Physical Precious Metals Sales Tax by State

Are you talking about making a website to sell it....

Im in TN here...our sales tax is high..however we dont have a state income tax like other states..Colorado has a 4.5% state income tax it looks like

Yes please! I would buy through you. Been buying through JMB for no good reason.

Ohio eliminated its tax effective October 2021

I'm in favor of any expansion of your value finding and sharing.

Funny how this rule can into play in 2019. As if they knew people would be trying to get out of the system in the 2020’s!!

In Florida (where I live) it states this:
According to Rule 12A-1.0371 of the Florida Administrative Code, "the sale of gold, silver, or platinum bullion, or any combination thereof, in a single transaction, is exempt when the total sales price of such bullion exceeds $500." U.S. minted legal tender coins, such as gold and silver American Eagles, are not taxed ..

Go to local flee markets, there’s always bullion dealers at those places. Get to know the guy and then buy it off him at his house. Most of these dealers want to be out of the system anyways.

I'm from California and I can confirm that any order of PM lower than $1500 is taxed and vice versa - at least for online bullion dealers.

Whatever you decide to do, I hope you can facilitate a sale through a self directed account, i.e. a Solo K or an SDIRA.

Ohio checking in. Sales tax was just repealed and is no longer in effect since October 1st 2021. I bought platinum locally that day!

Yes! I am interested! 😀

Thx for info!

Yes very interested Andy. Also I have been wondering what is the best way (least amount of reportable sale amount to IRS) to sell my physical bullion when the prices go up.

Ohio here, my dad and I had a coin shop. Any one can go get a tax ID for like $50 (10 yearscago) and it's solely for bullion and then you don't have to pay taxes. Or You can also just go to any coin show and pay cash and most if not none of the dealers will charge you tax. Or you can go to different small local shops and start a relationship with them the majority won't charge you sales tax. Ps always bring cash

Have used APMEX and JM Bullion, but LCS is great. Unpredictable supply though. I’d say consider Miles Franklin they sound like they are about to modernize and have an online presence and serve new customers

Andy, if I lived in one of the high taxes for physical precious metals states (e.g. MN, NY, TN) and had to apply the "where the order is delivered" rule, why wouldn't I buy online and have them sent to be stored in OK, a no tax state (i.e. not have them sent directly to me)?

Thanks Andy, quick question I can't find info on - can you swap one metal directly for another without realizing a capital gain through liquidation?

cali we have to buy over 1500 to not pay taxes so basically buy in bulk or loss

Yes no tax if you buy more than $1000 NYS