How you buy precious metal coins, bars, or other bullion greatly depends on which state you shop in. Each state has its own tax regulations and state laws in place that could affect your purchase.
The state of New York is no exception. Here, you can learn more about New York’s precious metals state laws and other facts about buying or selling bullion in the Empire State.
New York imposes a state tax on both coins and paper currency; however, there are certain exemptions for precious metal bullion. Firstly, said bullion must consist of bars, coins, or rounds that are made of a precious metal. Secondly, the total value of the purchase price must be at least $1,000 for exemption to count. It should be noted that bullion coins from South Africa are always excluded from the exemption.
If you choose to sell your precious metal bullion, New York does impose a capital gains tax of a combined rate of 31.5%, making it the second highest state in the country.
A truly diversified portfolio includes precious metals, so when you're planning for retirement, consider adding qualified bullion to your Self Directed IRA. Contact us to get started or visit our Precious Metals IRA page to learn how you can invest.
We attend a number of coin shows throughout the country each year. Here's where and when you'll find us at an expo near you.
We maintain an up-to-date list of coin clubs around the state of New York. Check out our list to find a club to join, or check to make sure your coin club is included on the list.
Looking for somewhere nearby where you can purchase coins or other precious metal items? Check out our coin shop directory to find a place to buy coins near you.
If you can't name 20 interesting facts about New York, you should be able to after checking out our list. From the busiest city in the world to the state's far-reaching history, New York is as intriguing as they come.