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re: Precious metals market

Posted on 11/21/13 at 1:54 pm to
Posted by ThatsAFactJack
East Coast
Member since Sep 2012
1565 posts
Posted on 11/21/13 at 1:54 pm to
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.
Posted by jmarto1
Houma, LA/ Las Vegas, NV
Member since Mar 2008
34996 posts
Posted on 11/21/13 at 5:57 pm to
Sorry if I'm asking dumb questions here, but are the markings going to make any difference here? I'm looking at markings such as Sunshine Mining. I'm figuring as said before, silver is silver, and I should probably got for lowers above spot. Just wanted to make sure though.
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