The simple answer is to store your metals overseas or in one of five states that currently do not charge sales taxes. Check the status of your shipping address below to find out if you will need to pay sales tax on your order. Precious metals are exempt from sales tax in many states, however, every state in the U.S. UU.
It has its own rules and regulations when it comes to collecting sales tax on precious metals. No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to an Alabama address. The State of Alabama requires the collection of a simplified use tax from sellers with a fixed rate of 8% on certain products sold by BGASC and delivered to an Alabama address. These taxes must be collected on copper products, certain ingot items lower than.
All other products sold by BGASC are exempt from these taxes. Read more NO sales tax will be charged for any item that is shipped to an Alaskan address. There is currently no state sales tax in effect in the state of Alaska, so BGASC is not required to collect sales taxes on any product that is shipped to an address in Alaska. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to an Arizona address.
The state of Arizona requires the collection of taxes on certain products sold by BGASC and delivered to an Arizona address. These taxes must be collected on copper products, accessories and processed items. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to an Arkansas address (as of October 1, 2020). The state of Arkansas requires the collection of sales tax on certain products sold by BGASC and delivered to an address in Arkansas.
These taxes must be collected on copper products, precious metal ingots that do not meet certain purity requirements, accessory items and processed items. Read more The District of Columbia requires BGASC to collect sales taxes on all products sold by BGASC and delivered to an address in the District of Columbia. Read more No sales tax will be charged on items in gold, silver or platinum bullion, as they are exempt from sales tax when shipped to a Georgia address. The state of Georgia requires sales tax on certain products sold by BGASC and delivered to a Georgia address.
These taxes must be collected on palladium products, copper products, certain currencies, accessory items, and processed items. Read more The State of Hawaii requires BGASC to collect general special taxes on all products sold by BGASC and delivered to a Hawaii address. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to an Idaho address. The state of Idaho requires the collection of sales tax on certain products sold by BGASC and delivered to an Idaho address.
Read more No sales tax will be charged on most gold, silver or platinum items, as they are exempt from sales tax when shipped to an Illinois address. The state of Illinois requires the collection of taxes on certain products sold by BGASC and delivered to an Illinois address. These taxes must be collected on certain palladium products, copper products and any ingot lower than. Read more No sales tax will be charged in the U.S.
Legal tender and most gold (. The State of Indiana requires sales tax to be collected on certain products sold by BGASC and delivered to an Indiana address. These taxes must be collected on copper products, any product other than the U.S. Legal tender gold products with a purity lower than.
Read more No sales tax will be charged on items made of gold, silver, platinum, palladium, bullion or legal tender because they are exempt from sales tax when shipped to an Iowa address. The state of Iowa requires the collection of sales tax on certain products sold by BGASC and delivered to an Iowa address. These taxes must be collected on copper products, certain coins, accessories and processed items. Read more No sales tax will be charged on gold, silver, platinum or palladium items or gold or silver coins, as they are exempt from sales tax when shipped to a Kansas address.
The state of Kansas requires the collection of taxes on certain products sold by BGASC and delivered to a Kansas address. These taxes must be collected on any currency other than gold or silver, copper products, accessories and processed items. Read more The State of Kentucky requires BGASC to collect taxes on all products sold by BGASC and delivered to a Kentucky address. Read more The State of Maine requires BGASC to collect sales taxes on all products sold by BGASC and delivered to a Maine address.
Read more No sales tax will be charged on investment coins and gold, silver or platinum bullion items, as they are exempt from sales tax when shipped to a Michigan address. The state of Michigan requires the collection of sales tax on certain products sold by BGASC and delivered to a Michigan address. Read more BGASC currently does not ship to the state of Minnesota. Read more The State of Mississippi requires BGASC to collect taxes on all products sold by BGASC and delivered to a Mississippi address.
Read more No sales tax will be charged for any item that is shipped to a Missouri address. Currently, BGASC does not collect sales tax on orders that are shipped to Missouri. Read more No sales tax will be charged on items in gold, silver, platinum or palladium bullion, as they are exempt from sales tax when shipped to a Nebraska address. The state of Nebraska requires the collection of sales tax on certain products sold by BGASC and delivered to a Nebraska address.
Read more No sales tax will be charged on ingots or coins used as a medium of exchange, as they are exempt from sales tax when shipped to a Nevada address. The state of Nevada requires the collection of sales tax on certain products sold by BGASC and delivered to a Nevada address. These taxes must be collected on copper products, coins that are not used as a medium of exchange, ingots not used as a medium of exchange, accessory items and processed items. Read more The State of New Jersey requires BGASC to collect sales taxes on all products sold by BGASC and delivered to a New Jersey address.
Read more The State of New Mexico requires BGASC to collect taxes on all products sold by BGASC and delivered to a New Mexico address. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to a North Carolina address. The state of North Carolina requires the collection of sales tax on certain products sold by BGASC and delivered to a North Carolina address. Read more No sales tax will be charged for legal tender or.
The state of North Dakota requires the collection of sales tax on certain products sold by BGASC and delivered to a North Dakota address. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to an Ohio address (as of October 1, 2020). The State of Ohio requires sales tax to be collected on certain products sold by BGASC and delivered to an Ohio address. Read more No sales tax will be charged on gold, silver, platinum or palladium items or legal tender used as a medium of exchange in the United States or any foreign country, since they are exempt from sales tax when shipped to an Oklahoma address.
