![Bullion taxes Bullion taxes](/uploads/1/2/5/5/125509772/690096151.png)
NJ charges sales/use tax on purchase of gold bullion. The rateis 7%. So, essentially, if you are purchasing gold bullion as aninvestment in NJ, 7% of the investment is lost off the top. This isin addition to capital gains taxes when you sell the gold. Add inthat the dealer spread of perhaps 5-10%, and you pretty much lose17% off the top in addition to capital gains tax losses. However,NY does not charge sales tax on gold bullion. A NJ resident candrive to NY, buy gold there, and store it in a safety deposit boxin NY, so that the gold is neither bought nor stored (and thereforeused) in NJ.
Legally, then, no sales or use tax needs to be paid toNJ in this case.
![Gold Gold](/uploads/1/2/5/5/125509772/959878299.jpg)
First passed unanimously in the West Virginia Senate last month, the measure removes state sales taxation of precious metals, specifically on gold, silver, platinum, and palladium bullion and coins.