Florida Precious Metals Tax
What Precious Metals Are Taxed in Florida?
Florida’s Title XIV Taxation and Finance, Fla. Stat. § 212.05 (j) when the total sale is under $500, that sale is taxed at 6% if:
- The sale involves coin or currency.
- That is not legal tender in the United States.
- And is based on its precious metal content.
- Or in excess of its face value.
- Or is not legal tender.
That means foreign precious metal coins and rounds if the total sale is under $500.
No matter the purchase price, any coins that are made by the US Mint are not subject to the above tax, including palladium.
Bullion qualifies for Florida sales tax exemption, if:
A single transaction is exempt if the sales price exceeds $500 for the sale of gold, silver, or platinum bullion. (Fla. Stat. § 212.08(ww)) Palladium is not on that list.
Conclusion
Florida proved a little more complex than other states. The bottom line is that any US Mint coin is exempt from taxation no matter the total sale price. All bullion is exempt if the total single transaction is over $500, except for palladium.
Palladium US Mint coins are the only tax free way to acquire that precious metal.
Any foreign coins, rounds, or bullion is exempt from tax if the total sale is over $500, except for palladium bullion.
Disclaimer
Disclaimer: Sales tax laws and rates regarding precious metals coins and bars in Florida may change without notice. This page provides general guidance only. Please consult your local tax authority or a qualified tax professional, and check official state resources for the most current and accurate information before making any precious metals transactions.
If you want to buy or sell precious metal coins and bars in Florida, your transactions are generally tax-free over $500. Always verify your specific products and stay updated with the Florida’s Division of Tax Revenue.
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.
