Buying Gold and Silver in Missouri

TAXES IN MISSOURI

The state of Missouri has a sales tax of 4.2%, with local taxes adding to this. In fact, in some counties you will pay more than 9%, which certainly impacts the price of any purchase. Fortunately, this doesn’t apply to all forms of precious metals. Sales tax on these items is very specific: you will pay it only if the precious metal item is less than .900 pure, or if it is in the form of non-legal tender. Numismatic pieces may be subject to tax.

Federal Capital Gains Tax

Missouri respects the Federal Capital Gains Tax, which applies to the profits that made from the sale of precious metals. This amount depends on your income level and varies accordingly. The cap is 28% and only the highest income earners pay that percentage.

Tax Free Precious Metals

The most popular forms of precious metals are not taxed in Missouri. This includes all forms of legal tender, such as Chinese Silver and Gold Pandas, Maple Leafs, Silver Dollars and the Perth Mint Lunar Series. You can also purchase tax-exempt gold, silver and platinum bars, providing they possess a purity of more than .900, which the vast majority do. Because the sales tax rate can be very high in this state, it is very important to understand what qualifies and what doesn’t.

Source: http://www.moga.mo.gov/statutes/C100-199/1440000815.HTM

ABOUT MISSOURI

There are just over 6 million people in the state of Missouri, with half a million of those residing in its capital city, Kansas City. This is not the state capital though, as that role belongs to Jefferson City, despite a population of only about 40,000. Missouri is known as the “Show Me State”, which is said to come from something that a politician said in the late 19th century, although whether or not this is true is still up for debate. Another nickname, and perhaps the most fitting one for our current purpose, is The Bullion State, although this is not as common as several other state nicknames.

Agricultural State

Missouri has an estimated GDP of about $250 billion and a per capita income that ranks 26th in the United States. There are a number of big industries contributing to this Gross Domestic Product, including the aerospace sector and manufacturing. However, it is agriculture that dominates, as Missouri produces vast amounts of everything from beef and pork to soybeans, eggs, rice and, prominently, beer. In Missouri resides the Anheuser-Busch brewery, which produces Budweiser, Stella Artois and Beck’s, among others. There are also many other breweries operating in the state, including Mother’s Brewing Company and Springfield Brewing Company, based in Springfield and Saint Louis respectively.

Staying with the alcohol theme, Missouri also has a rapidly growing wine industry, and while it’s a long way from competing with the likes of California, it has big ambitions and has already received much acclaim.

 


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.