Buying Gold and Silver in North Carolina

TAXES IN North CAROLINA

All sales on precious metals, whether bullion bars or rare coins, are taxed in North Carolina. The basic sales tax rate is 4.75% in this state, but this is very rarely what you will pay. This is because individual counties add their own taxes, topping the state rate to as much as 7.5% in total. Some local rates are as follows:

  • Alamance — 6.75%
  • Alexander — 7%
  • Brunswick — 6.75%
  • Buncombe — 7%
  • Craven — 6.75%
  • Cleveland — 6.75%
  • Montgomery — 7%
  • New Hanover — 7%
  • Mecklenburg — 7.25%
  • Orange — 7.5% (includes a 0.% transit sale and use tax)
  • Wilkes — 7%

As you can see, most counties charge either 6.75% or 7%, but there are a few exceptions and it’s important to understand the rate you are required to pay.

Federal Capital Gains Tax

The Federal Capital Gains Tax is collected in North Carolina at a maximum of 28%. The actual amount you pay may be significantly less, as the rate depends on personal income. This tax is charged on the sale of all investments, but only if they are sold for a profit. The tax is due when you take your profit so, if you buy and hold, no taxes are payable.

Tax Free Precious Metals

Unfortunately, there is no way to avoid the sales tax on precious metals bought in North Carolina. However, a tax-free way to purchase gold or silver is through an overseas storage company, which will keep your precious metals in their vault. You will pay tax only if you have it shipped to your address. Buying precious metals online is another way of avoiding state taxes.

Source: http://www.dornc.com/taxes/sales/salesrates_4-13.html

ABOUT NORTH CAROLINA

It’s one of the top ten most populous states in the US, but North Carolina is far from the biggest. The largest city in North Carolina is Charlotte, and Raleigh is its capital. Sport brings people together to cheer on the Carolina Panthers of the NFL, Carolina Hurricanes of the NHL and the Charlotte Hornets in the NBA. Auto-racing is also immensely popular here, as are college sports.

Appalachian Mountains

Tourism is big in North Carolina and the Appalachian Mountains, located in western NC, play a big role in this success. This is a beautiful part of the world, one where visitors can explore the wilderness, enjoy the serenity of Blue Ridge Parkway and the opulence of the Biltmore Estate. This was built by George Washington Vanderbilt II and is still owned by one of his descendants. The North Carolina Zoo is also very popular with tourists, and there is no shortage of museums and theaters.

 

 

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.