Buying Gold and Silver in Kansas

TAXES IN KANSAS

In the state of Kansas, bullion, numismatics and other forms of precious metals are all classed as collectibles, lumped into the same category as stamps, paper currency and even antiques. All of these are subject to a 6.15% sales tax. This is only the state tax rate and in many locations you will find local tax rates added, meaning that 6.15% is the very lowest you will pay. The state laws are very strict and say sales taxes must be collected in all circumstances.

Federal Capital Gains Tax

If you sell your precious metals for a profit in the state of Kansas, and throughout the United States for that matter, you are subject to the Federal Capital Gains Tax. This tax takes as much as 28% of your profits. If you hold your investment, no taxes are due.

Tax Free Precious Metals

There are many bullion dealers in Kansas, as is the case across the nation, but with very few exemptions to the sales tax, and as this tax is one of the highest in the country, dealers are at a disadvantage. Unless you are buying online or from an overseas storage company, in which case you should have no issue avoiding sales taxes, the only way to get tax-free precious metals in Kansas is by trading for their face value.

Source: http://www.ksrevenue.org/salesratechanges.html

ABOUT KANSAS

Kansas was home to many native American Indian tribes, all of which lived on a land that provided them with everything from bison to vegetables. Most of this land was prairie, but it was turned into farmland by a wave of immigrants after the Civil War. Kansas has since become one of the biggest agricultural states in the USA, producing vast quantities of wheat, corn and soybeans, among other crops.

Cities of Kansas

The capital of Kansas is Topeka and its biggest city is Wichita, with these two accounting for about a million people, out of the total state population of 3 million. These cities provide a large chunk of the state GDP of $150 billion or so, with everything from publishing to chemicals, machinery, mining and more all playing a role.

The largest employers in the state are Spirit Aero systems, the world’s largest first-tier aero structures manufacturer. Founded in 1927, this company builds aircraft, including Boeing 737s. Sprint Corporation, the fourth-largest telecommunications provider in the United States, employs more than 8,000 Kansas residents. General Motors employs over 4,000.

 


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.