Sales Tax Regulations for Gold & Silver Bullion Collectibles
State Guidelines and Regulations
Choose your state from the image map below:
Buying Gold and Silver in the United States from ModernCoinMart
When purchasing your desired gold and silver bullion items from ModernCoinMart, there may be instances where you are obligated to pay local sales tax. As local tax rates are determined by the shipping address of your bullion products, there can often be confusion among consumers regarding the final amount. To address this, we’ve developed an interactive directory that allows you to research sales tax regulations in your state beforehand. Please note that your sales tax is dependent on the destination of your bullion shipment, not necessarily your residential address. If you store your gold and silver bullion in a location other than your home state, please ensure to check the sales tax rates for that area.
Reason for Changes in Tax Collection
On June 21, 2018, the Supreme Court of the United States made a significant ruling in the case of South Dakota v. Wayfair Inc. Essentially, South Dakota argued that it was losing out on local sales taxes due to the rise in online shopping compared to traditional in-store purchases. The 1992 case of Quill Corp v. North Dakota had set a precedent for how states would handle online retailers. At that time, the court ruled in favor of Quill Corp, stating that it was not obligated to collect sales tax in North Dakota due to its lack of physical presence in the state.
The Supreme Court’s decision on June 21st, 2018 overturned this precedent, empowering states to enforce the collection and remittance of local sales taxes by online retailers. This necessitates online retailers to adapt to various sales tax rates and regulations across the country. At ModernCoinMart, we are adjusting to these changes and striving to provide our customers with a clearer understanding of their total sales amount before completing a purchase.
We have introduced an interactive tool to assist you in determining the type of sales tax, if any, that you will encounter.
States Where We Currently Collect Sales Tax
We currently apply sales tax in varying capacities to the following states:
How ModernCoinMart is Addressing Sales Tax Adjustments
ModernCoinMart is implementing specific measures to enhance your comprehension of how recent changes in sales tax affect your acquisition of gold, silver, platinum, palladium, and copper. Primarily, we are only imposing sales tax in selected states. Within these states, the taxation varies depending on the product type. Some states exempt bullion coins from taxation, while others levy taxes on numismatic items and associated accessories such as flips, capsules, and apparel.
Here’s a demonstration of a few distinctions:
- Texas requires the collection of sales tax on specific non-bullion items shipped to addresses within the state by ModernCoinMart. This tax applies to copper and palladium products, as well as accessories like coin holders, tubes, flips, and apparel.
- Conversely, Vermont mandates ModernCoinMart to collect sales tax on all products dispatched to addresses within Vermont.
At ModernCoinMart, we urge you to pause and utilize our interactive map prior to making a purchase. This ensures you have a precise understanding of the sales tax amount applicable to your order, eliminating any uncertainty and providing clarity on the expenses associated with your cherished precious metal acquisitions.
