Tag: Gold tax in UK & USA

  • ☆ List of investment gold coins (VAT-free) for the year 2024.

    Reading Time: 3 minutes List of gold coins meeting the criteria set out in Article 344, paragraph 1, point 2), of Council Directive 2006/112/EC of 28 November 2006 (special scheme applicable to investment gold). Valid for the year 2024 (C/2023/854). Note: This compilation is the result of contributions submitted by Member States to the Commission…

  • Do we have report to the IRS how much gold we are own?

    Reading Time: < 1 minute We don’t !!! It’s not a requirement. But yes it does when selling gold, it is crucial to adhere to specific reporting criteria for bars, rounds, and coins. The reporting requirements depend on the purity and quantity of the precious metal products being sold, as outlined by the IRS to…

  • New Jersey Moves to Eliminate Sales Tax on Gold and Silver: A Step Towards Sound Money Principles.

    Reading Time: 2 minutes The New Jersey Assembly recently made a significant move by voting unanimously to abolish sales taxes on physical gold and silver through Assembly Bill A5294. This legislation exempts purchases of precious metals over $1,000 from state sales taxes, bringing New Jersey in line with the majority of states that have already…

  • Sales Tax On Gold And Silver by State – Precious Metal Sales Tax in United States

    Reading Time: 21 minutes Each state dictates sales tax on gold and silver, with some nuances to consider. Firstly, while the state determines the base tax rate, cities or counties may add additional points. Secondly, even in states without sales tax on bullion investments, certain coins or collectibles might still incur a levy due to…

  • In Canada, 22k gold coins are taxed but 24k Gold coins are not taxed.

    Reading Time: 2 minutes In Canada, the taxation of precious metal bullion and coins is subject to specific criteria. To be exempt from GST/HST, these precious metals must meet certain purity standards. Specifically, bars, ingots, coins, or wafers made of gold, silver, or platinum must have a minimum purity of 99.50% for gold and platinum,…

  • California Raises Bar for Precious Metals Purchases

    Reading Time: 2 minutes California has increased the threshold for purchasing precious metals. The new threshold for a “sale in bulk” is $2,000 or more for sales occurring on or after January 1, 2023. This means that if the total market value of the monetized bullion, nonmonetized gold or silver bullion, and numismatic coins sold in…