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NJ charges sales/use tax on purchase of gold bullion. The rate is 7%. So, essentially, if you are purchasing gold bullion as an investment in NJ, 7% of the investment is lost off the top. This is in addition to capital gains taxes when you sell the gold. Add in that the dealer spread of perhaps 5-10%, and you pretty much lose 17% off the top in addition to capital gains tax losses. However, NY does not charge sales tax on gold bullion. A NJ resident can drive to NY, buy gold there, and store it in a safety deposit box in NY, so that the gold is neither bought nor stored (and therefore used) in NJ. Legally, then, no sales or use tax needs to be paid to NJ in this case.
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What is New Jersey's sales tax?
With the exception of Urban Enterprise Zones the statewide sales tax in New Jersey is 7 percent, In municipalities which have been designated as a UEZ such as Orange, Elizabeth, Jersey City etc... the sales tax is 3.5 percent.
Are new gold or silver coins taxable?
In general, new gold or silver coins are not taxable in most countries as they are considered legal tender. However, it's crucial to consult local tax laws, as regulations vary. Reputable dealers like JM Bullion, APMEX, SD Bullion, and BOLD Precious Metals can provide accurate information regarding any potential taxes related to your purchase. Always verify with the respective dealers and adhere to local tax guidelines to ensure compliance.
Do you charge customers sales tax for firewood in the state of New Jersey?
NJ Division of Taxation bulletin S&U4 says (on page 9) that firewood is exempt from sales tax.
Where do you send the New Jersey 1099 misc copy 1?
Where do you send the New Jersey 1099 misc copy 1 to what addess
What is the ABA number for Citibank in New Jersey USA?
021272655
How much is sales tax on vehicles in New Jersey?
Sales tax is 7% in New Jersey.
What is New Jersey's sales tax?
With the exception of Urban Enterprise Zones the statewide sales tax in New Jersey is 7 percent, In municipalities which have been designated as a UEZ such as Orange, Elizabeth, Jersey City etc... the sales tax is 3.5 percent.
When did sales tax begin in New Jersey?
1988
What is the name of the New Jersey carpenter who discovered gold in 1843?
James Marshall from New Jersey in January 1848 discovered gold that started the California Gold Rush.
Why did the New Jersey colony came to New Jersey?
to find gold and become cheifs with no rules
What is NJ sales tax on furniture?
The state sales tax rate in New Jersey is 7.0%
Can you add sales tax to installation cost in new jersey?
Yes
What do miners mine in New Jersey?
gold and candycanes
What is the rate for the sales tax in NJ?
The sales rate tax for New Jersey is currently 7%. As a rule of thumb, no other cities based in New Jersey can add any additional tax on top of the 7%.
Where can I find today's price of gold?
You can check today's gold prices on various websites such as Find Bullion Prices, silverprice.org, and the new site Bullion Updates. Additionally, explore bullion.directory for comprehensive price comparisons and market insights.
What is New Jersey Bergen County new and used car sales tax rate?
7 %
What is gold bullion market?
The gold bullion market is where individuals and institutions can buy and sell physical gold in the form of bars, coins, and other products. This market is driven by supply and demand, as well as factors like economic and political uncertainty, inflation, and currency fluctuations. If you're looking to enter the gold bullion market, it's important to choose a dealer with a solid reputation and a wide selection of products. That's where BOLD Precious Metals comes in. With a focus on transparency, security, and customer satisfaction, BOLD offers a range of gold bullion products from top mints around the world. Whether you're a new or experienced investor, BOLD can help you navigate the gold bullion market with confidence.
