Buying Gold and Silver in Montana

TAXES IN MONTANA

Montana is one of the few US states that does not have a sales tax. This applies not just to precious metals, but to all purchases. You won’t pay tax on anything that you buy within the state, making this an ideal place to invest in gold and silver. This is also why many online businesses relocate to Montana, taking advantage of lower wages and the absence of sales taxes.

Capitals Gains Tax

Montana, as is the case with every other state in the US, may subject its residents to capital gains tax. This tax applies to the profits that you make from the sale of investments, including precious metals. The amount that you pay is based on a percentage of those profits, and this figure changes based on a number of factors. There is a cap though, an amount that it cannot exceed anywhere in the United States, and that is 28%.

Tax Free Precious Metals

Gold and silver play a big role in Montana’s history, and their motto, when translated from Spanish, actually reads “gold and silver”. These two metals have been mined here for many decades, before being refined and shipped to other states and countries. Gold and silver still play a significant role in the local economy as well, aided by the fact that there is no sales tax on purchases of these items. This means that more investors head into the state to spend their money there, which serves to boost the GDP. As long as you are buying from a dealer within Montana, you shouldn’t have to pay any sales tax, and this applies whether you are buying legal tender coins, investment grade bars or numismatic pieces.

Source: http://www.taxrates.com/state-rates/montana/

ABOUT MONTANA

One of the largest states in the United States, 4th overall, Montana has a population that ranks 44th amongst the 50 states. The name “Montana” comes from the Spanish word for “mountain”, and yes, this is one of the most mountainous jurisdictions in all of North America. It has more of a direct border with Canada than any other US state. The capital city is Helena. State population is just over a million.

From the Land

Montana has a GDP of about $45 billion. This is one of the smallest in the country and is dwarfed by similar-sized states like Texas and California. Its per-capita income is also on the short side, ranking 35th in the country overall. This money comes from various industries relating directly to the landscape, including tourism, with landmarks such as Yellowstone National Park.

While it does not have the highest per-capita earnings or the biggest GDP, Montana does have one of the lowest unemployment rates in the country, so anyone looking for work won’t have an issue earning a paycheck.

 

 

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.