Collectible / Gold and Silver State Sales Taxes in New York
New York Laws and Regulations
The State of New York requires the collection of sales taxes on certain products sold by Silver.com and delivered to a New York address. These taxes must be collected on (1) copper products; (2) bullion products if the sale amount does not exceed $1,000; (3) bullion products if the sale amount exceeds $1,000, and such bullion products are further manufactured, processed, assembled, or fabricated by the buyer; (4) bullion products if the sale amount exceeds $1,000, and the price paid for such products depends on more than the metal content of such products; (5) accessory items; and (6) processed items. All other products sold by Silver.com are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in New York:
- Bullion. Precious metal that is valued solely upon its precious metal content, whether in bar, coin, round, or ingot form.
- Sale Amount. Determined per invoice, and not on a line-item basis.
- Price Paid. Price paid is deemed to be based on the metal content if such price does not exceed the greater of the daily closing bullion cash price of such metal or the coins’ face value at prevailing rates of exchange by the following percentages: (a) with respect to silver coins, 140%; (b) with respect to gold coins weighing one-quarter ounce or less, 120%; or (c) with respect to other coins, including gold coins weighing more than one-quarter ounce, 115%. The price paid for bars, rounds, or ingots is deemed to be based on its metal content if the price paid for the same does not exceed 115% of the bullion cash price of such metals.
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Sales taxes in New York are calculated at checkout on the Silver.com website based on (1) the taxability of products sold by Silver.com in New York set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in New York.
Silver.com began collecting sales taxes in New York on March 1, 2019. Our sales tax license number in New York is 46-1785757.
If you are a New York-based reseller and wish to file a Reseller Certificate with Silver.com, please download the New York Reseller Certificate form here.
Once you have filled out this form, either email it to firstname.lastname@example.org; or mail it to Silver.com, Inc., 5930 Royal Lane, Suite E-151, Dallas, TX 75230. Once we receive your completed Reseller Certificate, we will enter it into our system, and you will not be charged sales taxes on future orders as long as your Reseller Certificate remains valid and in force.
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 Silver.com. 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 State Department of Taxation and Finance located at https://www.tax.ny.gov/.