Not only should we not pay sales tax on bullion but we shouldn’t have to pay capital gains either!! We’re paying capital gains on depreciating fiat paper. Disgusting!
Let me add that it is US Gov over-spending that CAUSES inflation and not anything that we do. Gold and silver have been used as money for thousands of years and it is foolish indeed to charge a tax on money. Do we get taxed when we exchange a $100 bill for 5 $20 bills or 10 $10 bills? No, we do not, yet if we put some of our fiat paper money into solid metallic money, then we get to pay a capital gains tax on the difference between what we paid for the metal and what we get for it when we sell it. One bright spot in this is that if we keep our PMs until we pass on, our heirs have an $11.7 million dollar inheritance tax exclusion, so they can sell the metal ASAP and pay zero tax on it as long as we're talking less than $11.7 million. If they decide to keep the metal, which I am sure many of us would advise them to do, then they will only pay a capital gains tax on the increment increase in value from the date of inheritance to the date of selling it, which is likely to be considerably less than it would be if the original owner kept it for years or even decades and then sold it. Note that many states also have inheritance taxes that are different from the US Gov's rules on this topic. Be aware of them and include their requirements in your estate plan.
I live in CA and when I buy from online I have it shipped to my parents house in Oklahoma to avoid the tax. Then I bring it back with me when I go visit them.
One thing that bugs me about the online retailers is different spot prices. The market is closed now, I have 5 different retailers up with 5 different spot prices. It does not build trust...
Good points - I had a friend who kept charging silver on a credit card. I kept warning him and telling him that it is not a good investment if you are paying more and being charged 20% + interest. I have never paid by any means other than linking my checking account and paying by transfer - or sending in a paper check. On eBay - I always pay via PayPal transfer from my checking account. It may take a week more to receive your silver than paying with CC - but no fees and threats of interest if you cannot pay off your CC balance. Also, I always order over $200 per order (even if it is only $200.01) to avoid shipping fees... from the dealers I support. Glad that Colorado does not charge sales tax on silver.
I live in Illinois, so I don't have the sales tax to worry about when buying bullion. I usually buy from online dealers with the lowest shipping and always buy enough to be just over the minimum needed. One I use is Hero Bullion which only requires a $149 purchase for free shipping. I usually always use a credit card when buying online for a few reasons. The card I use however makes a difference. If I use my PayPal MC, they give me 3% rewards on every purchase which covers the dealer's CC fees. If I buy on Walmart's site using my Walmart credit card, I again get rewards and free shipping which lowers the price. There are lots of ways to save when buying precious metals.
My local Honda dealer wanted to charge me a 3% credit card fee on an oil change. Living in MD, I have to spend $1000 for no tax. So my last order from SD was $1004, and they took the money right out of my checking account. NO FEES WHAT SO EVER.
Same in the state of NM; all fees added up with sales taxes, 10.5% added to my cost per oz. Therefore I drive 120 miles to my closest LCS to save around $260 bucks on my purchases. Gas cost is about 9 gallons ($28). Wife and I can eat twice, do a little shopping and still save a ton of money.
I agree 100% with your comment. Nobody should be paying capital gains on their metals because the way the currency loses its value. It is even more important for senior citizens not to have to pay. Politicians are always talking about how social security is not sufficient to take care of them, and that fixed income is worth less every year! Plus, I think a lot of seniors rely on gold and silver to get them through retirement. As hard as it is to profit with all of the fees and taxes mentioned in this video, the exorbitant capital gains tax is an absurdly onerous burden to place upon the elderly who just want to get by without being a financial burden to their children or anyone else. To repeal it would go a long way in helping them to keep their independence and their dignity.
"To repeal it would go a long way in helping them to keep their independence and their dignity." Agreed, unfortunately, neither of those is especially high on most politicians to-do list. 😕
Reason to pay with CC is in case there is an issue with the order, one could dispute it and get help with the purchase. Paying with check or wire allows no recourse from the buyer.
