CPMEX » Sales Tax Laws For Bullion & Coin In Connecticut
Connecticut Sales Tax on Gold & Silver Bullion / Coins
Rules and Regulations for the State of Connecticut
Sales Tax Law
According to Section 12-412-45 of the Connecticut Sales and Use Taxes Chapter, “sales or and the storage or use of rare or antique coins, gold or silver bullion and gold or silver legal tender of any nation, traded according to its value as precious metal, provided such exemption shall not be applicable with respect to any such sale, storage or use in which the total value of such bullion or legal tender sold by the retailer is less than one thousand dollars.”
CPMEX is required to collect tax on some items shipping to Connecticut, however sales tax will not be charged for Rare or Antique coins, Gold or Silver bullion and Gold or Silver legal tender of any nation, traded according to its value as precious metal, if the total amount of a single sales transaction for these items is $1,000 or more as qualifying purchases are exempt from sales tax when shipping to a Connecticut address.
The State of Connecticut requires the collection of sales taxes on certain products sold by BGASC and delivered to a Connecticut address. These taxes must be collected on (1) platinum, palladium, and copper products; (2) certain numismatic coins; (3) accessory items; (4) processed items; and (5) any single sales transaction comprised of gold and silver products for which the transaction amount is less than $1,000. All other products sold by CPMEX are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Connecticut:
Certain Numismatic Coins: Precious metal coins that are not, or never were, used as legal tender of any government of the world.
Single Sales Transaction: Determined per invoice, and not on a line-item basis.
Accessory Items: Items such as holders, tubes, coin flips, and apparel.
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 Connecticut are calculated at checkout on the CPMEX website based on (1) the taxability of products sold by CPMEX in Connecticut set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Connecticut.
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 Connecticut. 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 Connecticut 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 Connecticut, we suggest you visit the Connecticut department of revenue located at https://portal.ct.gov/drs.
Buying Gold and Silver in Connecticut
Buying precious metals from online dealer CPMEX has some major advantages. Though BGASC is physically located in Erie Colorado, we ship all over the United States, every day.
CPMEX offers a huge selection of coin and bullion products for Connecticut 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 Connecticut, and offers a great value and buying experience.
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