Maryland Precious Metal Sales Taxes

 

How Does Maryland Tax Precious Metals?

While federal tax law requires that bullion investors pay federal taxes upon the sale of their collectable bullion products, each state also offers its own set of tax laws. Unlike federal taxes, taxes paid to each state are due upon purchase of the bullion product in question. This guide will discuss the rules associated with bullion taxation in the state of Maryland. 

In the state of Maryland, both the amount of money spent on a single bullion transaction and the type of bullion product purchased affect whether you will owe taxes to the state with your purchase. 

If your transaction costs less than $1,000, taxes must be collected in the state of Maryland. It does not matter which products you choose to purchase – any single sale of under $1,000 is subject to a unique Maryland state tax. 

Additionally, the following five categories of items are taxed in Maryland:

Taxable Product	Definition
Copper Products	Regardless of the type of monetary value of your purchased products, all bullion items made primarily of copper are taxed in this state.
Numismatic Coins	Numismatic coins are bullion coins which are valuable for reasons other than their base value in precious metals. If a coin is valued primarily for its rarity, unique condition or age, or any other factor, then it is taxable in Maryland.
Mediums of Exchange	This term refers to coins that are considered a form of exchange usable to purchase goods and services. Mediums of exchange are subject to sales tax in Maryland.
Accessories	Accessories are all other items used for bullion storage and handling. Coin flips and holders fall under this category and are therefore taxed for Maryland citizens.
Processed Bullion	Bullion products that are handled by a third party to add value to their underlying metal content are considered processed. These products are always taxed in Maryland.

How Does Hero Bullion Calculate Sales Taxes in Maryland? 

We automatically calculate sales taxed based on the shipping address you provide us at checkout. If your address is located in the state of Maryland, your purchase may be subject to additional sales taxes. 

If you have any questions about how we calculate sales taxes for Maryland sales, please contact our customer support team. 

More information about Maryland’s sales tax laws can be found on the Maryland Comptroller website.