Buying Gold and Silver in Louisiana

TAXES IN LOUISIANA

As is currently the case in a number of US states, Louisiana once had a sales tax exemption on all purchases of more than $1,000. In 2013, the laws relaxed even further, with all precious metals, including gold, silver, platinum and palladium in their many forms, becoming tax free regardless of quantity.

Unfortunately, there are still some precious metals that remain taxable at the rate of 4%. This is the state tax, which means it is the lowest you will find in the state, but some counties charge as much as 11%. This tax applies to “non-coin” numismatics, paper money, tokens and medallions.

Federal Capital Gains Tax

The state of Louisiana levies the Federal Capital Gains Tax, as do all US states. This is due on all profits you make and it can be as high as 28%, although this depends entirely on your personal income and location. This tax is only applicable when you sell for a profit, and not when you take a loss or simply hold onto your investment.

Tax Free Precious Metals

Most precious metals are tax-free in Louisiana, so you shouldn’t have much of an issue there unless you have a particular fondness for medallions, tokens and rounds. If so, and you live in one of the regions where the sales tax is higher than 10%, you should buy online. There are plenty of US-based sites that sell a wide range of precious metals without any sales tax. You will need to pay shipping and handling fees, but these will likely be a fraction of what you would pay in sales tax.

Source: http://revenue.louisiana.gov/SalesTax

ABOUT LOUISIANA

Louisiana’s culture, landscape and even its animals are a little different to what you will find elsewhere in the USA. The climate has produced a unique and beautiful ecosystem that has to be seen to be believed.

Mardi Gras

Baton Rouge is the capital of Louisiana and a vibrant city in its own right but it is usually overshadowed by the city that attracts the most tourists and the most acclaim, New Orleans. The Big Easy is known for its relaxed lifestyle, with locals and tourists enjoying great food, bars, music and festivals until the early hours all year round. Undoubtedly, the Mardi Gras festival is when this city really comes to life and its population of some 400,000 swells significantly.

New Orleans is a must destination for fans of the blues and good bourbon. It has a rich history and some quirky rituals and festivals. Of course, much was ravaged by Hurricane Katrina, and over the last few years the New Orleans landscape looked decidedly different to the New Orleans of times gone by, but it’s back on its feet again.

 


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.