Do Coin Sales Incur Tax?

Are you wondering if coin sales are subject to taxation? The answer is that it depends on the state you live in. Currently, 37 states have no state sales taxes or have full or partial exemptions from retail sales tax on coins and bullion of precious metals. Paper money sold or exchanged as legal tender is also exempt from B&O tax and retail sales tax. It's important to note that each state within the U.

S. has its own rules and regulations when it comes to collecting sales tax on precious metals. Generally, these taxes must be levied on any currency that contains gold or silver but is not recognized as a medium of exchange for the payment of debts and taxes; any coin or bar made of platinum, palladium or copper; any ingot product made of gold or silver if such bars are not stamped or printed with their weight and purity, accessories and processed items. To find out if you'll need to pay sales tax on your order, check the status of your shipping address. Precious metals are exempt from sales tax in many states, so it's important to be aware of the regulations in your area.