Buying Gold and Silver in Florida

TAXES IN FLORIDA

The state tax rate in Florida is 6%, but this can increase depending on your location. There are also a number of attractive exemptions. For instance, if you purchase more than $500 worth of precious metals, you do not need to pay this tax. Also, as of 1999, all US legal tender qualifies for tax exemption, even if the total amount purchased is less than $500. US legal tender includes silver coins such as the Silver Eagle, but also anything else produced by the US Mint that carries a face value.

Federal Capital Gains Tax

In Florida, and across all of the United States for that matter, there is the “Federal Capital Gains Tax”. This is imposed on any profits you make from selling gold or other precious metals. The rate is a maximum of 28% (the actual rate depending on your personal income), which means that if you buy precious metals for $1,000 and then sell for $2,000, you will owe the government $280.

Tax Free Precious Metals

As mentioned above, it is very easy to avoid paying sales tax in the state of Florida. If you have less than $500 to spend, you should purchase silver coins that qualify as legal tender in the United States, which includes many popular bullion coins produced by the US Mint. There is no tax on sales of precious metals in any form above a value of $500.

Source: http://www.flsenate.gov/Laws/Statutes/2012/Chapter212/All

ABOUT FLORIDA

With its high heat and humidity, Florida is known as the Sunshine State. It is popular as a retirement destination, and worldwide as a tourist attraction with its landmark Disney World. Add to this the honeymoon, music and casino cruises and there are plenty of activities to attract people (and money) to the state, especially in winter.

Homestead Protection

In Florida, one’s home is truly one’s castle, a castle that is impenetrable by creditors. Article X, Section 4 of the Florida Constitution exempts homestead property from levy and execution by judgment creditors. This means that a creditor cannot force the sale of your homestead to satisfy a judgment. To qualify for homestead protection, a debtor must be a permanent Florida resident, and the homestead property must be his primary place of residence.

Wealth in the Sunshine State

Although Miami and Orlando attract the most tourists and are almost synonymous with this state, the capital of Florida is Tallahassee. Florida has a large expat community, much of which hails from Cuba, and it is also one of the fastest growing states in the country in terms of population. There is no personal income tax in Florida and, when compared to all other states, the personal income average is right at the median. Still, this excludes retired residents and tourists, who bring an enormous amount of wealth to the state, filling its beaches and rental spaces.

Tourism brings more money to the state’s coffers than anything else, but Florida is also known for its oranges and other citrus fruits, which are exported to the nation and the world, notably Canada and Japan. The fishing, gambling and speed boat industries are also significant contributors. Florida is the storied home of Kennedy Space Centre, a keystone in the history of human exploration.

 

 

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.