May 28th, 2018
Not many investors are familiar with the intricacies of the New York bullion market. This is understandable, given the vastness of the market, which ranks as the second largest in the world - surpassed only by London. A particular advantage of the New York market is a tax law that exempts bullion sales over $1,000 where certain conditions are met. For serious investors and curious numismatists alike, this tax code is worth a closer look.
Since 1989, precious metal bullion sold for investment is considered exempt from both state and local taxes, as long as certain provisions are satisfied. In New York, bullion sales are commonly for silver or gold but the exemption covers also covers platinum, palladium, rhodium, ruthenium or iridium. One notable exception is coinage from the Republic of South Africa. Ingots, bars, or coins that were created for professional, industrial or artistic purposes are also not applicable.
The daily cash value of the New York bullion market will play a key role in determining whether an investor will be able to benefit from the exemption. This consideration is only given when the selling price does not exceed a certain percentage of the current market value for that particular precious metal. The exact percentages are different for silver coins and gold coins of a certain weight. Face value of a coin will also be factored into this equation.
The bullion sales tax exemption also stipulates that the transactions must be conducted with a licensed New York State broker or dealer. Given the specifications of the tax law, a savvy investor will seek out a reputable dealer to ensure top value for their bullion. PMJ Coins has been conducting investment trades for over two decades in the New York market. For expert guidance on getting the most out of your bullion investment, give us a call or visit our website at www.pmjcoins.com.
Keywords: Bullion dealer New York