Florida Precious Metal Sales Taxes

 

How Does Florida Tax Precious Metals?

Florida’s bullion tax laws are extremely complicated. If you plan on having Hero Bullion gold, silver, or other precious metal products delivered to your address in Florida, you should know that we will collect all relevant sales taxes at your time of checkout. For your reference, we have also written this short guide to explain how Florida’s tax laws apply to Hero Bullion purchases. 

In Florida, both the type of bullion product and the dollar amount of the transaction are taken into account when determining whether or not taxes are owed. The key dollar amount used to determine taxability for bullion products under Florida law is $500. If the total amount of money spent on a single order is less than $500 USD, then the following items are considered taxable:

Taxable Product	Definition
Numismatic Bullion Coins	If you’re spending less than $500 on coins that are not – and have never been – legal tender in either the United States or another country, then you owe taxes to the state of Florida on that transaction. In other words, coins that are not distributed as tender from a government-backed mint are taxable unless the amount of money spent in the transaction is greater than five-hundred dollars.
Certain Legal Tender Coins	If your coin is legal tender and purchased at the current exchange rate for that coin, then it is not taxable. But if your coin is being sold at a premium, then it is taxable in Florida. Additionally, the $500 rule applies here; purchasing marked-up legal tender bullion coins for over $500 in a single transaction means that your purchase is not taxable. Finally, note that coins without a face value are also taxable in Florida.
Some Bullion Products.	Gold bars, plates, and ingots fall under this category, according to Florida’s tax laws. The $500 law applies to this product type as well.

There are also three product categories for which taxes must be collected, regardless of whether or not the consumer purchases over $500 in one transaction:

Taxable Product	Definition
Palladium and Copper Products	Products made from these two precious metals are taxable. Generally, palladium and copper are both used in bars, plates, and ingots.
Certain Legal Tender Coins	Accessories are items used to store, maintain, or display precious metal products. Common accessories include cleaning and storage products, such as coin flips or coin cleaners. These products are all taxable under Florida law.
Processed Bullion	Any bullion product which goes through a third-party processing in order to increase value is considered processed bullion – and is taxable in Forida.

How Does Hero Bullion Calculate Sales Taxes in Florida? 

Hero Bullion automatically collects sales taxes based on the shipping address you provide us at checkout. If you have any questions about how this tax is calculated, please contact us.

Questions concerning Florida’s bullion tax laws should be directed to the Florida Department of Revenue, which can be reached here.