Gold Bullion Sales Tax
As a result of the Supreme Court ruling last year in South Dakota v. Wayfair Inc some online bullion dealers have begun charging sales tax on purchases. Many buyers had previously switched to buying bullion online in states that charge sales tax in order to keep the cost of investing in silver and gold bullion down. The state of Ohio is now considering a sales tax on investment-grade gold and silver coins and bars as part of the 2019 Ohio State Budget Bill. This proposed Ohio bullion tax comes on top of and in addition to the current Commercial Activity Tax (CAT), which Ohio already applies to precious metal bullion products sourced into the state.
Tax On Bullion Sales
Update in early 2019: We here at SD Bullion have begun charging applicable, the vast majority of US states have bullion sales tax exemptions. As well we recently interviewed an experienced financial legislature on this ongoing matter. Have a listen to what a had to say on this bullion state sale tax matter.
Sales Tax On Silver Bullion
It is further reaching than most might think at first glance.-The US Supreme Court just ruled that states can require online tax collection.This decision possibly ends the disadvantage claimed by brick-and-mortar stores vs online stores.