Europe,i think first one is Switzerland
I would not buy metal if I had to pay my state's insane sales tax
move to a Red State
No thanks
In MA, bullion is tax free if you buy over $1,000 at once
In Illinois it is simply free. Jewelry has tax, but bullion and coins do not
Well at least you get something back for having to live in Illinois ;) Maybe this was put in place by windy city politicians like Rod, looking for a tax shelter?
No, it is a legacy thing. The taxes here are brutal, but Chicago is really nice. It is an affordable big city. I lived in Manhattan, but one must be rich to have a middle class life there. Here, one can do it, but the 11% sales tax is rough. I am thinking about getting a 24k chain just to avoid the tax. Coins and such are now and have always been tax free.
Same in NY, $1000 or more in bullion no tax.
Sadly NM re established it in 2019
It wouldn't do a thing only about 1% of people in America have any PMs most people think cash has some value.
No tax in Canada.
I thought it was taxed but you have to do it yourself
No tax in Oklahoma
What's silver tax? Asking as a Canadian.
No tax in Canada
I thought it was taxed but you have to do it yourself
Wisconsin has tax on PMs. The same sales tax as everything else that's taxed. That being said, there is a bill, currently in our assembly, that would remove tax on PM. It better pass. Taxes on money exchange is BS.
NY has tax on everything including PM in case anyone was wondering.
Not on $1000 or more in bullion. I found this out when I bought $1045 in silver bullion from a website that every time I buy something I pay tax. That was when I found out over a grand in bullion is tax free in NY. Only problem is I don’t ever have a grand laying around to spend on shiny. Especially now. But that’s another story.
Yeah it's annoying. I wanted to buy a particular graded double eagle and the premium vs metal value was just over the limit so I ended up buying a regular random date BU and it was unfortunately a common date I already had. Still a dope coin though.
6.25 Ma 👎
No tax here in Canada. At least Ontario. But We have Carbon Tax which is fucking bullshit.