Arizona Precious Metals Tax
What Precious Metals Are Taxed in Arizona?
All sales are not commodity contracts and are completed in 28 days, as contemplated in Ariz. Rev. Stat. § 44-1801(6) while numismatics are exempt from that definition under subd.(15), they are taxable. Rounds and bars are also taxable at the state sales or use tax rate of 5.6%.
Any other precious metal coin that is monetized is not subject to sales or use tax.
Definitions Specific to Precious Metal Products in Arizona
“‘Monetized bullion’ means coins and other forms of money that are manufactured from gold, silver or other metals and that have been or are used as a medium of exchange in this or another state, the United States or a foreign nation.” “‘Precious metal bullion’ means precious metal, including gold, silver, platinum, rhodium and palladium, that has been smelted or refined so that its value depends on its contents and not on its form.” Ariz. Rev. Stat. § 42-5061(21)(b)(c) (retail tax); Ariz. Rev. Stat. § 42-5159 (A)(56)(b)(c) (use tax)
Bullion qualifies for Arizona sales tax exemption
A Conversation You Must Have with Your Tax Advisor
For taxation of income after 2017, “the amount of any net capital gain” from “coins having precious metal content” “shall be subtracted from Arizona gross income” (Ariz. Rev. Stat. § 43-1022 (25)(a),(b)) but “any net capital loss” “shall be added to Arizona gross income” (Ariz. Rev. Stat. § 43-1021(14))
For corporations “any net capital loss” “shall be added to Arizona gross income” (Ariz. Rev. Stat. § 43-1121(22)) “any net capital gain” “shall be subtracted from Arizona gross income” (Ariz. Rev. Stat. § 43-1122(22))
What that means is between you and your tax professional.
Conclusion
Please note that this is not a comprehensive review of sales tax laws, only a brief overview of sales tax laws and requirements that may currently affect your transactions with Safe Haven Metal when shipping to the state of Arizona. Hyperlinks are provided to the state laws, therefore if at any time the text on this page differs from the state’s, you must follow the state’s text.
Sales tax is assessed according to where one is shipping the purchase to.
Safe Haven Metal utilizes an advanced sales tax computation system to determine the applicable sales tax on precious metals transactions based on the purchaser’s ZIP code. This system is designed to ensure that the most accurate pricing and corresponding tax calculations are applied to each order.
However, Safe Haven Metal may not have an established economic nexus in every state or jurisdiction. In instances where Safe Haven Metal is not obligated to collect sales tax, and such tax is nonetheless applicable under state or local law, the purchaser is solely responsible for reporting, remitting, and paying any such taxes directly to the appropriate taxing authority.
Safe Haven Metal disclaims any liability for a purchaser’s failure to properly report or remit taxes that may be due in connection with their purchase.
