New York Precious Metals Tax
What Precious Metals Are Taxed in New York?
New York declares precious metals are exempt from the tax on retail sales and compensating use tax as set forth below.
Definitions Specific to Precious Metal Products in New York
“‘Precious metal bullion’ means bars, ingots or coins of gold, silver, platinum, palladium, rhodium, ruthenium or iridium”
Bullion qualifies for New York sales tax exemption, if:
Precious metal bullion sold for investment is not subject to taxation if over $1,000 based on its metal content value, N.Y. Tax Law § 1115 (a)(27) so long as:
But excludes numismatics, “bars, ingots or coins if “manufactured, processed, assembled, fabricated or used for an industrial, professional, esthetic or artistic purpose.”
If required, purchased from a registered retailer per N.Y. Gen. Bus. Law § 359-E,
And the purchaser or user and buys in the same form as when purchasing and does not manufacture, process, assemble or fabricate such bullion for its own use.
Price must not exceed:
- 140%, with respect to silver coins, or
- 120%, with respect to gold coins weighing one-quarter of an ounce or less, or
- 115%, with respect to other coins, of the greater of (A) the daily closing bullion cash price of such metal in the open market or (B) the coins’ face value at prevailing rates of exchange, or
- with respect to bars and ingots, one hundred fifteen percent of such bullion cash price of such metal. Where there is no such closing price for such metal, the average of the bid and asked cash prices shall be substituted for such closing price.”
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 New York. 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 uses an advanced sales tax computation system to determine the applicable precious metals sales tax based on your ZIP code. This ensures you receive the most accurate pricing with taxes automatically calculated for your purchase.
Please note that Safe Haven Metal may not have an economic nexus in every state. If sales tax is applicable and is not collected at the time of purchase, the ultimate responsibility for reporting and remitting any required taxes on precious metals purchases rests with the consumer.
