Bullion investment is a unique purchase, especially when you consider the state laws and tax regulations involved. Whether you are buying or selling bullion, it pays to research and understand what you can expect in your state. Here are the laws associated with bullion buying/selling in the state of Florida.
Florida Sales Tax
Florida law states that bullion can be exempt from sales tax so long as the total purchase price for the bullion piece/pieces exceeds $500. Additionally, any coins or currency that are considered legal U.S. tender are exempt from sales tax. This includes coins made from precious metals such as the gold and silver American Eagle coins.
Florida Capital Gains Tax
Florida, like all other U.S. states, requires a Federal Capital Gains Tax on sold bullion. The maximum rate for this tax is 28% although your specific rate will be adjusted based on your income.
A truly diversified portfolio includes precious metals, so when you're planning for retirement, consider adding qualified bullion to your Self Directed IRA. Contact us to get started or visit our Precious Metals IRA page to learn how you can invest.
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