Buying Gold and Silver in New Jersey

TAXES IN NEW JERSEY

The sales tax rate in New Jersey is 7%, which is rather high. However, unlike many other states, there are no additional local taxes, so 7% is the rate you will pay across the state. This applies to all precious metals, including bullion and numismatics, and it also applies to medallions, tokens and everything else that falls under the “collectible” category.

Federal Capital Gains Tax

If you make a profit from the sale of precious metals in New Jersey, you must pay the Federal Capital Gains Tax. This is not unique to the state of New Jersey and applies throughout the country and in many other countries around the world. The Federal Capital Gains Tax depends on your tax bracket but the maximum rate is 28%.

Tax Free Precious Metals

There are no exemptions for precious metals in the state of New Jersey. This means that the 7% mentioned above will apply to everything that you purchase in the state. Because of this, local bullion dealers struggle to do as much business as out-of-state and online dealers that can offer tax-free precious metals. Investors and dealers have tried to change these laws, but those efforts have been in vain.

Source: http://www.state.nj.us/treasury/taxation/su.shtml

ABOUT NEW JERSEY

New Jersey is one of the smallest states in the United States. 3 others are smaller in area, but because of its size and large population, New Jersey is the most densely populated state in the country.

The Garden State’s capital is Trenton and its largest city is Newark. It has one of the highest GDPs in the nation, trumping many states that are twice its size. This money comes from a number of sectors, not least of which is government, with a large labor force employed by the state and higher income taxes than in many states. Products that generate a lot of money for the state include cranberries, spinach, bell peppers, and peaches. Because of its location on the coast, there is also prominent fishing and trading activity, much of which goes through the Port Newark-Elizabeth Marine Terminal, one of the biggest container ports in the world.

The Gambling Dollar

Las Vegas may be known as the Gambling Capital of the World, but it is not the only major gambling city in the United States. Located on the shores of New Jersey, Atlantic City is the Las Vegas of the east, with some casinos big enough to rival those in Sin City. This is a billionaire’s playground, a city that attracts hordes of US tourists every year, as well as crowds from further afield.

Atlantic City hasn't done as well as Las Vegas recently and some of its biggest casinos have closed their doors. But there is still a lot of wealth here and the city generates huge amounts of revenue every year. Recently the state approved online gambling for residents only, as a way to improve gambling tax revenues.

 

 

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.