Buying Gold & Silver in Florida

The Sunshine State is a popular destination for all visitors, both foreign and domestic. It is a final stop on a journey for families, golfers, sun worshippers, and boaters alike. It has a wide variety of choices when it comes to activities, and its weather lends itself to many outdoor interactions. You can lie on the beach soaking up the rays, journey to an amusement park and ride the roller coasters, or strike the golf ball down a luscious fairway towards the flag. Based on it location, it is also an entry into the United States, and the first port of call for those travelling across the Atlantic. It sticks out towards Cuba, and makes an entry into the Caribbean Sea. Over the last few years, Disney has produced a number of films about pirates in the Caribbean, making Johnny Depp a rich man. The pirates were constantly on the lookout for treasure, whether it be gold, silver, jewels, or other precious metals. It is rumored that many pirates landed along the coast of Florida and deposited their booty. Is it possible there is gold buried in the sands of Florida? One may never know, but buying gold and silver in the businesses of Florida might be just as good an idea as digging up the land.

Bullion Sales Tax in Florida

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 Florida Dept. of revenue, 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.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Florida residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.