Buying Gold and Silver in Georgia

TAXES IN GEORGIA

Georgia is not one of the 5 US states that doesn’t have sales taxes but, when it comes to precious metals, there are broad investor-friendly exemptions. That said, these exemptions do not cover all precious metals and sales tax may be due on coins of weak purity or that are not legal tender, or medallions and tokens.

The state sales tax rate is 4% and, with the addition of local taxes, this can rise as high as 8% in some areas. These variables and the exemption rules make it important to do your research in advance.

Federal Capital Gains Tax

In the state of Georgia, the Federal Capital Gains Tax will reduce your profits. The rate you pay depends on your income and location, but it will not be above 28%. This tax is only due on the profits that you make from the sale of precious metals, and does not apply if you take a loss or if you simply hold onto your investment.

Tax Free Precious Metals

All legal tender, whether minted for use in the United States or in other countries, is exempt from sales tax in Georgia. The same applies to precious metal bullion with a purity of more than .900 and is purchased for investment purposes. Numismatics, which includes rare coins, bars and other forms, are also exempt, although in this case the rules are a little less clear cut and may not apply to all forms. Of course, if you want to guarantee a tax exemption on your precious metal purchases, simply buy online, where you can find tax-free precious metals. You will pay extra for shipping and handling, so you will need to calculate whether these additional fees offset the absence of sales tax.

Source: https://dor.georgia.gov/sales-use-tax

ABOUT GEORGIA

The state of Georgia was one of the Thirteen Colonies, and one of the seven Confederate States. It is the 8th largest state in the country in terms of population. Its capital and largest city is Atlanta.

The Color Purple and Gone with the Wind, two classic novels that were turned into successful films, were both set in Georgia. It is the birthplace of luminaries from Ray Charles to Lil Jon. Not all literature and music, Georgia is proud of its successful Bulldogs collegiate team, and Atlanta hosted the Summer Olympics in 1996, and is home to the Falcons, Hawks and Braves, in the NFL, NBA and MLB, respectively.

Atlanta’s Where it’s at

Of the 10 million people living in the state of Georgia, more than 6 million live in the wider Metropolitan Area of Atlanta. This is a vibrant, affluent city that attracts tourists and businesses in droves, all serving to boost the Georgian economy. It is the ninth largest city in the United States and is considered to be a World City, which means it plays a very important role in the global economy, with the actions of Georgia’s biggest businesses and wealthiest people having global effect.

It’s not just about business and wealth, as Atlanta is a great party city, attracting high numbers of revelers every weekend.

 


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.