If you are keen to buy precious metals, it certainly pays to do your research. Buying bullion comes with its own set of regulations and tax laws when compared with typical purchases. Furthermore, these regulations can change drastically depending on which state you choose to do business in. That said, here is all you need to know about purchasing precious metals in New Mexico.
New Mexico Sales Tax
New Mexico has a statewide gross receipts tax. While this is not technically a sales tax, it is often treated similarly. This tax rate sits around 5.125% across the state. However, local taxes can also apply to bullion purchases, depending on where you are. Combined, these tax rates can reach as high as 8.8675%. New Mexico has no exemptions for bullion or precious metal coin purchases.
New Mexico Capital Gains Tax
As with all other states, New Mexico adheres to a federal capital gains tax. Your tax rate will vary depending on your income, but the total 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 New Mexico?
Coin clubs are one of the best ways to connect with fellow coin enthusiasts, as well as make trades and purchases. If you are interested in finding a club near you, check out our list of local coin clubs in New Mexico.
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 New Mexico?
New Mexico is a fairly new state compared to those in the eastern U.S., but its fascinating history and people make it an enchanting place. Continue reading to learn 20 interesting facts about the Land of Enchantment.