NJ charges sales/use tax on purchase of gold bullion. The rateis 7%. So, essentially, if you are purchasing gold bullion as aninvestment in NJ, 7% of the investment is lost off the top. This isin addition to capital gains taxes when you sell the gold.
Add inthat the dealer spread of perhaps 5-10%, and you pretty much lose17% off the top in addition to capital gains tax losses. However,NY does not charge sales tax on gold bullion. A NJ resident candrive to NY, buy gold there, and store it in a safety deposit boxin NY, so that the gold is neither bought nor stored (and thereforeused) in NJ. Legally, then, no sales or use tax needs to be paid toNJ in this case.
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Arkansas State Sales Tax. Bullion Exchanges is required by the State of Arkansas to collect sales taxes on all products. This includes precious metals (gold, silver, platinum, palladium, and rhodium) and supplies sold by Bullion Exchanges and shipped to an Arkansas address.
NJ charges sales/use tax on purchase of gold bullion. The rateis 7%. So, essentially, if you are purchasing gold bullion as aninvestment in NJ, 7% of the investment is lost off the top.
This isin addition to capital gains taxes when you sell the gold. Add inthat the dealer spread of perhaps 5-10%, and you pretty much lose17% off the top in addition to capital gains tax losses. However,NY does not charge sales tax on gold bullion. A NJ resident candrive to NY, buy gold there, and store it in a safety deposit boxin NY, so that the gold is neither bought nor stored (and thereforeused) in NJ.
Legally, then, no sales or use tax needs to be paid toNJ in this case.