Buying gold and silver in Nevada

TAXES IN NEVADA

The rate of taxation in Nevada depends entirely on where you are. The lowest you should expect to pay is just under 7%, while the highest is just over 8%. The actual state tax is 6.85%, and it varies by county as follows:

  • Las Vegas — 8.1%
  • Clark County — 8.1%
  • Henderson — 8.1%
  • Reno — 7.725%
  • Carson City — 7.60%
  • Winnemucca — 6.85%
  • Spring Creek — 6.85%
  • Dayton — 7.10%

Federal Capital Gains Tax

All profits from the sale of precious metals is subject to the Federal Capital Gains Tax to a maximum of 28% (actual rate depending on your personal income), which is the case across all of the United States. This tax applies when you make a profit from the sale of precious metals and it means that if you buy for $1,000 and sell for $2,000, you pay a tax of $280, leaving a profit of $720.

Tax Free Precious Metals

Nevada’s tax laws are not straightforward, as some coins are taxed and others are not. Typically, though, a precious metal coin, round or bar that is valued purely for its precious metal content and does not contain a face value (more common with bars and rounds than coins) is exempt from tax. However, anything that is considered a collectible, including coins with a face value and coins with a premium attached to them, will be taxed. The rule states that, to qualify for tax exemption, the premium attached to the item must be less than 50% of its inherent value. So, if a coin is worth $10 when melted down but you bought it for $15, you will be taxed, but not if you bought it for $14.

Therefore, the best things to buy if you’re stacking precious metals in Nevada is blank rounds and bars.

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

ABOUT NEVADA

A markedly hot and dry part of the United States, Nevada has flourished, attracting huge numbers of tourists from around the world. Many of these flock to the oasis in the desert that is Las Vegas. This is the Gambling Capital of the World, and a city of wealth, as is its sister city Reno, which means that gold, silver and other precious metals are popular here.

Minting a Nation

Las Vegas may be the city that attracts global interest, but prior to the turn of the 20th century, Carson City was one of the most important cities in the region. That’s because it was home to a branch of the US Mint and, while this operated for only 19 years, it produced a lot of high value coins in that time, most of which were silver proofs minted in low numbers. You can check to see if you have one of these coins by looking for the “CC” mark.

The coins minted here include the gold Half Eagle and Double Eagle, both of which fetch a huge price, as well as the Morgan and Liberty dollars, which were minted in silver.

 

 

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.