The tax on precious metals in New York State is a bit complex and depends on several factors:

1. Types of Precious Metals:

• Bullion. Bars, ingots, or coins of gold, silver, platinum, palladium, rhodium, ruthenium, or iridium held for investment purposes are generally exempt from sales tax if the transaction exceeds $5,000.
• Coins. Numismatic coins (valued for their rarity or collectible nature) and certain bullion coins may be subject to sales tax depending on their price relative to their metal content.
• Jewelry and other fabricated items. Precious metals used in jewelry or other finished products are subject to the standard state and local sales tax.

2. Transaction Amount:

• Over $5,000: Most bullion transactions over $5,000 are exempt from sales tax.
• Under $5,000: Transactions under $5,000 are subject to sales tax regardless of the type of metal.

3. Specific Rules for Coins:

• Silver Coins. Sales tax is levied if the sales price is 140% or more of the silver content value.
• Gold Coins (¼ oz or less). Sales tax is levied if the sales price is 120% or more of the gold content value.
• Other Coins. Sales tax is levied if the sales price is 115% or more of the metal content value.

Additional Considerations:

• ITM has a cap on total sales to New York residents. After the cap is reached sales tax is applicable. Please contact your consultant for additional details.
• Local Taxes: In addition to the state sales tax, local sales taxes may apply, varying by county and city.
• Use Tax: If you buy precious metals from an out-of-state dealer and don't pay sales tax, you may be liable for New York State's use tax.