Question about NJ sales/use tax for gold

2 posts / 0 new
Last post
#1 Thu, Nov 10, 2011 - 2:25am
lazy puppy
Offline
Joined: Oct 15, 2011
2
4

Question about NJ sales/use tax for gold

Hi, I have question I hope someone could help me with. 

I'm looking to order gold from an online dealer. I would like it to get shipped to me to NJ, but I saw through a Google search that there is a sales/use tax of 7% in NJ, meaning (I think) that if you purchase or store gold in NJ, you owe the state 7% of the value of the gold. I wasn't sure if the source was accurate.

If I were to purchase gold, have it shipped from the retailer to a family member in a gold sales tax-exempt state, and have the gold shipped from the tax-exempt state to NJ for storage, do I have to pay the 7% tax?

Edited by: lazy puppy on Nov 8, 2014 - 5:31am
Fri, Nov 11, 2011 - 10:01am
mdcromer
Offline
Joined: Jun 14, 2011
79
246

Yes

The state of NJ believes that you owe them the 7% sales / use tax regardless of how you purchase gold.

So if you want to pay them the 7% to keep in their good graces, go for it. If not -- well -- that's not anything I am going to give advice about on the internet. . .