Sales Tax Law:

While normally known for heavy levels of taxation, New York has created an exemption for sales and use taxes on most precious metals.

According to TSB-M-89 (20)S, “Effective September 1, 1989, precious metal bullion sold for investment is exempt from state and local sales and…use taxes imposed under section 1115(a)(27) of the Tax Law.”
For this exemption to apply, the precious metal bullion must be sold for more than one thousand dollars, “the receipt of consideration given or contracted to be given for the bullion must depend only on the value of the metal content of the bullion; and if applicable, the retailer must be registered as a
broker or dealer with the New York Department of State pursuant to the provisions of section 359-e of the General Business Law.”

NPMEX is required to collect tax on some items shipping to New York, however sales tax will not be charged for Gold, Silver, Platinum, or Palladium bullion items if the total amount of a single sales transaction for these items is $1,000 or more and certain sales price requirements are met as qualifying purchases are exempt from sales tax when shipping to a New York address.

The state of New York requires the collection of sales taxes on certain products sold by NPMEX and delivered to a New York address. These taxes must be collected on (1) copper products; (2) accessory items; (3) processed items; and (4) Gold, Silver, Platinum or Palladium coins or bullion items if the total sales invoice is less than or equal to $1,000.

Products with Precious Metals content may be charged sales tax if the aggregate amount of the invoice is greater than $1,000 and one of the following is true:

• For Silver coins: if the sales price for the specific coin is greater than or equal to 140% of the silver value in the specific coin.
• For Gold coins containing 1/4 ounce or less of Gold: if the sales price of the specific coin is greater than or equal to 120% of the gold value in the specific coin.
• For Gold coins containing more than 1/4 ounce of Gold: if the sales price of the specific coin is greater than or equal to 115% of the gold value in the specific coin.
• For Platinum or Palladium coins: if the sales price for the specific coin is greater than or equal to 115% of the Platinum or Palladium value in the specific coin.
• For bars, ingots, rounds, or any other form in Gold, Silver, Platinum or Palladium: if the sales price of the specific item is greater than or equal to 115% of the Gold, Silver, Platinum or Palladium value in the specific item.

The following definitions apply to products on which taxes must be collected in New York:

• Accessory Items: Items such as holders, tubes or coin flips.
• Processed Items: Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.

Sales taxes in New York are calculated at checkout on the NPMEX website based on
(1) the taxability of products sold by NPMEX in New York set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in New York.

Capital Gains Tax:

Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Please Note: The above is not a comprehensive description of sales tax laws and requirements in the state of New York. it is only intended to provide the reader with a brief overview of those sales tax laws and requirements currently in effect in the state of New York that relate to the reader’s transactions with NPMEX. if you would like to research the sales tax laws and requirements in the state of New York, we suggest you visit the New York department of revenue located at https://www.tax.ny.gov/.

Buying Gold and Silver in New York

Buying precious metals from online dealer NPMEX has some major advantages. Though NPMEX is physically located in Erie Colorado, we ship all over the United States, every day.

NPMEX offers a huge selection of coin and bullion products for New York residents to choose from. Buyers can shop by metal type or by form such as coin, round or bar. In addition to potential cost savings, shopping online at NPMEX is convenient and can be done from the comfort of your own home or office. Simply pick the coin or bullion products you want to buy, complete the simple checkout process, and your metals will be quickly shipped to your home or other destination of choice. Your precious metals purchases are fully insured and tracked while in transit.

Benefits to buying gold & silver online at NPMEX.COM:

• Gold and silver shipped directly to your door
• Lower prices than most physical coin stores
• Wide selection
• 24/7 online ordering 365 days a year
• Friendly & knowledgeable customer service

Because online precious metals dealer NPMEX may have lower overhead than brick and mortar coin shops, we are able to pass savings on to our customers. NPMEX offers some of the lowest prices available for precious metals.

NPMEX is proud to serve the residents of New York and offers a great value and buying experience.