If I'm only buying a few stacking ounces, I'll hit my local coin shop. The premium savings I may get online will be gobbled up by shipping. It helps that I now have an LCS 2 miles away rather than 15.
Wish I had a local coin shop in my area...I like to only buy a few ounces at a time but the closest shop to me is a 4 Hour drive there & back! So if I buy online I'm stuck paying insanely high per ounce prices with the fees, shipping & taxes! Especially if I only want to buy like 1-3oz of silver at a time.
I live in Washington state, which has a sales tax but no income tax, and does not charge sales taxes on gold and silver bullion. I always pay for my stacking with a personal check and this has never caused any issues with payment. Yes, it's a pain that this takes longer to get my order but by doing this I do get it for less money.
Adding to the complaints, if you pay by wire and give the dealer access to your account and the product doesn’t ship for two weeks, it just means they had to go source the product elsewhere and never had it like they said they did…the only other option would be they are just plain incompetent.
Charging sales tax on the purchase of PM is crazy. It's like charging sales tax on moving your money from checking to savings. We fought it in WI and won. Turned out to be a very bipartisan issue. Got the LCS involved. It happened just as the local sales tax add on kicked in. Saved their business.
You can avoid sales tax. I live in a state that has sales tax on bullion but got uncomfortable with the amount I was holding in my home. I opened an account with SD to use their vault for a fee. When I vault what I buy, I don’t get charged that sales tax. You can also insure and ship what you have in your home to them. Your metals are also 100% insured just in case if they get robbed. Which is somewhat reassuring. You can also get your metals shipped to you from your vault. It’s a way to circumnavigate the sales tax.
I've been to their vault... they have basically an armed military team there 24/7 lol, all with body armor and AR's strapped to their chest. I'm not saying it can't happen, but that's probably a target that thieves would want to avoid.
I'm not thrilled about sales tax on gold and silver, but so far, I am well ahead of the game, given how much gold and silver was selling for when I started buying.
Fortunately Ohio, where I live, does not tax purchases on bullion. If there were a sales tax it would be a huge detriment to buying Precious Metal. At least for me
Pre 2019 online dealers were more competitive, but now…no way. My LCS is at $1.25 over spot for rounds/bars. (12-14-24) Plus my state has no sales tax.
Hawaii pays sales tax (4.5%). New setups are now needing specific checking/savings account not a debit card with a credit logo (e g. Visa) or add'l 4%. Crypto use also charges.
I live in a pretty large city with lots of LCS options near me. A few months ago I was looking to buy a Buffalo and called up every single one within 20 miles to get some quotes. Of them all, only a single shop was actually offering a better price than what I could find online from a big bullion site. I ended up just buying it online for the convenience and because I hate withdrawing cash.
In the UK there is no tax on gold. No capital gains tax on gold coins. There is a 20% sales tax on silver. It is illegal to charge for using a credit or debit card. Given the above I only buy gold.
Good point. I look at it pretty much the same, with me not "spending" money but merely converting fiat debt paper into hard metallic money. For me, it's a home run, with my PMs being a savings account, an emergency fund, financial insurance, and a hedge against inflation. Sure, I also have other investments in stocks and real estate too but the PMs are special to me, even if I do think of them as investments. If I was not stacking, that same money would be going into stocks, so to me it's just another kind of investment. For all that PMs do for us, it's a genuine bargain!
I am willing to pay higher fees when I can obtain a piece that that the market deems very desirable. I can recoup the money as the price goes a lot higher and my ayers will benefit even more.
Bought a few one ounce gold eagles in the early 2000s and sold them back 6-7 years later and after paying a sellers fee when I bought them, then payed a buyers fee on the sale I pretty much broke even. I should have just held on to them but, I didnt lose any money and learned what a bum deal if you have to pay some fee coming and going. That seems sort of crooked, idk.
Wisconsin in March 2024 got rid of taxes on bullion and products 35% or higher of precious metals. It's not super clear yet whether this applies to numismatics, but as of now it seems so. If you buy via WhatNot, you can request refunds on your sales tax paid. They are very prompt to issue those refunds.
the premiums make gold and silver a horrible investment/insurance/whatever you want to call it. Blows my mind how so many people are oblivious to this.
