Gold Sales Tax Ny
Dec 11, 2018 - State Tax Laws on Bullion Gold Silver Precious Metal Sales Here is where we stand in. New York - sales taxes of 4 to 8.875%. Exemption on. Nevada - sales taxes from 6.85 to 8.1%. New Hampshire - none. New Jersey - sales tax of 7%. New Mexico - has a Gross Receipts Tax of 5.125 to 8.6875%. New York - sales taxes of 4 to 8.875%. Exemption on orders at or above $ 1,000.00 USD. North Carolina - none now.
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.
How much is sales tax on vehicles in New Jersey?
Are new gold or silver coins taxable?
If you buy a gold or silver bullion coin or any coins from the US Mint, it does not charge a tax. Some States do have sales tax on numismatic items but the government does not tax you if you have gold and silver coins.
What is the name of the New Jersey carpenter who discovered gold in 1843?
James Marshall from New Jersey in January 1848 discovered gold that started the California Gold Rush.
What is NJ sales tax on furniture?
Why did the New Jersey colony came to New Jersey?
What is New Jersey's sales tax?
With the exception of Urban Enterprise Zones the statewide sales tax in New Jersey is 7 percent, In municipalities which have been designated as a UEZ such as Orange, Elizabeth, Jersey City etc.. the sales tax is 3.5 percent.
What is the rate for the sales tax in NJ?
The sales rate tax for New Jersey is currently 7%. As a rule of thumb, no other cities based in New Jersey can add any additional tax on top of the 7%.
What do miners mine in New Jersey?
Can you add sales tax to labor in New jersey?
Yes. Labor charges, such as for repairs, are subject to sales tax in NJ.
Where is the U S stock of gold and silver bullion stored?
According to the U.S. Mint, gold bullion and other precious items owned by the United States are held at the U.S. Windows vista service pack 1. Bullion Depository at Fort Knox, Kentucky and at the West Point Mint facility near the West Point Military Academy in New York State.
How much is an once of gold worth in New Jersey?
The spot price for one troy ounce of gold is the same in New Jersey as it is in the rest of the United States. As of 07/07/12 the spot price of gold is $1582.00
Can you pan for gold in NJ?
You can pan for gold in New Jersey. For tips, see the Related Link.
Where is the monetary gold bullion stored by the Federal Reserve Bank of New York?
The monetary gold bullion is stored in the fifth sub floor of the bank. It has more than 6700 troves holders for secure. Currently, the NY Fed uses a vault on the sixth floor of its underground facility.
How did new jersey make money or goods?
Where did the Beltway sniper's buy the car used?
What Is the sales tax on vitamins in NJ?
Vitamins and other supplements are not taxable in the state of New Jersey
What if you live in new york and buy a car in New Jersey do you pay have to pay both state taxes?
Sales tax is based on where you live. You would pay 8.125% sales tax
Is there a listing of warehouse or outlet sales in south jersey?
There are many warehouses or outlet stores in Southern New Jersey. This includes the Jersey Shore Premium Outlets, Tanger Outlets, and more!
When was Judy Gold born?
Judy Gold was born on November 15, 1962, in Newark, New Jersey, USA.
How many albums has Paramore sold?
They have sold over 7 million albums and singles worldwide. United States sales certifications: Riot! - Platinum (1,000,000 copies) Brand New Eyes - Gold (500,000 copies) All We Know Is Falling - Gold (500,000 copies) The Final Riot! - Gold (50,000 copies) Misery Business - Platinum (1,000,000 copies) Crushcrushcrush - Gold (500,000 copies) That's What You Get - Gold (500,000 copies) Decode - Platinum (1,000,000 copies) Ignorance - +300,000 The Only Exception - +400,500 U.S… Read More
Where in the US is the gold at?
The United States Department of the Treasury has the Bullion Depository at Fort Knox, and at the largest gold depository in the world, the U.S. Federal Reserve Bank in New York, which holds about 3% of the gold ever mined.
How long does it take from New Jersey to Ireland?
How much does bj whole sales club pay per hour?
Where should sales tax on vehicles in New Jersey be sent?
Normally, in most States, motor vehicle sales taxes are collected by the car dealership from where the vehicle was bought. The car dealership would then forward the collected sales tax to the government. I scoured the internet and the New Jersey Treasury website for further information, including about paying sales taxes on private (i.e., consumer-to-consumer) sales, but could not find anything. In this case, my guess is that you would pay any taxes when you… Read More
What is the name of the New Jersey carpenter who discovered gold in 1848 and triggered the California Gold Rush?
What are the sales volumes of caldor stores in new jersey?
I WOULD SAY, $0.00 SINCE THEY ARE SADLY CLOSED FOREVER.
Who was the New Jersey carpenter that triggered the California Gold Rush?
How much is a one ounce 1861 us gold coin worth?
The only one ounce gold coins made by the U.S. are the American Eagle gold BULLION coins starting in 1986. Post new question with the denomination of the coin.
If you live in new-jersey and buy a used car from a dealer in NY do you have to pay sales tax?
Yes, you still will have to pay sales tax on the vehicle in the state in which you bought it. There is no way to avoid sales tax.
Which state in the us has the highest sales tax rate?
Four states have a sales tax rate of 7%, the largest in the US: Indiana, Mississippi, New Jersey, and Rhode Island.
Used cars sales tax in New Jersey?
Yes, the purchase of a used vehicle is subject to NJ 7% sales tax, based on the purchase price of the car. The sales tax is paid when the vehicle is registered with NJMVC.
When did Wally Gold die?
Wally Gold died on June 7, 1998, in Teaneck, New Jersey, USA of complications of crohn's disease.
