Buying Gold and Silver in Texas

TAXES IN TEXAS

Prior to 2013, there was a law in Texas which forced all investors purchasing less than $1,000 worth of precious metals to pay a tax at a basic rate of 6.25%. This was a serious issue for small-time investors and meant that they either had to wait until they had more than $1,000 to invest, or pay a tax that would seriously damage their potential to make a future profit. But this law was scrapped and authorities made all precious metal purchases tax-exempt in the state of Texas.

Federal Capital Gains Tax

The federal capital gains tax applies in Texas, as it does in the other 49 states. The exact amount of this varies from state to state, and it also changes depending on your personal income. However, the maximum rate is 28%. A capital gains tax applies to all investments, including collectibles, which is the category for precious metals. It is due when you make a profit on the sale of an investment, which means that if you buy and then sell for a profit, you will pay a tax on it.

Tax Free Precious Metals

There is no longer a tax on precious metals in Texas. This means that whether you’re buying bullion coins, bars or rounds, or whether you’re investing in rare numismatic coins that carry a significant premium, you will not be required to pay tax. This law was brought into effect in 2013, resulting in an increase in the number of small-time investors and the amount of bullion available in the state. This may not apply to all precious metals, but it does apply to gold, silver and platinum.

Source: http://www.capitol.state.tx.us

ABOUT TEXAS

As well as being the biggest of the Lower 48 states, Texas is also one of the richest, with an economy that rivals that of many developed nations. Because of its connections with Mexico to the south, there is a strong Latin influence in this state, evident not only in its large Hispanic population, but also in its food and culture. Some of the things most associated with this state include: rodeos, cowboys and cattle; the Alamo; and football, from high school and college to the pros, with the Houston Texans and the Dallas Cowboys flying the Lone Star flag.

Everything is Bigger in Texas

Texas is an enormous state, and it is often said that everything inside it is just as big. This is where you will find: Texas Longhorn cattle, bearing horns that grow as long as 7 feet; Tex-Mex food, which fuses Mexican food with typical American fare; and high temperatures, which whip up from the dry desert surroundings.

This state is as big on oil as it is on football, with much of the United States’ production of black gold drilled here. Because of this, Texas has produced a great number of millionaires.

 

 

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.