If you have decided to purchase bullion coins or bars, you are well on your way to a great investment opportunity. However, bullion is far from your average purchase. Each state has its own taxes and regulations that apply to your purchase and it pays to do your homework beforehand. Here is what you need to know about purchasing bullion in Oklahoma.
Oklahoma Sales Tax
Oklahoma has one of the highest sales tax rates in the country at 4.5%, and bullion is considered taxable under state law. There is one exception, however. If bullion is stored at a recognized precious metal depository, it is exempt from sales tax.
Oklahoma Capital Gains Tax
Oklahoma, like all other states, has a federal capital gains tax on bullion. The exact percentage of your capital gains tax will vary depending on your income, but the total amount will not exceed 28%.
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 Oklahoma?
Connecting with other coin enthusiasts is a great way to broaden your portfolio and meet new like-minded people. We keep an updated list of coin clubs in your area to help you connect with a group.
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 Oklahoma?
There is more to Oklahoma than “where the wind comes sweepin’ down the plain.” If you didn’t know any facts about Oklahoma before, you will once you check out our 20 interesting facts about the Sooner State.