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Connecticut Precious Metals Tax Information
Connecticut does have a sales and use tax, but there are exemptions for certain precious metals transactions.
Taxable Products in Connecticut
- Platinum, Palladium, and Copper. These precious metals are subject to sales tax.
- Numismatic Coins (Collectible Coins). Certain numismatic coins are subject to sales tax.
- Gold and Silver Transactions under $1,000. If the total value of a gold or silver transaction is less than $1,000, it is subject to sales tax.
- Accessory & Processed Items. Items like jewelry, silverware, and other processed precious metal products are subject to sales tax.
Exemptions:
Important Note: Even if a purchase is exempt from sales tax, it may be subject to a use tax if it is purchased from an out-of-state retailer for use in Connecticut. It's always best to consult with a tax professional for specific advice on your situation.
- Gold and Silver Bullion and Coins. These are exempt from sales tax if the total value of the transaction is $1,000 or more.
- Rare and Antique Coins. These are also exempt regardless of the transaction amount.
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 ITM TRADING. 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 SERVICES LOCATED AT https://portal.ct.gov/drs.
