Buying Gold and Silver in Nebraska

TAXES IN NEBRASKA

Nebraska is one of the few states that has removed the sales tax from all sales of precious metals. This includes bullion coins and bars, and everything from medallions and tokens to numismatics. In Nebraska, you can buy any precious metal in any quantity, and you don’t have to pay tax on top of the final purchase price. This hasn’t always been the case, but the law changed in 2014, hopefully for many years to come.

Federal Capital Gains Tax

In the state of Nebraska, and indeed across all of the United States, the Federal Capital Gains Tax is due on the profits you make from the sale of investments, including precious metals. The amount you pay depends on your income, but there is a maximum rate of 28%.

Tax Free Precious Metals

Because of the sales tax exemption on precious metals, Nebraska is one of the best places to invest in these commodities. There is a sales tax in place in the state, but this does not apply to precious metals in any form, purity or quantity. This is why you will find many investors in the state and a healthy number of bullion dealers.

Nebraska residents can also choose to purchase online, where they might be able to find a wider variety, particularly when it comes to rare coins and other collectibles. Shipping and handling fees will of course be added to online purchases, but the convenience often outweighs this, and purchasing in bulk may qualify you for free shipping.

Source: http://www.nebraskalegislature.gov/laws/statutes.php?statute=77-2704.66

ABOUT NEBRASKA

Nebraska played an important role in the development of the modern United States, from the time of the famous Lewis and Clark Expedition, when the first non-native people set foot in much of the Midwestern USA. Its early settlers arrived via the California gold rush, as people spread east and hoped to find equal amounts of this precious metal there. Nebraska never produced the precious metals California did, but the state has grown into a wealthy and prosperous one.

The state’s biggest city is Omaha, which is home to nearly a million people in its Greater Metropolitan Area, but its state capital is Lincoln, with over 300,000 residents. There is a large number of German Americans in this state and more Czech descendants than any other state in the USA.

Money on the Prairies

Much of Nebraska consists of prized farmland that produces vast quantities of agricultural exports. Known as the Cornhusker State, Nebraska is rich in corn, which is consumed and used at home and exported throughout the US. Nebraska is also a major producer of beef and pork, and soybeans.

Away from the agricultural sector, Nebraska’s Gross Domestic Product of about $100 billion is boosted by a large transportation — and in particular freight — sector. IT and telecommunications also thrive. Nebraska doesn’t have anywhere near the highest per capita income in the US, but it does have the lowest unemployment rate in the entire nation, with just 2.5% of its population out of work. This is an astonishing statistic when you consider that, in some states, the unemployment rate is over 10%.

 

 

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.