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[…] Safe Haven Metal company logo of a shield with the letters "SHM" as the body, and the company name in over under format, silver and gold colors
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Sales Tax by State for Precious Metals

The Sales Tax on Precious Metals is Broken Down by State

The below states are grouped into two categories regarding sales tax on precious metals. Both categories are dependent on the Safe Haven Metal minimum required purchase amount of $2,000 for cash transactions because of state law. The tax rules are different for retirement accounts.

States We Do NOT Collect Sales Tax On

Because of the Safe Haven Metal minimum purchase amount, these states do not require us to collect sales tax on products being shipped to the following states:

Arizona, Arkansas, Delaware, Florida, Idaho, Iowa, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Oregon, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Washington, and or  West Virginia.

States We Do Collect Sales Tax On (alphabetical)

Safe Haven Metal is required by the laws of these several states, to collect sales tax at the time of sale if the following items are purchased from that state regardless of the minimum purchase amount:

Alabama Sales Tax

  • Numismatics, or
  • Items below .900 Purity .

Alaska Sales Tax

The state of Alaska does not charge sales tax. However, some local jurisdictions require the collection of sales tax on all products. Also, you can verify if your area will require taxes or not by reviewing Alaska Taxable. Which is a yearly publication and it lists all municipalities and the types of tax each levies, reflecting values as of January 1 of the prior year.

California Sales Tax

  • Palladium Bullion, or
  • Platinum Bullion.

Colorado

  • Numismatics

Connecticut

  • Palladium
  • Platinum Coins
  • Platinum Bullion, or
  • Numismatics.

Georgia

  • Palladium

Hawaii

  • All Products

Illinois

  • Palladium, or
  • Bullion below .980 Purity.

Indiana Sales Tax

  • Numismatics, or
  • Foreign Gold Coins and Gold Bullion below .995 Purity, Foreign Silver Coins, and Silver Bullion below .999 Purity, Foreign Platinum Coins, Platinum Bullion, Foreign Palladium Coins & Palladium Bullion below .9995 Purity.

Kansas

  • Platinum Coins, or
  • Palladium Coins.

Kentucky

  • All Products

Louisiana

  • Palladium, or
  • Numismatics.

Maine

  • All Products

Massachusetts

  • Platinum Coins & Bullion, or
  • Palladium Coins & Bullion.

Michigan

  • Palladium, or
  • Metals below .90 Purity.

Minnesota Sales Tax

  • Gold Coins, Silver Coins, Platinum Coins, and Palladium Coins
  • Gold, Silver, Platinum, & Palladium Bullion below .999 Purity; and
  • Numismatics.

New Jersey

  • All Products

For the northern residents of the Garden state, you may want to read the below tax rules for your northern neighbor. Just in case the thought had come to mind of having it delivered to your work might be better to not have to worry about the hassle of taxes.

New Mexico

  • All Products

New York Sales Tax

 The Empire state’s taxes are imposed on the following items.

  • Any transaction if the aggregate amount for Precious Metals is more significant than $1,000 and one of the following is valid:
    • For Silver coins, if the sales price for the specific coin is greater than or equal to 140% of the Silver value in the specific coin;
    • For Gold coins with 1/4 ounce or less of Gold in the specific coin, if the sales price of the specific coin is greater than or equal to 120% of the Gold value in the specific coin;
    • For Gold coins with more than 1/4 ounce of Gold in the specific coin, if the sales price of the specific coin is greater than or equal to 115% of the Gold value in the specific coin;
    • For Platinum or Palladium coins, if the sales price for the specific coin is greater than or equal to 115% of the Platinum or Palladium value in the specific coin;
    • For bars, ingots, wafers, or any other form in Gold, Silver, Platinum, or Palladium, if the sales price of the specific item is greater than or equal to 115% of the Gold, Silver, Platinum, or Palladium value in the specific item

North Dakota

  • Numismatics; or
  • Gold, Silver, Platinum, and Palladium bullion below .999 Purity.

Ohio Sales Tax

  • Gold bullion below 0.995% purity, Silver bullion below 0.999% purity, Platinum and/or Palladium bullion below 0.9995% purity.

South Carolina

  • Palladium

South Dakota

  • Numismatics

Texas

  • Palladium Coins and Bullion; or
  • Platinum Coins.

Utah

  • Palladium; or
  • Any Metal Product below .500 Purity.

Vermont

  • All Products

Virginia

  • Palladium Bullion, or
  • Numismatic Bullion.

