Buying Gold and Silver in New York

TAXES IN NEW YORK

There is a state-wide sales tax of 4% in New York, but this changes depending on where you are. In New York City, for instance, which is where the majority of residents in this state reside, the sales tax rate is as high as 8.875%. This is the highest rate in the state whereas, in many other locations, you will pay nothing more than the rate set by the state.

There is an exemption when you purchase $1,000 worth of precious metals.

Federal Capital Gains Tax

Across the United States, the Federal Capital Gains Tax is imposed on all profits made from the sale of precious metals. Simply put, if you buy precious metals and hold onto them, you’re okay, even if they increase in value. However, as soon as you sell them for a profit you are expected to inform the IRS and pay a maximum of 28% on that profit (the actual rate depending on your personal income).

Tax Free Precious Metals

In New York many investors seeking to add silver or gold to their collection wait until they have at least $1,000 to invest. This is because all precious metal sales beyond this amount are tax-exempt. When you consider that this is close to 9% in New York, it makes waiting and saving worth your while, because you could be losing a large chunk of your investment.

Source: http://www.tax.ny.gov/pdf/memos/sales/m89_20s.pdf

ABOUT NEW YORK

New York City is one of the most well-known cities in the world, and also one of the richest. This cultural melting pot has attracted people from all over the world in the past 100+ years.

New York may not have the lengthy history of a Paris or London, but when it comes to the world stage, no city possesses as much wealth, prestige or power, which makes the state of New York on the whole probably the most powerful in the entire USA.

The Big Economy

New York has a mighty economy and population. Of the 50 states, it ranks fourth in population, despite there being 26 states that are larger. In terms of wealth, it trails only California and Texas. If New York was a country, it would be the 15th richest in the world, thanks in no small part to Wall Street, the financial and business center of the world. This is where many businesses and commodities are made and broken, and where vast amounts of precious metals, most notably gold and silver, are bought and sold by the ton.

Some of the biggest industries in New York include tourism, media and entertainment, (film, publishing and celebrities) and export, with the state shipping vast quantities of everything from computers and diamonds to cherries and maple syrup.

 

 

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.