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<p>[QUOTE="Brian Calvert, post: 3311798, member: 75282"]Never mind on the Florida Question...</p><p><br /></p><p><font size="5"><b>Bullion Sales Tax in Florida</b></font></p><p>Gold is a precious commodity, and like all purchases and transactions, you might have to pay sales and use tax for the product. In Florida, they treat gold, silver, and other precious metals in very distinct ways. According to the <a href="http://dor.myflorida.com/dor/tips/tip99a0113.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://dor.myflorida.com/dor/tips/tip99a0113.html" rel="nofollow">Florida Dept. of revenue</a>, if the product was used as legal tender in the United States, currently or in the past, any transactions involving that product are exempt from sales tax. If the coin is legal tender from another country and it is sold for its face value, than it is also exempt from sales tax. Bullion in the form of nuggets, flakes, or other amounts sold by weight of gold and silver are subject to sales tax. However, the sale or transaction of any bullion, currency, or legal tender which exceeds $500 dollars in a single transaction is also exempt from any sales tax.</p><p><br /></p><p>Therefore, when investing in gold silver, or other precious metals, you need to decide if it is legal tender, and if so, if it is legal tender in the United States or another country. If it is legal tender, is it considered bullion, in other words is it taken a final shape like a coin. Finally, you must decide how much is taxable, and whether that amount exceeds $500. For instance, if you buy an old American coin worth $300, a foreign coin whose face value is $10 for $100, and a lump of silver worth $200, you pay sales tax on $300 dollars, even though you spent $500 dollars in a single transaction. The American coin is exempt from sales tax. The foreign coin is sold above face value so it is taxable. The bullion is under $500 so it is taxable. Currently the Florida state sales tax is 6%, with local municipalities imposing an additional 1%-2% on average across the state.[/QUOTE]</p><p><br /></p>
[QUOTE="Brian Calvert, post: 3311798, member: 75282"]Never mind on the Florida Question... [SIZE=5][B]Bullion Sales Tax in Florida[/B][/SIZE] Gold is a precious commodity, and like all purchases and transactions, you might have to pay sales and use tax for the product. In Florida, they treat gold, silver, and other precious metals in very distinct ways. According to the [URL='http://dor.myflorida.com/dor/tips/tip99a0113.html']Florida Dept. of revenue[/URL], if the product was used as legal tender in the United States, currently or in the past, any transactions involving that product are exempt from sales tax. If the coin is legal tender from another country and it is sold for its face value, than it is also exempt from sales tax. Bullion in the form of nuggets, flakes, or other amounts sold by weight of gold and silver are subject to sales tax. However, the sale or transaction of any bullion, currency, or legal tender which exceeds $500 dollars in a single transaction is also exempt from any sales tax. Therefore, when investing in gold silver, or other precious metals, you need to decide if it is legal tender, and if so, if it is legal tender in the United States or another country. If it is legal tender, is it considered bullion, in other words is it taken a final shape like a coin. Finally, you must decide how much is taxable, and whether that amount exceeds $500. For instance, if you buy an old American coin worth $300, a foreign coin whose face value is $10 for $100, and a lump of silver worth $200, you pay sales tax on $300 dollars, even though you spent $500 dollars in a single transaction. The American coin is exempt from sales tax. The foreign coin is sold above face value so it is taxable. The bullion is under $500 so it is taxable. Currently the Florida state sales tax is 6%, with local municipalities imposing an additional 1%-2% on average across the state.[/QUOTE]
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