Did anyone ever find gold in New Jersey?
no one found it but in edison.The man named Derek found 40 pounds of gold
How much sales tax on alcohol in NJ?
The sales tax on alcohol in New Jersey (NJ) is $0.88 per gallon. This amount is considered to be the 22nd highest in the United States as of 2014.
Do you charge customers sales tax for firewood in the state of New Jersey?
NJ Division of Taxation bulletin S&U4 says (on page 9) that firewood is exempt from sales tax.
Is the New Jersey climate different in the 4 seasons?
Yes. New Jersey has the 4 seasons. It gets very cold in the winter and very hot in the summer. The spring is very beautiful (New Jersey is know as the Garden State) and in the fall the leaves turn gold and maroon.
Why did Spain's power begin to decline?
It began to decline after an influx of bullion (gold/silver) into the country after the discovery of the new world which caused inflation and wrecked spain's economy.
What is the value of an uncirculated 25.00 US Gold coin?
The ONLY U.S. gold coins to have a $25.00 denomination are the Half-Ounce American Gold Eagle & American Buffalo gold bullion coins. All are Proof or Uncirculated . The values are different. Post new question as to type, date and mintmark.
If you buy a car in new york and live in New Jersey who gets the sales tax?
You pay sales tax to whichever state you buy something from. It this case, it will be NY. However, you will have to pay property tax for your car in NJ because that is where you live.
What is today's 09.01.2012 of a US 5 dollar gold eagle coin?
A $5 American Gold Eagle bullion coin is 1/10th of an ounce of pure gold. The New-York market closed at $1691.60 per ounce, so the coin is worth about $169.16.
Do you have to pay sales tax on a used car if you return it for a refund within a week of purchase in New Jersey?
How much is 1986 gold liberty coin worth?
Gold Sales Tax Ny City
The coin is an American Eagle Gold Bullion coin, not a Liberty coin. All gold coins made by the US from 1795 to 2011 have the word LIBERTY on them. A denomination is needed because each one has a different weight of gold in it. Post new question.
Is Im from New Jersey the song for New Jersey?
Is a jersey named after New Jersey?
No, New Jersey is named after the European Jersey. That's why it's called 'new' jersey.
What registration fees are charged for motorcycles in new jersey?
In NJ, a new title will cost you $20, registration is $31.50, plus any sales tax @ 7% due on the purchase.
Why is the new gold buffalo coin only worth 50 dollars?
It isn't. The $50 dollar denomination is artificial. Gold buffalo coins are bullion coins whose price is based on the amount of gold they contain. However by law all US coins, even bullion coins, must carry a denomination. Because gold prices change daily, it's not possible to use a 'real' denomination that reflects the coin's exact gold value. Instead, an arbitrary denomination is used based on the troy weight of each coin.
How much gold is in modern dollar coins?
None. No US coin minted for circulation contains any gold. The 'gold' dollar coins you see in circulation are brass and contain no gold. The US makes gold bullion coins for collectors, but the gold content is clearly marked on most. If you have a question about a specific commemorative or year, post a new question including the commemorative and year.
What is information on New Jersey?
Information on New Jersey could be demographics (race of people in an area, population, etc.), this could the history of New Jersey, famous people from New Jersey, pollution in New Jersey, and industry in New Jersey.
What is the value of a Gold Eagle?
Depends on year Please post a new and more specific question - 'eagle' can refer to a $10 gold coin minted up till 1933, or any of a number of current bullion coins sold to collectors and investors.
Trenton New Jersey is located in what region of New Jersey?
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The high market price of gold is prompting many people to trade in gold jewelry, coins and other collectibles for cash. Gold brokers can be found in most major cities, and many pawn shops and jewelry stores offer gold buying services as well. According to the U.S. Internal Revenue Service (IRS), gold is considered a capital asset, with financial gain from the sale of gold considered capital gain. Earnings from the sale of gold jewelry is therefore seen as taxable income.
Selling Gold Jewelry
Gold jewelry that is sold for cash is considered to be scrap precious metal. As such, gold jewelry can be in just about any condition, including scratched, broken or tarnished. Different gold dealers pay different per-ounce rates for gold jewelry. This figure is typically based on the current price of gold and the percentage of commission the dealer factors in.
Gold Dealer Tax Reporting Law
Gold dealers are not required to report an individual's sale of gold except in instances where more than 25 oz. of South African Krugerrands, Canadian Maple Leafs and Mexican Gold Onzas gold are sold. These types of gold are considered to be a regulated commodity, and the sale of such items must be reported by gold dealers to the IRS. The reporting of capital gain from the sale of all other forms of gold is otherwise left up to the individual seller to report.
Figuring Tax on Gain
Capital gains on collectibles, including gold jewelry, are taxed at 28 percent. To calculate the amount of tax you owe on the proceeds of selling gold jewelry, determine your basis in the item -- in other words, what the item is worth at current fair market value minus the price you originally paid for the jewelry. If the gold jewelry you are selling was a gift, your basis is tabulated on what the gift-giver paid for the jewelry. If you inherited the gold jewelry you're selling, your basis is the current fair market value as determined by an appraiser. For example, if you paid $100 for a gold chain and later sold it for $200, your capital gain is $100, and you will owe $28 in taxes.
How to Report Gain
Use IRS Schedule D of Form 1040 to report your capital gains earnings from the sale of gold jewelry. You may deduct expenses associated with the sale of the gold jewelry, such as dealer commissions and appraisals.
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About the Author
Lisa McQuerrey has been a business writer since 1987. In 1994, she launched a full-service marketing and communications firm. McQuerrey's work has garnered awards from the U.S. Small Business Administration, the International Association of Business Communicators and the Associated Press. She is also the author of several nonfiction trade publications, and, in 2012, had her first young-adult novel published by Glass Page Books.
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