Virginia Passes Exemption for Sales of Gold, Silver, and Platinum Bullion Exceeding $1000

Friday, April 3rd, 2015

 
 
A pile of gold bars.
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Virginia
General

Effective July 1, 2015, sales of gold, silver, and platinum bullion exceeding $1000 are exempt from sales tax in Virginia. To qualify for the exemption, each piece does not need to exceed $1000 on its own. As long as the sale is made up of pieces that exceed $1000 in total, it is exempt.

"Gold, silver, or platinum bullion" means gold, silver, or platinum, and any combination thereof, that has gone through a refining process and is in a state or condition where its value depends on its mass and purity. Gold, silver, or platinum bullion may contain other metals or substances, as long as the other substances have minimal value compared with the value of the gold, silver, or platinum. "Gold, silver, or platinum bullion" does not include jewelry or works of art.

This exemption is set to expire on December 31, 2018.

https://legiscan.com/VA/text/SB1336/2015


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TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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