Answer
Feb 05, 2024 - 08:34 AM
Yes, there are several ways to potentially reduce sales tax when buying precious metals in New York State. We recommend referring to our comprehensive state-by-state tax guide, . Here are some important points to consider: Sales tax is typically calculated based on individual invoices for single sales transactions, not on a line-item basis. Additionally, sales tax may not apply to your purchase if the total amount exceeds $1,000 USD, provided that the following premiums are not exceeded:
140% for silver coins
120% for gold coins weighing 1/4 troy oz or less
115% for all other coins
It's advisable to seek guidance from a tax professional or explore potential tax exemptions and incentives that may be applicable to your specific circumstances when buying gold in NYC and New York State.
It's advisable to seek guidance from a tax professional or explore potential tax exemptions and incentives that may be applicable to your specific circumstances when buying gold in NYC and New York State.