Washington DC Sales Tax

  • All Products

Wisconsin

  • All Products

Wyoming

  • Gold or silver coins are not used as mediums of exchange
  • Gold or silver bullion which is not coined, stamped, or imprinted with its weight and Purity and is valued primarily based on its metal content and not its form

Conclusion

Don’t say Ben didn’t warn you. We all grew up knowing there were only two certainties in life.

Death and taxes.

Founding father Benjamin Franklin looks over his shoulder to the side with a look that says, "Yeah, right. I am not fooled." Retroactive gold tax is unacceptable.
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Simplified Short Version of Terms and Conditions of Website

This is only a simplified version of the full terms and conditions, it is intended as a quick overview regarding the things as people are most commonly relevant to us.

This website is governed by the full terms and conditions.

Purchase and sales agreements are separate, and provided in different links found on the footer. 

Consent to Contact

Submitting your contact information on any of our contact forms and or calling or emailing Safe Haven Metal is a grant of consent for us to contact you via telephone or email. This consent is a waiver if you are on the do not call list registry and any email shall not be considered spam or unsolicited. Safe Haven Metal will contact you to discuss your needs and no other use of your contact information will be engaged in by us. We do not sell your phone number or email information to anyone.

Please review our Privacy Policy and Cookie Policy for opt out procedures and additional information. The bottom line is that we do not like it when companies sell our information so we will not do it to others.

AML POLICY

Due to Anti-Money Laundering (AML) Policy restrictions and guidelines, we do not accept physical paper money (cash) for purchases. If you do not know what the AML is, you really need to look it up, as it applies to everyone.

As a financial institution, Safe Haven Metal is AML compliant.

PAYMENT OPTIONS

For products that will be delivered to you directly these traditional forms of payment are accepted: bank wire (we prefer this one), cashier’s check, ACH; also IRA is acceptable but that has tax consequences for you.

For products that will be stored by a third party (depository), IRA, 401k, Pensions, Retirement Account, etc. (see full list on Gold IRA page) are all acceptable forms of payment.

We do not accept credit card payments, cash over $10,000 and we do not accept cryptocurrency, we are happy with our real gold.

BUY BACK POLICY (from the purchase agreements)

Safe Haven Metal (SHM) is prohibited under the law from guaranteeing to repurchase Precious Metals that SHM sells, and SHM does not guarantee that it will repurchase any Precious Metal item that Client may purchase; what SHM extends is the possible availability as a buyer at a later date. If and when Customer desires to liquidate, simply call SHM and let SHM know you are ready for SHM to exchange for cash the Precious Metals purchased from us subject to the following procedure that must occur:

i.)         Customer ships the Precious Metals products originally purchased from SHM for inspection because the buy back offer is only for the exact items purchased from us, inclusive of exact condition; and 

ii.)        The cash value of buy back will be at or near Spot Price at the time when we have examined the product to ensure it passes inspection (which is at our or our designated inspector’s sole good faith discretion as to current condition compared to documented condition when originally purchased); 

iii.)      A new agreement is then presented by SHM to Customer reflecting Spot Price and conditions quantities much like this Invoice; the offer is valid for 24 hours after inspection approval and new agreement sent; 

iv.)      Once signed and returned to SHM the money is then released to you within 72 hours; if Customer rejects the offer then Customer must pay for return shipping costs and the product will be returned to Customer. 

v.)          There is no fee on buy back, as that fee is part of the initial purchase Agreement with us as a part of our consideration to be available for your needs at a later date, consistent with this whole paragraph.

Risk Disclosures

Investing in everything is a risk; values fluctuate, sometimes going up, other times down; no one can predict the future; that is why diversified portfolios are usually recommended. The best anyone can do is make informed decisions and see if correct over time, therefore do research, do your homework. Do not invest more in precious metals than you feel comfortable with after informing yourself. Read your contract; ask your attorney to review it. We strive to do right and help others, if you do not understand something then ask us. There are no guarantees, other than doing our best for you.

DISCLAIMER

Our communication of portfolio is intended as Oxford Dictionary defines “portfolio” as: “a range of products or services offered by an organization, especially when considered as a business asset” and Oxford defines “analysis” as “detailed examination of the elements or structure of something”.

All information provided on this website is the opinion and property of Safe Haven Metal LLC. All customers and potential customers are encouraged to do independent research, educate yourself and make informed decisions. Then you can make the best decision for yourself. Once you have done your diligence you will see that Safe Haven Metal LLC truly does have our clients’ best interests in heart. We would not encourage you to go look around elsewhere if we were not confident in what we offer and provide.

NOTICE: Any images of persons on our site are from professional models obtained through licensing of various companies.

Full Terms and Conditions

The full terms and conditions control over this simplified version. This is intended as a quick reference point only. You can access and read more on the full terms and conditions page.