Buying Gold and Silver in Minnesota

TAXES IN MINNESOTA

There is a sales tax of 6.875% in the state of Minnesota. This is only the state tax rate though and you may pay additional local taxes. In the city of Minneapolis, for instance, the sales tax is 7.15%. This tax is due on the purchase of all precious metal bullion and numismatics. The same applies to medallions, tokens and paper currency. There are no exceptions.

Federal Capital Gains Tax

Every time you make a profit through the sale of precious metals in Minnesota and across the United States, the Federal Capital Gains Tax will be due. This is capped at 28% and the exact amount you pay depends on personal income. This tax applies to actual profits only so you pay nothing as long as you buy and hold.

Tax Free Precious Metals

As things stand, there are no tax exemptions for precious metals in the state of Minnesota. There have been calls to change this, with investors arguing that they would buy locally more often, which in turn would increase the local economy, but this could be a long way off.

If you live in Minnesota and want to avoid this tax, your only options may be to purchase out of state or online.

Source: http://www.revenue.state.mn.us/businesses/sut/Pages/File-and-Pay.aspx

ABOUT MINNESOTA

The 12th largest state in the USA, Minnesota has the 21st highest population, with close to 5.5 million people calling it home. The biggest city is Minneapolis, and the capital city is its twin Saint Paul. The state of Minnesota generates a Gross Domestic Product of more than $300 billion, one of the biggest in the United States, and more than 30 of the biggest companies in the US are based here, including the retail giant Target, with more than 1,800 stores located across North America.

Sporting State

Minnesota is rightfully proud of its NFL Vikings, as well as the NBA’s Timberwolves and the MLB Twins. In 2017-2018, Minnesota will also launch a Major League Soccer franchise. These teams serve to boost the number of tourists visiting the state, as away fans flock to stadiums such as the National Sports Centre, but with plenty of culture to absorb, and no shortage of things to do and see, tourism is already relatively strong in Minnesota.

Many of these tourists are attracted by Minnesota’s great music history and its many live music venues. After all, this state is home to some of the most gifted musical talent that the United States has produced, namely Bob Dylan and Prince.

 


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.