Virginia Precious Metal Sales Taxes

 

How Does Virginia Tax Precious Metals?

Bullion products sold to addresses in Virginia are taxable, and Hero Bullion will make every effort to collect the appropriate amount of money in taxes when you checkout on our site. We automatically calculate this amount during the checkout process, so there is no need to worry about determining the appropriate tax amount for yourself. 

In the Commonwealth of Virginia, certain bullion products are taxable – while others are not. For gold, silver, and platinum products, taxability in Virginia depends on whether the product is numismatically valuable. Refined gold, silver, and platinum investments that derive their value from the precious metals they contain are not taxed in Virginia, but metals that are valued for their collectability, scarcity, rarity, or other factors are subject to sales tax collection. In other words, numismatic precious metal products are taxed in Virginia.

There are four categories of bullion products that are always taxed in Virginia:

Taxable Product	Definition
Copper and Palladium Bullion	Products made of either of these precious metals are always taxed in Virginia.
Numismatic Metals	Precious metal coins, bars, and rounds that are refined and valued for their precious metal content are not taxed in Virginia. If a product has been altered or is considered rare and thus derives value from something other than its melt value, it it taxed in Virginia.
Accessories	A product is an accessory if it is used to maintain, display, or otherwise manage other bullion items. These products are always taxed in Virginia.
Processed Bullion	Processing occurs when a bullion product of any kind is sent to a third party in order to add value to its precious metal. Processed bullion is taxed by the state of Virginia.

How Does Hero Bullion Calculate Sales Taxes in Virginia? 

Hero Bullion automatically calculates and applies all relevant state sales taxes based on the shipping address you provide us at checkout. If you have a question or concern about how we assessed sales taxes for your order, please contact customer support. 

More information about how Virginia taxes bullion products can be found by visiting the state’s Department of Taxation here.