Sales Tax Law:
According to the Senate Bill 862, “sales of gold, silver, platinum, palladium or other bullion items such as coins and bars and legal tender of any nation, which legal tender is sold according to its value as precious metal or as an investment” are exempt from sales taxation.
“Bullion” is defined as “any precious metal, including, but not limited to, gold, silver, platinum and palladium, that is in such a state or condition that its value depends upon its precious metal content and not its form.”
NPMEX is required to collect tax on some items shipping to Oklahoma, however sales tax will not be charged for Gold, Silver, Platinum, or Palladium bullion items or any Legal Tender Coins used as a medium of exchange in the United States or any foreign country as they are exempt from sales tax when shipping to an Oklahoma address.
The State of Oklahoma requires the collection of taxes on certain products sold by NPMEX and delivered to an Oklahoma address. These taxes must be collected on (1) copper products; (2) coins that are not currently, or were not previously, used as legal tender in the United States or any foreign country; (3)
accessory items; and (4) processed items. All other products sold by NPMEX are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Oklahoma:
- Coins: A coin made of gold, silver, or other metal which is or has been used as legal tender in the United States or any foreign country.
- 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 Oklahoma are calculated at checkout on the NPMEX website based on
(1) the taxability of products sold by NPMEX in Oklahoma set forth above, and
(2) the specific tax rates established by the taxing jurisdiction of the delivery address in Oklahoma.
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 Oklahoma. 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 Oklahoma 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 Oklahoma, we suggest you visit the Oklahoma department of revenue located at https://www.ok.gov/tax/.
Buying Gold and Silver in Oklahoma
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 Oklahoma 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 Oklahoma, and offers a great value and buying experience.