New York Precious Metals Tax Information
The state of New York requires the collection of sales taxes on certain products sold by APMEX and delivered to a New York address.
Please note: The below 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 APMEX.
What Precious Metals Are Taxed?
Taxes must be collected on Copper products, accessory items, and processed items. Products with Precious Metal content will be charged sales tax if the aggregate amount of the invoices for Precious Metals 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:
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- 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 with 1/4 ounce or less of Gold in the specific coin, 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 with more than 1/4 ounce of Gold in the specific coin, 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, wafers 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.
Taxable Products in New York.
The following definitions apply to products on which these taxes must be collected in New York:
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- 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.
How Does New York Calculate Precious Metals Taxes?
Sales taxes in New York are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in New York set forth above and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in New York.APMEX began collecting sales taxes in New York in February 2019.
