Buying Gold and Silver in Vermont

TAXES IN VERMONT

There is a basic sales tax of 6% in the state of Vermont, and there is a sentence written into the tax code of the state that applies specifically to precious metals and bullion. This dictates that any currency sold for the purpose of anything other than their intended use, as well as precious metal bullion in all of its forms, is taxable. This includes numismatic coins—those sold for their rarity as opposed to their precious metal content—and tokens, medallions and other less common forms of bullion.

As well as the state tax of 6% there are also local tax rates that increase this, which means 6% is the minimum you will pay in Vermont.

Federal Capital Gains Tax

The state of Vermont is subject to the Federal Capital Gains Tax which means that as soon as you sell precious metals for a profit, you pay money to the government. The amount you owe on the profit from the sale of precious metals income cannot exceed 28%. Also, you only owe this money when you actually cash in on your profits, not if you buy and hold.

Tax Free Precious Metals

Unfortunately, there are no tax exemptions in the state of Vermont, at least not where precious metals are concerned. There are still bullion dealers and rare coin sellers operating within the state, but in many cases local investors will seek to purchase online. In the last decade or so, as the internet has become a common marketplace, local dealers have more or less been driven out of business.

If you are looking for tax-free precious metals in Vermont, you should buy online, although anything bought in small quantities may not be worth it with the added shipping and handling fees.

Source: http://www.state.vt.us/tax/pdf.word.excel/legal/regs/19701.pdf

ABOUT VERMONT

Vermont is prized for its natural beauty, and the majority of its land area is covered in forest. The biggest city is Burlington, and its state capital, Montpelier, is the least populated state capital in the entire United States, with less than 10,000 people residing there.

Maple State

A lot of the world’s maple syrup is produced in Canada and some people are of the belief that all of it is. This is far from the truth, as the USA also produces vast quantities of this sticky and sweet delicacy, with Vermont leading the way. In fact, this is one of the biggest industries in the state and its syrup is enjoyed across the country, but there are many other flourishing industries as well.

Not all of this wealth comes from the land either. Combined with game hunting and fishing, agriculture only accounts for a little more than 1% of the state’s GDP, with both the real estate industry and the government sector being more than 10 times bigger. Retail, manufacturing, finance, wholesale, construction and a number of other industries also earn more for the state’s coffers than agriculture.

 

 

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.