New York Precious Metal Sales Taxes
At a Glance: Taxable Precious Metal Products in New York
Hero Bullion is legally required to collect sales taxes for certain precious metal products shipped to New York. New York always taxes copper products and accessories, but they also tax all precious metal purchases valued at – or less than – $1,000 USD. Additionally, precious metal products sold at a certain markup over spot price are taxable in New York. Here’s a list of the bullion products that are always subject to sales taxation for New York residents:
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- Copper Products.
- Accessories.
- Processed Bullion.
How Does New York Tax Precious Metals?
Sales tax calculation for precious metal products in New York is complicated. On this page, you’ll find a brief overview of how bullion products are taxed in New York. Hero Bullion will automatically calculate all sales taxes based on the address you provide us at checkout. We’ll add these fees to your order total.
Copper items, accessories, and processed bullion products are all subject to sales tax in New York state.
Precious metal products are automatically taxed if the total monetary value of your order is equal to – or less than – $1,000 USD. Even orders with a total value of over $1,000 may be taxed, depending on a several variables:
| Taxable Product | Definition |
|---|---|
| Silver Coins | Silver coins sold at a markup for 40% or more over their melt value are subject to sales tax collection in New York. |
| Gold Coins < 1/4 Troy oz | Gold coins weighing ¼ troy oz or less are only taxed if they are sold at a markup over spot value of 20% or more. |
| Gold Coins > 1/4 Troy oz | Gold coins weighing over ¼ troy ounce are taxable if their markup over melt value is 15% or greater. |
| Platinum and Palladium Coins | Platinum and palladium coins are taxed when their sales price is 15% or more higher than their melt value. |
| All Other Bullion Products | All other gold, silver, platinum, and palladium bullion products are taxable in New York if they are sold at a markup over melt value of 15% or more. |
Three categories of products are always taxed in New York, regardless of monetary value, purity, size, or markup over spot price. Here’s a brief overview of how New York defines its taxable precious metal products:
| Taxable Product | Definition |
|---|---|
| Copper Products | Any product made primarily using copper bullion is taxable in New York, regardless of weight, purity, or value. |
| Accessories | Non-bullion products used to store, maintain, or display precious metals are taxable as accessories in New York. |
| Processed Bullion | Precious metal products whose value has been artificially increased by a third party are processed. Processed bullion is taxed in New York. |
How Does Hero Bullion Calculate Sales Taxes in New York?
We automatically calculate all sales taxes based on the shipping address you provide us at checkout. If you have any questions about the New York state sales taxes we assessed on your order total, don’t hesitate to reach out to our customer support team.
More information about New York’s tax code can be found at the state’s Department of Taxation and Finance.