If you are interested in collecting or investing in precious metal bullion, you are probably well aware that these are far from your average purchases. Indeed, there are important local and federal taxes and regulations to consider before purchasing bullion.
A smart investor will research these regulations thoroughly before moving forward with a purchase. Here, we’ve put together the tax laws you will need to be aware of if you choose to purchase in the state of Missouri.
Luckily for investors, the state of Missouri exempts bullion and investment coins from a state sales tax. The metal must be at least 0.900 pure for this to apply. However, paper currency and non-legal collectibles are not exempt from a sales tax rate of 4.225 percent.
All states must adhere to a federal capital gains tax when it comes to precious metal purchases. The rate you will be charged depends on your income level; however, the 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.
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.
Joining a local coin club is a great way to connect with members of your community who share your love of coins and precious metals. We keep a list of local coin clubs in the state of Missouri to help you find one close to you.
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.
The state of Missouri has certainly seen its fair share of interesting people and historical significance. Continue reading to learn 20 interesting facts about the Show Me State.