California sales Tax laws on Gold & Silver Bullion / Coins
Sales Tax Law
Article 7, Regulation 1599 California enacted a sales tax exemption in 2009 for purchases $1,500 or more.
CPMEX is required to collect tax on some items shipping to California, however sales tax will not be charged for monetized Gold, Silver, Platinum, or Palladium bullion, nonmonetized gold or silver bullion, or numismatic coins if the total amount of a single sales transaction for these items is $1,500 or more as qualifying purchases are exempt from sales tax when shipping to a California address.
The State of California requires the collection of use taxes on certain products sold by CPMEX and delivered to a California address. These taxes must be collected on (1) nonmonetized bullion made from copper, platinum, or palladium; (2) monetized bullion, nonmonetized gold or silver bullion, or numismatic coins if the total amount of a single sales transaction is less than $1,500; (3) accessory items; and (4) processed items. All other products sold by BGASC are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in California:
Nonmonetized Bullion: Bullion which has been smelted or refined and has a value dependent primarily upon its precious metal content and not upon its form.
Monetized Bullion: Coins or other forms of money manufactured of gold, silver, or other metal and heretofore, now, or hereafter used as a medium of exchange under the laws of California, the United States, or any foreign nation. The medium of exchange must have had a legal status equivalent to legal tender.
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.
Single Sales Transaction: Determined per invoice, and not on a line-item basis.
Accessory Items: Items such as holders, tubes, and coin flips.
Processed Items: Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Use taxes in California are calculated at checkout on the CPMEX.CO website based on (1) the taxability of products sold by CPMEX in California set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in California.
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 California. 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 California that relate to the reader’s transactions with CPMEX. If you would like to research the sales tax laws and requirements in the state of California, we suggest you visit the California tax service center located at https://www.taxes.ca.gov/.
Buying Gold and Silver in California
California is rich in natural resources, and has seen some of the heaviest gold mining anywhere in the country. But the best method for Californians to purchase gold and silver is online from CPMEX’s online store. CPMEX offers low prices, fast shipping, and a vast product selection of gold and silver bars and coins.
Buying gold, silver, and platinum coins in California is easy from CPMEX, we are located in Erie Colorado, our fast shipping ensures your order will reach you very quickly. Although many coin shops are scattered around the state in such cities as Los Angeles, San Francisco, Sacramento and San Diego, CPMEX offers the best value to residents.
Buying precious metals from online dealer CPMEX has some distinct advantages. CPMEX is located in Erie Colorado and offers a huge selection of coin and bullion products for California 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 CPMEX 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 CPMEX.co :
Gold and silver shipped directly to your door
No sales tax collected on gold and silver purchases of $1,500 or more.
Lower prices than most physical coin stores
24/7 online ordering 365 days a year
Friendly & knowledgeable customer service
Because online precious metals dealer CPMEX may have lower overhead than brick and mortar coin shops, we are be able to pass savings on to our customers. CPMEX offers some of the lowest prices available for precious metals.
CPMEX is proud to serve the residents of California, and offers a great value and buying experience.