Buying Gold and Silver in Oklahoma

TAXES IN OKLAHOMA

There is a sales tax applied to all sales of precious metals in the state of Oklahoma, and while the basic rate is only 4.5%, this increases in certain counties. In many cases, the rates rank as some of the highest in the country. According to the official tax law in Oklahoma, this includes anything that was “purchased at rates not reflecting actual currency value” which basically covers most forms of precious metals.

In the capital, Oklahoma City, you can expect to pay as much as 8.35% in sales tax on the purchase of precious metals. The rate in Tulsa is 8.51%, in Broken Arrow 8.52%, and in Lawton, it’s 8.875%.

Federal Capital Gains Tax

As is the case across all of the United States, and in many other countries around the world, there is a Federal Capital Gains Tax in Oklahoma. This applies to all collectibles, including bullion coins and bars, and numismatic coins. The actual rate that you are charged depends on your individual income, but there is a maximum rate of 28%. Capital gains tax is imposed on the profits you make from the sale of investments, but it does not apply if you merely sit on your investment.

Tax Free Precious Metals

Despite some very high tax rates on all types and quantities of precious metals, there are ways you can get around them in the state of Oklahoma. Thanks to a fairly recent amendment to the tax laws concerning gold and silver, investors can buy precious metals from storage companies tax-free, as long as those metals remain under the control of those companies. This means that you can buy and store in overseas vaults or local vaults, and don’t need to pay any sales tax unless you ask for shipment of these items. In many cases, precious metals stored in such vaults can be sold straight from the source, which means the investor never needs to arrange shipment and therefore never needs to pay tax.

Source: http://www.ok.gov/tax/Businesses/Tax_Types/Business_Sales_Tax/Oklahoma_Sales_Tax_Information_and_Rates/

ABOUT OKLAHOMA

Oklahoma’s name derives from the native words meaning “red people”. This is because Oklahoma had a large population of native Americans but they now account for less than 1%, with those of European descent numbering more than 9 out of every 10 Oklahomans. Oklahoma’s economy is built on natural gas and oil production and it also has a strong agricultural sector.

Wealth in Oklahoma

Oklahoma is one of the fastest growing economies in the United States, with a high GDP and per capita income. The vast majority of this wealth, and indeed the majority of state residents, can be found in the cities of Tulsa and Oklahoma City, which together account for more than 60% of the state’s population. The Gross State Product adds up to around $180 billion, with 72% of this stemming from services such as telecommunications and aerospace, as well as utility services.

The largest employer in Oklahoma City is the government, accounting for close to 50,000 workers. The Tinker Air Force Base also employs a large number, as do the University of Oklahoma and the FAA Mike Monroney Aeronautical Center.

 

 

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.