Sales tax on junk silver

Junk silver has a 90% silver content, therefore the value of junk silver is simply 90% of the spot price. However, the spot price is for 1 troy ounce of silver but junk silver is rarely sold by the troy ounce. Typically, junk silver is sold by "face value", which is the $ amount on the face of the coin. For example, a quarter is $0.25 face value. NV charges sales tax on all junk silver purchases regardless of the amount of the sale. AZ does not charge a sales tax on bullion like junk silver. People who have not lived in the West may not realize how big California is. To drive from my house near San Francisco to OR is five and a half hours (343 miles). The advantage of junk silver is that these 1099 rules won't apply as it is easy enough to sell less than $600 of it at a time. This isn't a statement on the tax owed, if any, but rather on how this rule might hit this type of PM.

NO sales tax will 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. Arkansas - sales taxes of 6.5% – 9.75% plus an additional local sale and use tax as high as 3.25% per transaction in some instances. California - sales tax of 7.5% (and that is excluding municipality sales taxes like in Los Angeles). The exemption is on orders at or above $ 1,500.00 USD. Junk silver has a 90% silver content, therefore the value of junk silver is simply 90% of the spot price. However, the spot price is for 1 troy ounce of silver but junk silver is rarely sold by the troy ounce. Typically, junk silver is sold by "face value", which is the $ amount on the face of the coin. For example, a quarter is $0.25 face value. Gold & Silver Sales Tax Buying Products from SD Bullion and Potential Tax Implications. When you purchase products on SDBullion.com, we may have to collect sales tax on some or all of the products you purchase. One of the purposes of IRS Form 1099-B is for a Precious Metals dealer to report the proceeds of customer sales to the dealer of any of the Precious Metals from the IRS Reportable Items List. If you have additional questions, please consult a tax professional for details on your specific tax situation. Some states also may charge sales tax up to a point, and there may be exemptions beyond that point. For example, a purchase of less than $1,000 may be subject to sales tax but above $1,000 may not be subject to the tax. It is important to also keep in mind that tax laws can change and, therefore,

First of all, APMEX is only collecting sales tax for orders shipped within certain states. Among those states, some charge sales tax only on Jewelry or non-Precious Metals items (such as tubes or capsules). Other states require tax collection regardless of the items included in the order.

1 Sep 2018 I screwed up on part of my effort to convert gold coins and numismatic silver ones to junk silver. In CA, you need to make coin purchases  5 May 2019 The state of Ohio is now considering a sales tax on investment-grade gold and silver coins and bars as part of the 2019 Ohio State Budget Bill. 19 Aug 2019 As well, silver bullion sale losses can be written off up to $3000 a year depending on your situation. Learn more about current silver taxation in  When you buy gold and silver in Delaware, you pay no sales tax. In addition, they buy and sell paper currency, precious metals scrap, and gold and silver  Learn the best places to buy gold, silver, and platinum in California. Specifically, under California Sales and Use Tax Regulation 1599: "Tax applies to sales of rare and collectible coins, proof and certified coins, and precious metal scrap. 17 Feb 2018 Many U.S. states have changed their laws or amended state constitutions to eliminate sales tax on gold and silver bullion coins since the 

Yes right now if you declare all your income, including what you made on the sale of the silver coins you do owe 28% tax on the profits of the sale of that silver. That is the current law. The sale of most items you have capital gains on is 15%, but for coins or other collectibles the rate is 28%.

In states with sales tax that covers bullion, purchases over a certain amount are normally exempt (just check with your local dealer to find out). If you live in a state  

Gold & Silver Sales Tax Buying Products from SD Bullion and Potential Tax Implications. When you purchase products on SDBullion.com, we may have to collect sales tax on some or all of the products you purchase.

A client residing in Arkansas places an order for $1,000 worth of silver. They would be charged an additional $65.00 in sales tax in compliance with Arkansas   1 Sep 2018 I screwed up on part of my effort to convert gold coins and numismatic silver ones to junk silver. In CA, you need to make coin purchases 

A client residing in Arkansas places an order for $1,000 worth of silver. They would be charged an additional $65.00 in sales tax in compliance with Arkansas  

A bill introduced in the US House would eliminate capital gains taxes on gold and silver bullion.. Rep. Alex Mooney (R-W.Va.) introduced HR6790 on Sept. 12. Titled the Monetary Metals Tax Neutrality Act of 2018, the legislation would amend the IRS code to exempt the sale of “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content * Buy or trade for his hand poured silver, Rock Your Stack silver. * Make a recommendation for a great coin opportunity, video, or story that the You Tube Stacking Community will enjoy One of the purposes of IRS Form 1099-B is for a Precious Metals dealer to report the proceeds of customer sales to the dealer of any of the Precious Metals from the IRS Reportable Items List. If you have additional questions, please consult a tax professional for details on your specific tax situation.

First of all, APMEX is only collecting sales tax for orders shipped within certain states. Among those states, some charge sales tax only on Jewelry or non-Precious Metals items (such as tubes or capsules). Other states require tax collection regardless of the items included in the order.