The Pennsylvania Application For Precious Metals Dealer (28.3 KiB) is a document used by businesses in Pennsylvania that buy, sell, or trade precious metals. The application is designed to provide the Pennsylvania State Treasury Department with the necessary information to determine the applicant's eligibility to engage in the precious metals business. The document includes details on the business entity, ownership, and business operations. The application also includes a declaration of compliance with the Pennsylvania Precious Metals Business Act and a statement of financial responsibility. There are two versions of the Pennsylvania Application For Precious Metals Dealer (28.3 KiB): one for new applicants and one for existing dealers.
Pennsylvania Application For Precious Metals Dealer (28.3 KiB)
State:
Pennsylvania
Control #:
PA-SKU-1969
Format:
PDF
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Description
Application For Precious Metals Dealer (28.3 KiB)
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FAQ
A precious metal dealer is defined as any natural person, partnership, or corporation, either as principal or agent engaging in the business of buying secondhand items containing precious metal, including, but not limited to jewelry, watches, eating utensils, candlesticks, and religious and decorative objects.
Precious metals are metals that are rare and have a high economic value due to various factors, including their scarcity, use in industrial processes, hedge against currency inflation, and role throughout history as a store of value. The most popular precious metals with investors are gold, platinum, and silver.
Pennsylvania Statute Title 73 P.S. section 1932 (a) requires a dealer in Precious Metals obtain a license from the Sheriff of each and every county in which the dealer purchases precious metals. As set by the Attorney General a $50 fee shall be paid into the treasury of the county where the license is issued.
Tax Implications of Selling Physical Gold or Silver Holdings in these metals, regardless of their form?such as bullion coins, bullion bars, rare coinage, or ingots?are subject to capital gains tax. The capital gains tax is only owed after the sale of such holdings and if the holdings were held for more than one year.
Hold your investments for at least one year These are taxed with ordinary income, meaning that your profits won't qualify for the special, lower capital gains tax brackets. To avoid this, sell your investments after at least one year, if possible. Otherwise you could face higher income tax rates.
TAXES IN PENNSYLVANIA The tax exemption does not cover coins and bars, as they are valued not necessarily for their metal content, but for their rarity. These include coins, medals, bars, and even rounds. In such cases the statewide sales tax rate of 6% applies.