Sales Tax Law:
Effective July 1985, the Washington Administrative Code 458-20-248 states that “amounts derived from sales of precious metal bullion and monetized bullion as defined herein, are not subject to business and occupation tax under either the wholesaling or retailing classification or to retail sales tax.”
“Precious metal bullion” is defined as “any precious metal which has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, rhodium, and palladium, and which is in such state or condition that its value depends upon its contents and not upon its form.”
“Monetized bullion” is defined as “coin or other forms of money manufactured from gold, silver, or other metals and heretofore, now, or hereafter used as a medium of exchange under the laws of this state, the United States, or any foreign nation, but does not include coins or money sold to be manufactured into jewelry or works of art.”
NPMEX is required to collect tax on some items shipping to Washington, however sales tax will not be charged for Gold, Silver, Platinum, or Palladium bullion items as they are exempt from sales tax when shipping to a Washington address.
The State of Washington requires the collection of taxes on certain products sold by NPMEX and delivered to a Washington address. These taxes must be collected on (1) copper products; (2) numismatic coins; (3) accessory items; and (4) processed items. All other products sold by NPMAX are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Washington:
- Numismatic Coins: Coins which have an external value above and beyond the base value of the underlying precious metal, due to the item’s rarity, condition, age, or other external factor.
- 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 Washington are calculated at checkout on the NPMEX website based on (1) the taxability of products sold by NPMEX in Washington set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Washington.
Capital Gains Tax:
Washington 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 Washington. 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 Washington that relate to the reader’s transactions with NPMAX. if you would like to research the sales tax laws and requirements in the state of Washington, we suggest you visit the Washington department of revenue located at https://dor.wa.gov.
Buying Gold and Silver in Washington
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 Washington 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 Washington, and offers a great value and buying experience.