Whether it is bars, rounds, or coins that strike your fancy, you are probably aware that buying bullion is far from your average purchase. For one, there are numerous state and federal laws and taxes involved.
If you are considering purchasing bullion for yourself, it can pay to get ahead of the game by researching what to expect and the processes involved in purchasing or selling gold and silver in Massachusetts.
Without further ado, here are some of the common taxes associated with bullion transactions in the Bay State.
Massachusetts Sales Tax
The state of Massachusetts allows gold and silver bullion purchases to be tax-free so long as the total sales is more than $1,000. If the purchase is under this amount, the bullion purchased will be subject to a 6.25% state sales tax. Local city or county taxes may also apply.
Massachusetts Capital Gains Tax
As with all other states, Massachusetts bullion transactions are subject to a federal capital gains tax. Your tax percentage will depend on your income level; however, the total percentage will not exceed 28 percent.
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.
Looking for a Local Coin Show?
We attend a number of coin shows throughout the country each year. Here's where and when you'll find us at an expo near you.
Want to Join a Coin Club in Massachusetts?
Coin clubs are a great way to connect with others who share your interest in precious metal coins and bullion. To find a Massachusetts coin club near you, check out our list.
Want to Buy Coins Locally?
Looking for somewhere nearby where you can purchase coins or other precious metal items? Check out our coin shop directory to find a place to buy coins near you.
Do you know 20 facts about Massachusetts?
Massachusetts is one of the oldest and most notable states in the country, and its rich history and people make for a one-of-a-kind place to live or visit. Continue reading to learn 20 interesting facts about Massachusetts you may not have known before.