Help with Sales Tax - I live in Commie state, charge sales tax on everything below a 1000.00 coin & bullion purchase. So I only buy above the 1K. Also I set up E-Check, works great but does add a few days to delivery. 💰Anyone care to provide some points against sales tax on coins and bullion that I could include in a letter to my state reps? OR maybe this would make a great topic for a future video??? Thanks Silver Seeker 👍
I understand that they need to cover the cost of debit/credit card fees, but I don’t believe the card companies are charging $2/ounce for a 10-20 ounce order of silver. I also don’t appreciate being spammed with a great price like 99 cents over spot and then find out that that price is only if you buy some ridiculous amount like 500 or 1000 ounces. So first you have to pay $2/ounce more than the spam ad claimed and then another $1-2/ounce if you pay by the most common method in use around the world today. And no matter how you pay it takes them WAY TOO LONG to put the product in the mail. The whole thing feels like a bait and switch and a gouge. That’s my rant.
@SilverSeeker , yeah that’s kinda my point. That 30 cents is per transaction. Not per ounce. So on 10 ounces at $35 that would be 10.80. But at pretty much every online dealer it’s closer to double that except for the occasional sale.
A highly informative video of a topic I've never seen previously discussed! Same goes with, (for instance), buying a used car. The original owner paid the full sales tax when he purchased the car from a dealer. However, the state continues to charge the same % sales tax EVERY TIME the vehicle is re-sold to another owner. History tells us that one of the main reasons that people emigrated to the U.S. was due to the ridiculous taxes imposed upon them. They emigrated across an entire ocean, solely to be FREE from the taxation and oppression of their rulers. Taxation without representation? Our representation is nearly completely controlled by the owners of the Washington, D.C. corporation; the same 'hidden' owners of the Federal Reserve.
Is silver the better purchase at this moment? Seems like the gold to silver ratio would say silver is under valued or gold is over valued. Should I stick with silver? Thanks for your tips.
Some pretty good arguments can be made for both gold being over-priced and silver being under-priced. Personally, I never got into the "which is better" argument of silver vs. gold. I just own both and call it good. IMO, gold and silver are two different financial tools and it is better to have some of each than it is to have all of just one.
Spare a thought for us living in the UK. We pay 20% VAT on brand new silver on top of the dealer's premium. That can amount to like 40% over spot. You think you have it bad over there in "the land of the free?" lol. Even buying VAT free silver from a bullion dealer is a waste of time as they charge the same as though it was new. The only way to avoid these ridiculous fees is to either buy second hand bullion on eBay and risk buying fakes or buy old pre-1947/pre-1920 British silver coins(junk silver) at spot or below and again hope you aren't going to receive fakes. And don't get me started on the fees that platinum attracts. You think it is bad on silver?
Yea I hear that my friend... sadly I just don't know much about your taxes and laws to really comment on them. But I've heard alot of what you have said before about VAT on silver over there.
Was just talking about this the other day! I'm New to stacking and don't have an LCS in my area. When I bought my 1st ounce of silver with the fees, taxes and shipping it cost me like $38! 😅 Kind of stuck in a no win situation because I'd like to only pick up a few ounces of silver at a time & maybe spend around $100 per purchase when I can afford it. Was actually wondering if in my case it would be better to buy online 1 Gram Gold Bars for a little more money instead of only getting 2 and a half ounces of silver for around the same price?
@lawrencehoward9646 True. But sometimes the Premiums go up in the meantime... like I could have bought one ounce at $31 but a few months down the road it jumped to $36 an ounce so for 3 oz I'd end up paying around $15 just in Premiums (not counting tax) but I totally get what you are saying... the $9.99 shipping would be Free if I spend $200+ at most online dealers.
People are looking to store their wealth and they, along with me too, are disgusted by the price gouging, manipulation, premiums, taxes and gatekeeping by the precious metal industry. This is when people come full circle and stack Bitcoins instead.
