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re: Precious metals market
Posted on 11/21/13 at 12:28 pm to ThatsAFactJack
Posted on 11/21/13 at 12:28 pm to ThatsAFactJack
quote:
They don't charge tax if you pay cash and are usually about the same price as online
They charge tax here uless you spend $1000 or more. Said it is some sort of Govt rule but I am not sure about that
1
Posted on 11/21/13 at 1:54 pm to Crawdaddy
Each state has its own rule regarding taxing precious metals. My LCS has 2 seperate registers. If you pay cash it goes in the "old" register and they don't charge tax. I'm guessing they like to keep their "cash" income away from the IRS. There is a local burger joint my way that operates in similar fashion. When you go to pay they ask cash or charge, if you answer cash, they go to a "sp[ecial" register and dont charge tax. Your shop seems to prefer to operate exactly by the books.
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