Sales Tax on Coins & Bullion in Florida
Recently, a young lady came in with her family looking for silver coins. After she selected a few silver dimes and quarters, I informed the family their purchase was exempted from sales tax. Her and the family took quick confused glances at each other and stated that a few pawn shops in Bradenton charged sales tax on silver Roosevelt dimes. Even though I am only mentioning this incident, this was not the first time consumers silmilar to them paid sales tax on coins that they shouldn't have been taxed on. I was honestly amazed. I realized that a lot of coin buyers don't understand which coins and bullion you should/shouldn't get taxed on. So I am here to give you a quick and simple understanding on sales tax on coins bullion in the state of Florida (laws vary by state).
All United States currency (coins and paper money) is tax exempt. That includes the one ounce American silver eagles since they have a face value of $1. Bullion and foreign coins are only tax exempt when the total sales price amount in a single transaction is $500 or more. So Florida state taxes (6%) plus any county sales taxes (0.5% in Manatee County) will apply to them under $500.
It's as simple as that! Hopefully this helps those of you who are frequent coin buyers!
MoneyMan Pawn located in Bradenton Fl has a huge selection of American and Foreign Gold or Silver Coins. Come by and check our selection. We have knowledgeable staff to assist with your coin buying investment.
If you have any questions about your coins, please come by MoneyMan Pawn for all your answers.
As always, do not hesitate to contact us whenever you need us.