Massachusetts State Sales Tax Requirements for Bullion & Collectibles Industry
The State of Massachusetts requires the collection of sales taxes on certain products sold by the Gold Financial Group and delivered to a Massachusetts address. These taxes must be collected on (1) copper, platinum, and palladium products; (2) any single sales transaction of numismatic coins if the value of the sale is less than $1,000: (3) any single sales transaction of gold or silver products that are not numismatic coins if the value of the sale is less than $1,000; (4) any single sales transaction of gold or silver legal tender of any nation if the value of the sale is less than $1,000; (5) accessory items; and (6) processed items. All other products sold by Gold Financial Group are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Massachusetts:
- Single Sales Transaction. Determined per invoice, and not on a line-item basis.
- 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.
- Legal Tender. Coins that must be accepted if offered in payment of a debt.
- 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 Massachusetts are calculated at checkout on the Gold Financial Group website based on (1) the taxability of products sold by Gold Financial Group in Massachusetts set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Massachusetts.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MASSACHUSETTS. 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 MASSACHUSETTS THAT RELATE TO THE READER’S TRANSACTIONS WITH GOLD FINANCIAL GROUP. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MASSACHUSETTS, WE SUGGEST YOU VISIT THE MASSACHUSETTS DEPARTMENT OF REVENUE LOCATED AT HTTPS://WWW.MASS.GOV/ORGS/MASSACHUSETTS-DEPARTMENT-OF-REVENUE.