Bullion investors know that precious metals are not your average purchase. Indeed, there are certain sales tax and capital gains laws to consider, and those vary by state. If you are considering a bullion purchase in the state of Tennessee, here are a few laws you should know about.
Each state has its own sales tax rate, and Tennessee's sits at 7 percent for coins, currency and precious metals. There are also local taxes depending on the area in which you make your purchase.
If you decide to sell your bullion, a federal capital gains tax will apply to your profits regardless of which state you sell in. The maximum percentage for this tax in Tennessee 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.
If you would like to connect with other local collectors, we maintain a list of Tennessee coin clubs for your browsing. Additionally, if you are already a part of a coin club, make sure yours has made the list!
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.
Tennessee is known for its whiskey, music and Southern hospitality, but there is much more to the state than meets the eye. Learn more about the Volunteer State with these 20 facts.