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Pepactonius

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Posts posted by Pepactonius

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    You are from the States and don't have to pay the 20% tax on silver in The UK and the 8% in Japan so most here will just turn green with envy....

    In the US it depends on what state you live in and what you're buying.  In New York the situation is complicated:

    1) single bullion purchase over $1000.00 -- no sales tax (8.125% in my county) if you pay less than 40% above spot for silver, or less than 15% over spot for gold coins above 0.25 oz, or less than 20% above spot for gold coins less than 0.25 oz.  There are similar thresholds for platinum, rhodium, iridium, rhenium, etc.  

    2) single bullion purchase below $1000 from out-of-state seller -- these are not taxed individually, but are part of a yearly sales tax allowance, where you pay a percentage of your total income to account for stuff you bought online.  It's unclear what happens if you make multiple purchases from the same seller that total over $1000 in a given year.

    3) single bullion purchase below $1000 from a seller with a "presence" in NY state -- you pay the 8.125% sales tax.

    Of course, the federal government collects the 28% long-term capital gains tax when you sell at a profit.  I'm guessing that any NY sales tax adds to the capital gains basis value.  Of course, New York will also tax any capital gains at their usual income tax rate (but any estimated NY income tax payments to cover these gains will get deducted from that year's income for federal income tax purposes.)    

     

     

     

     

     

     

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