You're pretending there aren't transaction fees with Bitcoin... oh there more definitely are. But as I showed in this video it's easy to avoid alot of this.
@@SilverSeeker please don’t put words in my mouth… server transactions are penny’s compared to the premiums, taxes, etc. associated with bullion, and then the LCS will offer you buy back below melt as they send them off to the comex to melt down, using us to get discounted bullion…total scam artists, I hope they all go out of business, thieves just like the IRS, and banks, Govt
What about capital gains tax on PMs? Wasn't even aware I'd have to pay that when I started stacking thirty years ago, only became aware about ten years ago. I'm in Canada but suspect you'll get hit with it too in the US, but no sales tax on PMs here.
I suspect that quite a few people selling PMs do so in small amounts and with US Mint products that do not generate a 1099-B, so the IRS isn't aware of the sales.
Yeah, $30-$35 per wire is pretty much a standard fee. That was what I paid to wire $50k to my son for a land deal he wanted. He's paying me back over 5 years and it's nice that there was no bank loan involved, just the wire fee at my CU.
my state taxes bullion as well. So for now I order from out-of-state coin shops that don't have sales-tax and pay with a check. Like Harrys coin shop. They did charge $10 for shipping.
Tax on bullion - hmm; I presume the bullion dealer has to pay tax on their profits so why more sales tax? And debit/credit card/Paypal fees are unfair to pass on as the bullion dealer can deduct those fees from their tax bill. However we need to remember we have to pay for the privilege of owning physical bullion in a form we can manage (I.e. coins, rounds or bars) - it costs to convert the raw precious metal, to ship it and to have a platform that you can buy it through. Stop moaning folks - you don’t have to buy anything 🙂. Good video - thank you! 👍
While Bruce might have a valid argument concerning sales tax, his beef concerning debit/credit card fees is with the bank, not the dealer. To mollify people like Bruce, a discount on the sales price could be given should he choose some other form of payment like sending a check or using an ACH transfer. If he wants the convenience of using his card, then the price will remain the same and he won't get his knickers in a twist due to a modest charge from the bank imposed on the dealer. To avoid taxes when he sells his metal, he needs to make sure that he buys the right type and doesn't sell too much, if applicable, depending on the circumstance. Then again, based on his "bend over" comment, Bruce might be the kind of guy who loves to complain and be the victim. Merry Christmas!
I hate when bullion dealers do that. Buy as low as such and such. Umm...not many people are buying 100oz of gold or silver. If one good bullion dealer didn't do all that stuff and maybe had better prices, others would follow suite possibly. Apmex is one of the larger companies, but yet their one of the most expensive. Funny.
An angel rang a bell this morning. I am the proud father of a new silver stacker!! I know he is overpaying but he is stacking. He signed up for Money Metals monthly program. He is putting $200 per month buying silver eagles. Johnny Bryant. Monroe Georgia
Not only ridiculous but just stupid. It's something I thought about every time I paid taxes. Why do you continue to pay taxes after your car is paid. You should only pay taxes on it only after you purchase it.
I can’t buy the cost of labor argument either. First of all, it doesn’t take that long to put several small orders together. Especially considering that most people are placing relatively small orders (enough to trigger free shipping). And those people are getting paid the same even if they’re just standing around or sweeping the floor while they wait for more orders. And yes, I have been in business for myself and I know how that works.
I just paid 419.00 dollars from APMEX for (5) Maples, (2) Eagles, (1) round, (2) Krugerands. With delivery and taxes. Ten ounces for 419 dollars . Not a good investment, but I like the hobby.
@@Timmerd888 That's usually the case but when I was stacking US 90% silver coins, they had things I really wanted in stock. One of the best of them was when I bought 20 rolls of early 2000s proof statehood quarters for a price below that of circulated Washington quarters, and the proof coins were gorgeous!
i went to Bullion exchange and put an 2024 eagle ,a kangaroo, a round, a maple , a 1 oz bar , a 5 oz bar, a 10 oz bar , and a kilo bar and one other .. ended up being about 50 ozt at spot ... paid with an E check ,, no fees .. no taxes ... no problem ... cheap silver
Not only should we not pay sales tax on bullion but we shouldn’t have to pay capital gains either!! We’re paying capital gains on depreciating fiat paper. Disgusting!
