Sales Tax Law:
Chapter 64H, Section 6 of the Massachusetts General Laws, Massachusetts enacted a sales tax exemption on “sales of one thousand dollars or more of (i) rare coins of numismatic value; (ii) gold or silver bullion or coins; or (iii) gold or silver tender of any nation traded and sold according to its value as precious metal.”
The law notes that “bullion” does not include “fabricated precious metal which has been processed or manufactured for industrial, professional, or artistic uses.”
NPMEX is required to collect tax on some items shipping to Massachusetts, however sales tax will not be charged for gold or silver bullion or coins, rare coins of numismatic value, or gold or silver tender of any nation traded and sold according to its value as precious metal, if the total amount of a single sales transaction for these items is $1,000 or more as qualifying purchases are exempt from sales tax when shipping to a Massachusetts address.
The State of Massachusetts requires the collection of sales taxes on certain products sold by NPMEX and delivered to a Massachusetts address. These taxes must be collected on (1) copper, platinum, and palladium products; (2) any single sales transaction of numismatic coins if the value of the sale is less than $1,000: (3) any single sales transaction of gold or silver products that are not numismatic coins if the value of the sale is less than $1,000; (4) any single sales transaction of gold or silver legal tender of any nation if the value of the sale is less than $1,000; (5) accessory items; and (6) processed items. All other products sold by NPMEX are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Massachusetts:
- Single Sales Transaction: Determined per invoice, and not on a line-item basis.
- Numismatic Coins: Coins which have an external value above and beyond the base value of the underlying precious metal, due to the item’s rarity, condition, age, or other external factor.
- Legal Tender: Coins that must be accepted if offered in payment of a debt.
- Accessory Items: Items such as holders, tubes or coin flips.
- Processed Items: Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.
Sales taxes in Massachusetts are calculated at checkout on the NPMEX website based on (1) the taxability of products sold by NPMEX in Massachusetts set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Massachusetts.
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Please Note: The above is not a comprehensive description of sales tax laws and requirements in the state of Massachusetts. it is only intended to provide the reader with a brief overview of those sales tax laws and requirements currently in effect in the state of Massachusetts that relate to the reader’s transactions with NPMEX. if you would like to research the sales tax laws and requirements in the state of Massachusetts, we suggest you visit the Massachusetts department of revenue located at https://www.mass.gov/orgs/massachusetts-department-of-revenue. Buying Gold and Silver in Massachusetts Buying precious metals from online dealer NPMEX has some major advantages. Though NPMEX is physically located in Erie Colorado, we ship all over the United States, every day. NPMEX offers a huge selection of coin and bullion products for Massachusetts residents to choose from. Buyers can shop by metal type or by form such as coin, round or bar. In addition to potential cost savings, shopping online at NPMEX is convenient and can be done from the comfort of your own home or office. Simply pick the coin or bullion products you want to buy, complete the simple checkout process, and your metals will be quickly shipped to your home or other destination of choice. Your precious metals purchases are fully insured and tracked while in transit.
Benefits to buying gold & silver online at NPMEX.com:
- Gold and silver shipped directly to your door
- Lower prices than most physical coin stores
- Wide selection
- 24/7 online ordering 365 days a year
- Friendly & knowledgeable customer service
Because online precious metals dealer NPMEX may have lower overhead than brick and mortar coin shops, we are able to pass savings on to our customers. NPMEX offers some of the lowest prices available for precious metals.
NPMEX is proud to serve the residents of Massachusetts and offers a great value and buying experience.