New York Precious Metals Tax Information
New York sales tax is applied only to specified products and transactions. Sales tax is calculated per individual invoice, not on a line-item basis. Any product or transaction not listed below is not subject to New York sales tax.
Taxable Products in New York
- All copper products.
- All bullion products when the total transaction value is less than $1,000 USD
- All bullion products when the total transaction value exceeds $1,000 USD and the bullion has been enhanced, processed, assembled, or otherwise altered by the buyer
- All bullion products when the total transaction value exceeds $1,000 USD and the product is valued for more than its metal content
- Accessories. Such as holders, tubes, capsules, coin flips, and similar items
- Processed or altered items. Meaning products modified beyond their original bullion form, including colorized coins, plated coins, and specialty finishes
Exemptions:
- Sales tax does not apply when the total transaction amount exceeds $1,000 USD and the applicable premium thresholds are not exceeded
- 140% of spot price for silver coins
- 120% of spot price for gold coins weighing 1/4 troy ounce or less
- 115% of spot price for all other coins
- For bars and/or ingots, the total sales amount must not exceed 115% of the cash price of the underlying precious metal to remain tax-exempt
Tax Rates:
New York sales tax is calculated per individual invoice. Taxability depends on the transaction value, product type, and applicable premium thresholds.
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 ITM TRADING. 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 TAX AUTHORITY LOCATED AT https://www.tax.ny.gov/.
