Sales Tax Benefits
Buying and Storing Precious Metals in Texas Yields Tax Benefits
Precious metal investors and enthusiasts across the nation now have another reason to buy and store their gold, silver, and platinum in Texas.
The U.S. Supreme Court decision in South Dakota vs. Wayfair, Inc. makes Texas attractive to investors who live in states that — unlike Texas — tax purchases of precious metals. That’s because businesses may now be required to collect sales taxes for those states even if they don’t have a physical presence there. The Wayfair paved the way for states to require out-of-state sellers to collect use tax on items delivered into their state.
By buying and keeping their precious metals in Texas, investors who would otherwise have items shipped to a state that charges sales tax can avoid paying a sales tax on the purchases. To find out if your home state collects sales tax on precious metals purchases, contact a dealer or check an online resource.
Texas is one of many states that does not tax the sale of numismatic coins or gold, silver or platinum bullion. That means buyers do not have to pay the tax if the precious metals are purchased from a Texas precious metals dealer — either through the internet or over the phone — and not shipped to a state that has a sales tax. In this situation, sales tax is not applicable as the precious metals did not leave the State of Texas.
Adding to the Lone Star State’s allure is the Texas Bullion Depository, which accepts precious metals purchased here or elsewhere.
Using the state-of-the-art depository is not a requirement for getting the sales tax break, provided the ultimate delivery location is within Texas. But as a storage solution, the Texas Bullion Depository provides many advantages over purely private vaults.
The Texas Bullion Depository includes the highest-rated Class 3 vaulting, multilayered security measures and technology allowing owners to keep tabs on their assets. All Depository Account Holder assets are fully insured through the Lloyd’s of London insurance marketplace. And as the first state-owned depository in the country, the Texas Bullion Depository provides the added security of governmental oversight for your assets, including regularly scheduled audits by the State of Texas and a third-party accounting firm approved by the Texas Comptroller.
Buy it here. Keep it here. Protect your assets.
Open an account today at the Texas Bullion Depository.