Buying Gold and Silver in New Mexico

TAXES IN NEW MEXICO

New Mexico is a little different from other states in that it doesn’t have a sales tax as such, but rather something known as a “gross receipts tax”. This is pretty much the same thing as a sales tax, but it is owed by the seller and not the buyer. The truth is that this tax is often passed onto the buyer. Basically, because dealers have to pay up to 5% on all precious metals and other collectibles, they will add this amount to the prices of their stock. In some cases, even more will be added, as dealers take liberties with buyers’ ignorance. That is why it is essential, when purchasing precious metals in the state of New Mexico, to go to a competitively-priced dealer.

Federal Capital Gains Tax

The state of New Mexico honors the Federal Capital Gains Tax. This means that, whenever you make a profit through the sale of precious metals, regardless of the type or quantity, you pay the US government as much as 28%. The actual amount you owe depends on personal income, and it is usually a lot less than the maximum rate.

Tax Free Precious Metals

There is no exemption to the gross receipts tax mentioned above, which means that you can generally expect to have at least 5% added to the price of all precious metal bullion and numismatics in the state of New Mexico. If you want to purchase cheaper bullion, you can simply buy online, where there will be no such taxes due. You will need to pay shipping and handling fees, but if the order is very small and therefore light, you may be able to secure free shipping, and if it is very large, you may be eligible for other financial considerations.

Source: http://www.sale-tax.com/NewMexico

ABOUT NEW MEXICO

One of the biggest and least densely populated states in the US, New Mexico is often considered to be a desert landscape, but it is actually very diverse, with the hot and arid plains giving way to snow-capped mountains and lush wilderness. Santa Fe is the capital and Albuquerque the largest city. There are about 900,000 people living in the Greater Metropolitan Area, accounting for close to half of the total population of 2 million in the state.

Powerful GDP

The power industries lead the way in the state of New Mexico, contributing large amounts of money to its $80 billion Gross Domestic Product. The oil and gas sector is huge here, as New Mexico is the third largest producer of natural energy sources in the USA. New Mexico accounts for more than a tenth of all of the natural gas liquids produced in the country in any given year.

The federal government also helps to power the state, employing large numbers of people. It is said that the rate of return from all New Mexican tax dollars is higher than in any other state, with more than $2 spent for every $1 that the local government receives in tax.

 

 

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.