Buying Gold and Silver in Arkansas

TAXES IN ARKANSAS

There is a basic sales tax rate of 6% in Arkansas. This applies to all sales of precious metals, including rare coins that carry a high premium, and simple bullion coins and bars valued for their metal content only. What’s more, this does not include local taxes applied by specific regions. The actual sales tax you will pay on your precious metal purchases will depend on your location, with some counties charging as much as 5% extra, to a total of 11%. This makes Arkansas one of the most expensive places to purchase precious metals in the United States, and there are no exemptions to this tax.

Federal Capital Gains Tax

A Federal Capital Gains Tax applies to all profits made from the sale of precious metals in Arkansas. This tax is not unique to the state and is actually imposed in every other state in the USA. When you profit from the sale of precious metals, regardless of type or quantity, you will owe a percentage of those profits in taxes. The actual percentage will depend on your location and income, but the maximum rate is 28%.

Tax Free Precious Metals

There are no ways around the sales tax in Arkansas if you are buying within state borders. To avoid it, you may purchase online from a dealer based in a different state or country. However, other charges may apply. Precious metal storage companies, especially those based overseas, present an excellent option.

Source: http://www.dfa.arkansas.gov/offices/exciseTax/salesanduse/Pages/default.aspx

ABOUT ARKANSAS

Arkansas has come a long way, gradually built from the ground up during the course of American history. Once a vast land of farms and plantations, it now combines the agriculture of old with the technology and advancements of modernity. It has one of the lowest incomes per capita, but it is often said to be one of the best Southern states in which to do business, and one that is constantly improving.

The capital of Arkansas, and the largest city in the state, is Little Rock.

From the Soil

Agriculture has always thrived here, with growing conditions perfect for crops like soybeans, cotton and rice. Arkansas has a lot of farmland and hardworking farmers, serving to boost the economy with everything from cattle and poultry to eggs and milk, most of which is exported.

Despite a low per capita income when compared to the rest of the nation, Arkansas does not have the highest unemployment rate…far from it. In 2014, it was named the most affordable state in the entire United States. This affordability and these low wages are perhaps why business flourishes here, as these are the foundations upon which companies like Walmart, headquartered in Bentonville, were built.

 

 

Note: GoldBroker cannot provide tax, legal, or other advice, so if you are not sure about the taxation to your personal circumstances, we recommend that you seek independent advice from a qualified professional.

All of these texts were accurate at the time of writing, but tax laws are constantly changing and it’s not easy to keep track of those changes. Because of this, we can not be held responsible for any false or out-of-date information.