The state of Oklahoma requires the collection of sales tax on certain products sold by BGASC and delivered to an Oklahoma address. Read more No sales tax will be charged on gold, silver, platinum or palladium bars or legal tender coins used as a medium of exchange in the United States or in any foreign country, since they are exempt from sales tax when shipped to an address in Pennsylvania. The state of Pennsylvania requires the collection of sales tax on certain products sold by BGASC and delivered to a Pennsylvania address. These taxes must be collected on copper products, coins that are not currently used or were not previously used as legal tender in the United States or any foreign country, accessory items, and processed items.
Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to a Rhode Island address. The state of Rhode Island requires the collection of sales tax on certain products sold by BGASC and delivered to a Rhode Island address. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to a South Carolina address. The state of South Carolina requires the collection of sales tax on certain products sold by BGASC and delivered to a South Carolina address.
These taxes must be collected on copper, palladium and numismatic products, except those currently or formerly used as legal tender, accessory items and processed items. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to a South Dakota address. The state of South Dakota requires the collection of sales tax on certain products sold by BGASC and delivered to a South Dakota address. These taxes must be collected on copper products, certain numismatic products, coins not issued as legal tender, accessory items and processed items.
Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to a Tennessee address (as of May 27, 2020). The state of Tennessee requires sales tax to be collected on certain products sold by BGASC and delivered to a Tennessee address. These taxes must be collected on accessory items and processed items. Read more No sales tax will be charged on gold or silver coins, ingots or cartridges, as well as platinum ingots or cartridges, as they are exempt from sales tax when shipped to a Texas address.
The state of Texas requires sales tax to be collected on certain products sold by BGASC and delivered to a Texas address. These taxes must be collected on (copper and palladium); ingot products (copper, palladium and platinum); items (accessories); and (processed items). Read more No sales tax will be charged on gold, silver or platinum bullion items that we sell, as they are exempt from sales tax when shipped to a Utah address. The state of Utah requires the collection of sales tax on certain products sold by BGASC and delivered to a Utah address.
These taxes must be collected on any currency that does not constitute legal tender in any state, the United States or any foreign country; copper products; palladium products; any ingot product made of gold, silver or platinum if the gold, silver or platinum content is less than 50%; accessory items and processed items. Read more The State of Vermont requires BGASC to collect sales taxes on all products sold by BGASC and delivered to a Vermont address. Read more No sales tax will be charged on gold, silver, platinum or palladium items, as they are exempt from sales tax when shipped to a Washington address. The state of Washington requires the collection of sales tax on certain products sold by BGASC and delivered to a Washington address.
These taxes must be collected on copper products, numismatic products, accessories and processed items. Read more No sales tax will be charged on gold, silver, platinum or palladium investment ingots and coins that we sell, as they are exempt from sales tax when shipped to a West Virginia address. The state of West Virginia requires the collection of sales tax on certain products sold by BGASC and delivered to a West Virginia address. Read more The State of Wisconsin requires BGASC to collect sales taxes on all products sold by BGASC and delivered to a Wisconsin address.
Read more No sales tax will be charged on items in gold or silver bullion that we sell, as they are exempt from sales tax when shipped to a Wyoming address. The State of Wyoming requires the collection of sales tax on certain products sold by BGASC and delivered to a Wyoming address. These taxes must be collected on any currency containing gold or silver but is not recognized as a medium of exchange for the payment of debts and taxes; any coin or ingot made of platinum, palladium or copper; any ingot product made of gold or silver if such ingots are not stamped or stamped with their weight and purity; accessory items; and processed items. Read more Before the above-mentioned Supreme Court decision, we only had to collect state sales tax on orders that were shipped to an address within California, the same state where our BGASC headquarters (also known as our physical nexus) are physically located.
This was because, in 1992, the Supreme Court set a precedent for how each state would treat online retailers in Quill Corp v. The court ruled in favor of Quill Corp and ruled that the company did not need to collect sales taxes in North Dakota, since it had no physical presence in the state. Under certain circumstances, the dealer must file a Form 1099-B to the IRS to declare profits paid to a non-corporate seller of precious metals. This helps the IRS determine if sellers have correctly reported this income on their tax returns.
The IRS has specific rules that determine which sales of precious metals require the dealer to submit this form. To date, 41 states have eliminated sales taxes on gold and silver bullion. The only states that continue to levy taxes on the sale of precious metal ingots are Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii. The District of Columbia also taxes physical purchases of gold and silver.
Precious metal bars and ingots: With respect to bars and ingots of precious metals, the receipt or consideration granted or contracted depends only on the metal content of the bars and ingots of precious metals if, at the time of retail sale or purchase, the receipt or consideration does not exceed 115 percent of the cash price in daily closing ingots of the precious metal in Open market issue. If there is no such closing price for such metal, the closing price should be replaced by the average of the cash prices offered and requested for the business day immediately preceding the day of retail sale or purchase. The sale is exempt from tax, since the selling price of the coins did not exceed 140 percent of the daily closing price in cash in silver bars and the other requirements in this section are met. The selling price of the currency exceeds 115 percent of both the value of the currency's metallic content and the nominal value of the currency at the current exchange rate.
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