Colorado Sales Tax on Gold & Silver Bullion / Coins
Rules and Regulations for the State of Colorado Gold and Silver
Sales Tax Law
Colorado Department of Revenue states, “retail sales of coins and precious metal bullion are exempt from sales tax. This exemption applies to state, Regional Transportation District/Scientific and Cultural Facilities District, county and state-collected local taxes.”
“Coins” is defined as “monetized bullion or other forms of money manufactured from gold, silver, platinum, palladium, or other such metals now, in the future, or heretofore designated as a medium of exchange under the laws of this state, the United States, or any foreign nation.”
“Precious metal bullion” is defined as “any precious metal, including but not limited to gold, silver, platinum, and palladium, that has been put through a process of refining and is in such a state or condition that its value depends upon its precious metal content and not its form.”
The Colorado statute continues, “not all numismatic pieces are exempt. Precious metal bullion and coins that are or were at one time used as currency or medium of exchange in the United States or a foreign country (such as quarters, dimes, nickels and pennies) are exempt. However, numismatic pieces such as paper money, tokens, checks, wampum and similar items not specifically exempt from taxation do not fall under this exemption. Transactions involving the sale of jewelry and commemoratives continue to be taxable.”
CPMEX is required to collect tax on some items shipping to Colorado, however sales tax will not be charged for Gold, Silver, Platinum, or Palladium bullion items as they are exempt from sales tax when shipping to an Colorado address.
The State of Colorado requires the collection of sales taxes on certain products sold by CPMEX and delivered to a Colorado address. These taxes must be collected on (1) copper products; (2) certain numismatic items; (3) accessory items; and (4) processed items. All other products sold by CPMEX are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Colorado:
Certain Numismatic Items: Precious metal bullion and coins that are not, or never were, used as currency or mediums of exchange in the United States or a foreign country.
Accessory Items: Items such as holders, tubes, coin flips, and gloves.
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.
Sales taxes in Colorado are calculated at checkout on the CPMEX website based on (1) the taxability of products sold by CPMEX in Colorado set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Colorado.
Colorado Capital Gains Tax
Under current law, 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 Colorado. 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 Colorado 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 Colorado, we suggest you visit the Colorado department of revenue located at https://www.colorado.gov/revenue.
Buying Gold and Silver in Colorado
Buying precious metals from online dealer CPMEX has some major advantages. Since CPMEX is physically located in Erie Colorado, we ship fast to local residents and all over the United States, every day.
CPMEX offers a huge selection of coin and bullion products for Colorado 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
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 Colorado, and offers a great value and buying experience