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.
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 Florida. 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.
Assessing sales tax is done according to where one is shipping the purchase to.
Safe Haven Metal uses an advanced sales tax computation system to calculate the correct precious metals’ sales tax applicable to your zip code. Making your purchase the best price with the most accurate tax automatically calculated for you. Now all you need to do is figure out which precious metals you are going to buy next with Safe Haven Metal.
