Buying Gold and Silver in Wisconsin

TAXES IN WISCONSIN

The Wisconsin sales tax rate is 5%, which is slightly boosted by local taxes and reaches as high as 5.6% in some regions. The law concerning precious metals covers most forms, but it specifically makes mention of anything sold as a collector’s item and anything sold above its face value. This covers rare coins as well as bullion coins and bars, and the law also states that this tax is due on the sale of any paper currency listed as a collector’s item.

Federal Capital Gains Tax

Wisconsin observes the Federal Capital Gains Tax that applies to the profits made from selling precious metals. This tax is payable after selling only, and not if you simply hold onto your investment. The actual rate you pay depends on your personal income, but it does not go above 28%..

Tax Free Precious Metals

There are very few exemptions in Wisconsin for precious metals, but they do exist. The main one concerns coins sold at their face value. Whether they’re minted in the United States or in another country, they are all exempt from sales tax.

As is the case in other heavily-taxed states, there have been efforts to repeal these tax laws and to grant exemptions for precious metals and other collectibles. As of yet those attempts have not been successful.

Source: http://docs.legis.wi.gov/code/admin_code/tax/11/IX/79/4

ABOUT WISCONSIN

The state of Wisconsin has a GDP of around $250 billion, making it one of the richest in the United States. In fact, this wealth is some 5 times greater than that of Wyoming, despite Wisconsin being a good deal smaller. The state is split into 72 different counties and the biggest city is Milwaukee. Madison is its capital, but there are only a little more than half a million people in the Greater Metropolitan Area of Madison, while more than 2 million reside in Milwaukee. Wisconsin borders two of the great lakes, Lake Michigan and Lake Superior.

White Gold

Wisconsin is known as America’s Dairyland, because it produces a vast amount of dairy products and is famous across the nation for its cheese: 25% of all of the cheese produced in the USA is made here. It is not the biggest milk producer (that accolade goes to California), but it produces the most cheese and is also the second biggest butter-making state, producing more than 30% of all of the country’s butter.

While it has a big share of the dairy market in the United States, Wisconsin doesn’t quite have a monopoly. Curiously, it does have such a stranglehold on ginseng, cultivating 97% of the US supply. The state is also famous for its oat and potato production.

 

 

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.