Buying Gold and Silver in Maryland

TAXES IN MARYLAND

The basic sales tax rate in Maryland is 6%, and this applies to all purchases of precious metals, including bullion, medallions, tokens, numismatics and more. This applies regardless of purity and legal tender status. However, there are some notable exemptions that make precious metal investment viable in the state of Maryland.

Federal Capital Gains Tax

Maryland, like all US states, applies the Federal Capital Gains Tax. Whenever you sell investments for a profit, you must pay this tax to a maximum rate of 28%.

Tax Free Precious Metals

If you purchase more than $1,000 of precious metals, you are exempt from Maryland sales tax. Many experienced investors actually advise against buying less than an ounce, because premiums increase as quantity decreases so this law should have the effect of encouraging the right thing: buying no less than $1,000.

If you have your eye on a smaller amount of gold, silver, platinum or palladium, you should go with an online bullion dealer located in another state. You will have to pay shipping and handling fees.

Source: : http://law.justia.com/codes/maryland/2010/tax-general/title-11/subtitle-2/11-214-1

ABOUT MARYLAND

As one of the Thirteen Colonies, Maryland played an instrumental role in the early years of the United States. Its biggest city is Baltimore, the largest independent city in the nation, but Annapolis is its capital. There are only about 40,000 people in this city and its main claim to fame is the famous liberal arts college, St. John’s.

Affluence & Politics

Maryland is home to more than 6 million, but it is very small in area, making it one of the most densely populated states in the USA. Its proximity to Washington D.C, as well as its rich and diverse economy, has given Maryland the highest median income in the country. This means that Maryland wages are higher than in any of the other 49 states, with the average working earning about $75,000 a year.

Of course, this figure is skewed by a small number of extremely wealthy citizens. But with a high ratio of millionaires per capita and the lowest levels of poverty in the country, it is fair to say that the wealth is more widespread here than it is elsewhere in the USA and indeed in most other countries.

 


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.