apmex now taxing purchases made from ny

mikeyg

Hey all.Apmex had a special sale yesterday selling ASEs for 2.49 over spot.I tried to purchase a handful online but when I checked out I noticed that besides the S&H charges,I was also being charged about 9% sales tax.I didnt buy because that bargain would end up costing $30 between S&H and the tax,in addition spot plus 2.49 for 4 coins.About $9 a coin for the fees alone.Obviously I can pay alot less on ebay.

I called apmex this morning and was told yes in my state NY they will now charge sales tax for purchases,even online purchases.So anyone who is buying from them needs to be aware of the actual cost of your buying.For me sadly its the end of my relationship with apmex.I understand that it is probably due to a government mandated policy,but the bargains are non existant with high shipping and taxes added.I will truly miss them.

GMan

More government regulations that hurt business and the state. Nothing new for NY. So now NY State misses the income tax from the sale and collects nothing from the new sales tax as well. Government policy at it's finest!

tjc2120

Wow, did they mention other states? Or is there a list somewhere?

johnny9434

connecticut is working on matters like that. they just got thru with amazon ( which didnt go no where ) and now they are looking at other venues like the above mentioned.

Solo

<< <i>More government regulations that hurt business and the state. Nothing new for NY. So now NY State misses the income tax from the sale and collects nothing from the new sales tax as well. Government policy at it's finest! >>



You guys are confusing two different issues here. Yes it's a fact that many states are working to find a way to charge tax on internet transactions. That's one issue...However in this case the reason why you're being billed is because Apmex has a physical address in New York now. Therefore you're going to pay NY taxes on purchases through them just like you would have 5, 10, or 20 years ago.

Didn't you guys see the articles a few months back regarding Donald Trump accepting gold bullion as Apmex's down payment on their lease?
[EDIT -- Here's the official press release from Apmex]

mrearlygold

<< <i>

<< <i>

Didn't you guys see the articles a few months back regarding Donald Trump accepting gold bullion as Apmex's down payment on their lease? >>




Really? I didn't see the article. Wow

Barndog

governments CHARGE tax. Companies merely COLLECT the tax. Let's not put APMEX in that awful category of "tax chargers"

GMan

I thought since ASE's are monetized they were exempt from sales tax. Guess not. I'm still sick of taxes, taxes, and more taxes to feed the government beast. When will people realize that tax receipts are like hard drive space, no matter how much there is, it will all get used. Government will always get bigger until it's all gone no matter how much they get. This happens whenever people get to spend other people's money without restraint.

dbcoin

<< <i>

<< <i>More government regulations that hurt business and the state. Nothing new for NY. So now NY State misses the income tax from the sale and collects nothing from the new sales tax as well. Government policy at it's finest! >>



You guys are confusing two different issues here. Yes it's a fact that many states are working to find a way to charge tax on internet transactions. That's one issue...However in this case the reason why you're being billed is because Apmex has a physical address in New York now. Therefore you're going to pay NY taxes on purchases through them just like you would have 5, 10, or 20 years ago.

Didn't you guys see the articles a few months back regarding Donald Trump accepting gold bullion as Apmex's down payment on their lease?
[EDIT -- Here's the official press release from Apmex] >>



Whenever I see a picture of Michael Haynes, the former CU CEO, it makes my blood boil. He nearly drove the company out of business.

LowBudget

I skipped buying an ATB because of the shipping and taxes adding $30 . . not worth it

RichR

This is nothing new...if APMEX has a physical NY address, they should have been charging NY sales tax all along (and especially for sales within the state itself).

Now...if they were an internet-only operation (like Amazon), that would be a different matter.

coindeuce

If you purchase more than $1000 in bullion from a business that is obligated to collect N.Y. sales tax, the transaction is exempt. That is the law in N.Y.

OPA

I believe they just recently opened a branch in NY. NY Office

golfer72

This must be brand new. I live in NY and have spent almost 30K on gold ( bullion and coins) over the last two months and have not been charged any tax. If I had to pay the tax I would not have bought from them. The tax would have been amost 3K!

tahoe98

<< <i>Wow, did they mention other states? Or is there a list somewhere? >>



...good question but in the meantime, DON'T hit the "purchase now" button before looking at the final total.

OPA

<< <i>This must be brand new. I live in NY and have spent almost 30K on gold ( bullion and coins) over the last two months and have not been charged any tax. If I had to pay the tax I would not have bought from them. The tax would have been amost 3K! >>



You should be ok...since purchases over $1k are not taxed.

TwoSides2aCoin

Sales tax are mandated. Don't blame APMEX for having to rewrite their software.

The thread title would better serve the community as stated:

IRS encourages APMEX to update software to come into compliance with Internal Revenue Codes.

