Sales Tax Law:
According to Chapter 372 of the Nevada Administrative Code, Nevada enacted a sales tax exemption for coins, “even [if] sold at a premium price, if the purpose of the use of the coins…is as a medium of exchange.”
While Nevada’s exemption is a step in the right direction, the law places an unfair burden on those wanting to exchange Federal Reserve Notes for real money, i.e. gold and silver, in the form of bars and rounds.
NPMEX is required to collect tax on some items shipping to Nevada, however sales tax will not be charged for Gold, Silver, Platinum or Palladium coins or bullion items used as mediums of exchange as they are exempt from sales tax when shipping to a Nevada address.
The State of Nevada requires the collection of sales taxes on certain products sold by NPMEX and delivered to a Nevada address. These taxes must be collected on (1) copper products; (2) coins that are not used as mediums of exchange; (3) bullion that is not used as a medium of exchange; (4) accessory items; and (5) 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 Nevada:
Coins or Bullion Which Are Not Used As Mediums of Exchange: Coins, bullion, or currency that are not acceptable as a measure of value and a standard of exchange for goods and services. 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 Nevada are calculated at checkout on the NPMEX website based on (1) the taxability of products sold by NPMEX in Nevada set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Nevada.
Capital Gains Tax:
Nevada does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.Please Note: The above is not a comprehensive description of sales tax laws and requirements in the state of Nevada. 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 Nevada 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 Nevada, we suggest you visit the Nevada department of revenue located at https://tax.nv.gov/.
Buying Gold and Silver in Nevada
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 Nevada 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 be 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 Nevada, and offers a great value and buying experience.