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PMANA requests House Committee on Ways and Means to bring fairness to the taxation of precious-metal coins and bullion

July 28, 2017 in Blogs, Bullion, Coins, Education, Gold, Gold Bullion, Gold Coins, History, Investing, Legislation, News, Numismatic Societies and Clubs, Numismatica, Numismatics, Politics, Precious Metals, Press Releases, Silver, Silver Coins, US Government, US Mint, USA Coins

By: Mint News Blog Mint News Blog (http://mintnewsblog.com)

The following press release is courtesy of the Precious Metals Association of North America (PMANA).


(Washington, D.C.)—Discussions surrounding tax reform have heightened in recent weeks, and the Precious Metals Association of North America (PMANA) has offered testimony before the House Committee on Ways and Means asking for a change in the Internal Revenue Code that would bring fairness to precious-metals bullion and coin investors, while also creating smart investment opportunities for Americans.

Since 1982, gains made on precious-metals bullion have been taxed at the ordinary income rate due to language defining such bullion as a “collectible.” Congress has made numerous attempts to… Full article at the source>

Source: Mint News Blog (http://mintnewsblog.com)

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North Carolina joins 35 other states with sales-tax exemptions

July 26, 2017 in Coins, Collecting, E-commerce, Education, History, Investing, Legal, Legislation, News, Numismatica, Numismatics, Rare Coins, US Government

By: Press Release News.CoinUpdate.com (Coin Update News)

On Tuesday, July 25, 2017, North Carolina governor Roy Cooper signed into law House Bill 434: Coins/Currency/Bullion Sales Tax Exemption. The law is a complete sales-and-use tax exemption on coins, currency, and precious-metals bullion sales.

“The bill’s author, Representative Dana Bumgardner, coauthors Representative Jeff Collins, Representative Mark Brody, and Representative Mike Clampitt, along with its Senate sponsor, Senator Bill Rabon, championed the bill through the legislature,” said Mitch Hyatt (Hyatt Coin Shop, Charlotte, North Carolina). “North Carolina coin businesses and collectors owe them a debt of gratitude.”

In the fall of 2016, Hyatt started collaborating with the Industry Council for Tangible Assets… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Indiana Governor Signs Sales-Tax Exemption Bill for Coins and Paper Money

March 28, 2016 in Bullion, Coins, Collecting, Gold, Gold Bullion, History, Investing, Legal, News, Numismatica, Numismatics, Press Releases, Silver, Silver Coins, US Government

By: Coin Update News.CoinUpdate.com (Coin Update News)

1804-silver-dollar

The Industry Council for Tangible Assets has shared the following press release:

ANNAPOLIS, MD — On March 24, Indiana governor Mike Pence signed into law HB 1046, which provides for a sales-tax exemption on rare coins, paper money, and precious-metals bullion. The new law will take effect on July 1. Indiana becomes the 33rd state to have a complete or partial sales-tax exemption on the retail sales of rare coins, paper money, and precious-metals bullion.

The bill was authored by Representative Greg Beumer; co-authored by Rep. David Wolkins, Rep. Robert Heaton, and Rep. David Niezgodski; and sponsored by Sen. Brandt… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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IRS rules Bitcoin will be taxed as property, not as currency

March 25, 2014 in Bitcoin, Currency, Investing, News, Taxes, Virtual currency

By Adrianne Jeffries on March 25, 2014 (http://www.theverge.com)

The IRS previously admitted it wasn’t sure how to tax Bitcoin, but today it’s reached a decision. Bitcoin and other virtual currencies are considered property, not currency, according to a notice posted today. That means Bitcoin owners may have to pay taxes on the income they gain as Bitcoin increases in value, and may be able to deduct a loss if Bitcoin loses value, just as if Bitcoin were a stock.

“In some environments, virtual currency operates like ‘real’ currency,” the IRS writes, “but it does not have legal tender status in any jurisdiction.” Therefore, “virtual currency is treated as property for U.S. federal tax purposes” and “general tax principles that apply to property transactions apply to transactions using virtual currency.”

The ruling takes effect immediately and failure to comply will result in fines. However, the agency says it will allow leniency for failure to file in the past if there is “reasonable cause.” (Presumably the absence of a rule would qualify.)

The ruling takes effect immediately and failure to comply will result in fines

Full article at the source>

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Texas eliminates sales tax on precious metal coins

October 4, 2013 in Coins, Gold, Gold Bullion, Gold Coins, Investing, News, Platinum, Platinum Coins, Precious Metals, Silver, Silver Coins

andmark legislation, which went into effect Tuesday in Texas, completely eliminates all taxation of precious metals on the grounds that gold and silver can be considered a currency.

Author: Dorothy Kosich Oct, 2nd 2013 (http://www.mineweb.com)

As of October 1, the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in Texas is now eliminated. It is the first time that a state has expanded an existing sales tax exemption for gold and silver.

Previously, Texans were paying 6.25% on all precious metals purchases under $1,000, a tax that was considered especially burdensome to small investors. Gov. Rick Perry signed H.B. 78 into law on June 14.

The legislation puts precious metals on a level playing field with other investments. Proponents of the legislation had asserted the exemption would attract coin shows, auctions and other events to Texas

Full article at source>

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