Swampboy

I just bought some coins from a dealing in Nebraska and it was not a taxing transaction at all.


On another note; I wonder what's up in WA State.
I know an effort was recently made in Olympia to tax bullion sales.
Anyone know what's up with that.

JCMhouston

The state obviously needs the money, just pay it and do your part.

Swampboy

<< <i>The state obviously needs the money, just pay it and do your part. >>



If that was in reply to my question that it clears up my question nicely.

TwoSides2aCoin

mikeyg

My thanks to all who responded.Now it makes some sense that they will collect sales tax for NY since they have an office here.Its just that I got used to buying a few silver one ouncers when I had a spare c note around.To buy without taxes now,I will need to buy 30 or so at a time.That would be nice if I had it but I will be buying elsewhere for now when I get the urge to stack a little.As I said I will miss them.

golfer72

<< <i>

<< <i>This must be brand new. I live in NY and have spent almost 30K on gold ( bullion and coins) over the last two months and have not been charged any tax. If I had to pay the tax I would not have bought from them. The tax would have been amost 3K! >>



You should be ok...since purchases over $1k are not taxed. >>

Thanks for the info OPA.

EagleEye

If you purchase more than $1000 in bullion from a business that is obligated to collect N.Y. sales tax, the transaction is exempt. That is the law in N.Y.

You need to buy more silver than $200 worth, that's all. I think the OP title needs more clarity.

coindeuce

<< <i>If you purchase more than $1000 in bullion from a business that is obligated to collect N.Y. sales tax, the transaction is exempt. That is the law in N.Y.

You need to buy more silver than $200 worth, that's all. I think the OP title needs more clarity. >>



In New York State the minimum sale price per transaction of qualified bullion is $1000.01 in order to be exempt from N.Y. sales tax, and the transaction requires positive identification from the purchaser, as the transaction must be documented.

taxmad

<< <i>On another note; I wonder what's up in WA State.
I know an effort was recently made in Olympia to tax bullion sales.
Anyone know what's up with that. >>



It went nowhere. Olympia got a burr under their saddle when NWT left Tacoma for N. Idaho. While bullion sales are exempt from sales and B&O (WA does not have a income tax, rather a gross receipts tax - Business and Occupation - that varies depending on your business). A retail operation selling bullion would generate no State liability. However, a company that manufactured items is subject to tax on the value of the products manufactured (the rate is .484%), regardless of where the product is shipped. I talked to numerous people in L&P explaining that it was a bad idea - there are too many reputable (and even more unrepeatable) sellers on the internet, so you would simply put the B&M's out of business - and force the ones on the border to move to Oregon or Idaho. Probably one of the smarter decisions the Legislator made in the 20+ years I have worked for the gov't...

That being said - we are $2.2 billion short this budget cycle so it may be revisited...

Wingsrule

No tax on any coin or bullion sales in Michigan, regardless of the dollar amount of the transaction.

Swampboy

Thanks for that taxmad.

jcoin1

I'm no coin dealer or tax expert so please correct me, but if it helps in anyone's purchase planning there is a NY Tax document that I had downloaded a long time ago TSB-M-89 (20)S and update TSB-M-89(20.1)S that details the "Exemption for Certain Precious Metal Bullion".

Explains how qualified bullion sales >$1000 are tax exempt, while noting things lose bullion status at a certain premium over melt value.

IIRC silver > 140% of melt; gold (<=1/4 oz) > 120% of melt; and gold (> 1/4 oz) and all other precious metals > 115% of melt would no longer be exempt.

So for APMEX with silver at $33
• I'd guess that 6 raw 2011 Gettysburg ATBs @ $185 each would be exempt. $1110/($33x30oz) = over $1000 and only 112% melt.
• But 3 MS69DMPL Gettysburg ATBs @ $370 each would not be exempt. $1110/($33x15oz) = over $1000 BUT 224% of melt.

Maybe people are just used to reporting uncollected out-of-state sales/use tax later when they file their annual NY income tax.

Edited: Had to take the checkout to the penultimate step, but tried those examples at APMEX, and yep tax on the expensive slabbed, but not the nearer to melt priced raw.

oreville

Interesting, my daughter works in the same building 40 wall street in NYC as Apmex.

Perhaps I should give her some of my bullion to her to have it ready to sell to APMEX on the right days! Or even buy without incurring any S&h!

Swampboy

<< <i>Or even buy without incurring any S&h! >>



Do they do retail?
It would be hard to resist making a few bullion purchases now and then with no s&h.

PerryHall

<< <i>No tax on any coin or bullion sales in Michigan, regardless of the dollar amount of the transaction. >>



Enjoy it while you can. Michigan isn't exactly flush with money these days.