Rhode Island Precious Metal Sales Taxes

 

How Does Rhode Island Tax Precious Metals?

At Hero Bullion, our biggest objective is to make buying bullion as easy and convenient as possible for you. Understanding how sales taxes apply to gold, silver, and other precious metal products can be tricky. Each state has their own rules, and informed customers should know how their purchases will be taxed. 

For Rhode Island, there are three item categories for which sales tax must be collected: paper currency, accessories, processed items, and copper. We’ll provide a breakdown of how the state of Rhode Island defines these elements below: 

Taxable Product	Definition
Copper Products	Any product made with copper is subject to sales taxation when it’s shipped to an address in the state of Rhode Island.
Paper Currency	Paper bills that are no longer used in circulation are taxed in Rhode Island.
Accessories	Items that are used to assist in the cleaning, storage, and maintenance of bullion products count as accessories. Common examples of this type of product include coin holders, flips, and cleaning supplies. Accessories are taxed in Rhode Island.
Processed Bullion	If a precious metal product is revised by a third party in order to add additional value to their bullion content, then it counts as a processed item and is subject to sales taxation when shipped to Rhode Island.

How Does Hero Bullion Calculate Sales Taxes in Rhode Island? 

You don’t need to worry about calculating your own sales taxes when buying bullion products from Hero Bullion. We do this automatically at checkout, determining the amount of tax we’re legally obligated to collect based on your shipping address and order details. 

Hero Bullion is happy to answer any questions you might have about how we calculate sales tax for Rhode Island buyers. Specific questions about Rhode Island’s bullion sales tax laws can be directed to the state’s Division of Taxation.