benefits of cashing in in a no tax state?

Just curious as I noticed that quite a few dinarians were going to TX to cash in? Why is that? Are there benefits of cashing in in a no tax state? Thanks

To clarify, I thought taxes were not taken at cash in.....Thanks

Taxes are declared and are payable in quester payments (4 times a year) or on the usual tax day of April 15 each year. To find out where you stand in the loop it would be best to ask a tax professional, not the IRS.
Several states are NO State tax states.. My favorite is Nevada but there are at least 6 others I believe.
PS, in order to gain the status you seek I believe it is necessary to be a "Resident" of that state. Check it out for yourself.

DevaronDLH wrote:Taxes are declared and are payable in quester payments (4 times a year) or on the usual tax day of April 15 each year. To find out where you stand in the loop it would be best to ask a tax professional, not the IRS.
Several states are NO State tax states.. My favorite is Nevada but there are at least 6 others I believe.
PS, in order to gain the status you seek I believe it is necessary to be a "Resident" of that state. Check it out for yourself.

I think this is correct, you will need to ask your own tax people, but I do think you will pay the the State income tax (if any) in the state of which you reside, no matter as to where you cash in.

I will personally be cashing in with my home state, they need the Money like everyone else... our schools are closing and things are falling apart... i'll pay the state tax Hope some others will do the same, consider it a gift to the community.. aloha all ( just a thought.)

I do believe your tax status has to do with the state in which you live, not
where you cash in.

IMO, the three posts above this are spot on......

I just got to wondering,

What if you happen to live in a no state income tax state, cash out in a state that does have a state income tax, would you be liable for the tax?

What would you be willing to do if you didn't have to pay any tax at all ... legally?

I mean, if you were able to cash out in a place that did not tax at all on a profit from a currency transaction... what would you do if offered that scenario?

well if you buy a car in another state....you do not pay that states tax on it...you get a temp reg. and paper licence plate and go home to reg. in your home state where you reside to pay tax. could bethe same with cash in.

You will pay the tax for the state you have a residence. No matter what state you cash-in To cash-in in another "low / no tax state, and not pay in your home state is to have residence in said state. Some states to assume residency takes about 30 days more or less. Laws vary from satte to state ...rick152

I live in an 11% tax state Or, but we are right next to no state income, Washington. Unfortunately, you have to be a resident for 6 months in the non income tax state to cash in with no state obligation. 6 days would be hard enough to wait after RV...

when we lived in Oregon we could get a tax exempt coin to show to Washington state vendors that we were Oregonians and we did not pay Washington state tax on grocerys and such, that was 20 years ago..... we would cross the Astoria bridge to get cheaper grocerys...anyway , we will all pay taxes somewhere.. that's how it works, darn it...:(

we do live in a small town and people talk alot , even the bank people. I'll be going to the next town to cash in so my friends at the bank do not see my balance..knowing i have money is fine, but they no need to know how much!!

I REALLY wouldn't want to mess with the Feds, but states are tough too. We have a local Mattress chain that had Oregon stores but delivered to Washington, Washington sued them and won $2 million (for not collecting sales tax), that chain is currently closing 7 stores, and we lose about 80 jobs in Oregon.

My State of Arizona has a balanced budget...NOW.....and will not be going banckrupt like so many others. We have a Republican governor and a Republican majority in our legislature......I feel good about giving them the just under 6% tax that they will be collecting from my RV windfall. Maybe they will be able to re-open many of the State parks and roadside rest areas they were forced to close in this economic downturn. I consider it a "gift" to my fellow Arizona residents even though I know it is a tax. Maybe my wife who works for the school district may even get some kind of raise since all salaries and wages have been frozen for the last four years....

:cheers:

well, I live in a state and country that has no tax on windfall capital gains, as this is. We have no taxes on gambling/casino/lottery gains at all.