Purchasing bullion and precious metals should never be done without research, especially when it comes to tax regulations and laws that apply to these investments. Depending on where you buy your gold or silver, these taxes can fluctuate significantly. That being said, here are the taxes and regulations to keep in mind if investing in Maine.
Unlike other states, Maine does not consider the purchase of precious metals to be exempt from sales tax. The current state sales tax rate sits at 5 percent; however, there may be additional county or local taxes depending on where you buy. There have been several attempts to exempt these purchases from sales tax, but none have come to fruition.
Maine, like all states, requires a federal capital gains tax. While your personal rate will depend on your income level, the highest possible rate is 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.
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.
Connecting with other coin enthusiasts is a great way to increase your portfolio or locate hard-to-find pieces. Check out our list of coin clubs in the state of Maine and find a local group to connect with.
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.
As our easternmost state, Maine is famous for its unbridled coastline, a booming fishing industry and its extensive history. Continue reading to learn 20 facts about the state of Maine.