Let me add that it is US Gov over-spending that CAUSES inflation and not anything that we do. Gold and silver have been used as money for thousands of years
and it is foolish indeed to charge a tax on money. Do we get taxed when we exchange a $100 bill for 5 $20 bills or 10 $10 bills? No, we do not, yet if we put some
of our fiat paper money into solid metallic money, then we get to pay a capital gains tax on the difference between what we paid for the metal and what we get for
it when we sell it. One bright spot in this is that if we keep our PMs until we pass on, our heirs have an $11.7 million dollar inheritance tax exclusion, so they can
sell the metal ASAP and pay zero tax on it as long as we're talking less than $11.7 million. If they decide to keep the metal, which I am sure many of us would
advise them to do, then they will only pay a capital gains tax on the increment increase in value from the date of inheritance to the date of selling it, which is likely
to be considerably less than it would be if the original owner kept it for years or even decades and then sold it. Note that many states also have inheritance taxes
that are different from the US Gov's rules on this topic. Be aware of them and include their requirements in your estate plan.
how would they know you made capital gains ? if you hold pay in cash and hold it yourself they would not know
Who pays capital gains?😂 All deals ive done are cash and under 10k.
@
There are many ways to break the law, I prefer a clear conscience.
@floydrosinithejourneymanss1766 whatever, you never ever speed?
I live in CA and when I buy from online I have it shipped to my parents house in Oklahoma to avoid the tax. Then I bring it back with me when I go visit them.
One thing that bugs me about the online retailers is different spot prices. The market is closed now, I have 5 different retailers up with 5 different spot prices. It does not build trust...
I think they add fees to their spot prices. Which isn’t transparent and should be illegal
I love the way you prove your point with Math. GREAT JOB!
Good points - I had a friend who kept charging silver on a credit card. I kept warning him and telling him that it is not a good investment if you are paying more and being charged 20% + interest.
I have never paid by any means other than linking my checking account and paying by transfer - or sending in a paper check. On eBay - I always pay via PayPal transfer from my checking account. It may take a week more to receive your silver than paying with CC - but no fees and threats of interest if you cannot pay off your CC balance.
Also, I always order over $200 per order (even if it is only $200.01) to avoid shipping fees... from the dealers I support.
Glad that Colorado does not charge sales tax on silver.
I live in Illinois, so I don't have the sales tax to worry about when buying bullion. I usually buy from online dealers with the lowest shipping and always buy enough to be just over the minimum needed. One I use is Hero Bullion which only requires a $149 purchase for free shipping. I usually always use a credit card when buying online for a few reasons. The card I use however makes a difference. If I use my PayPal MC, they give me 3% rewards on every purchase which covers the dealer's CC fees. If I buy on Walmart's site using my Walmart credit card, I again get rewards and free shipping which lowers the price. There are lots of ways to save when buying precious metals.
My local Honda dealer wanted to charge me a 3% credit card fee on an oil change. Living in MD, I have to spend $1000 for no tax. So my last order from SD was $1004, and they took the money right out of my checking account. NO FEES WHAT SO EVER.
Same in the state of NM; all fees added up with sales taxes, 10.5% added to my cost per oz. Therefore I drive 120 miles to my closest LCS to save around $260 bucks on my purchases. Gas cost is about 9 gallons ($28). Wife and I can eat twice, do a little shopping and still save a ton of money.
I agree 100% with your comment. Nobody should be paying capital gains on their metals because the way the currency loses its value. It is even more important for senior citizens not to have to pay. Politicians are always talking about how social security is not sufficient to take care of them, and that fixed income is worth less every year! Plus, I think a lot of seniors rely on gold and silver to get them through retirement. As hard as it is to profit with all of the fees and taxes mentioned in this video, the exorbitant capital gains tax is an absurdly onerous burden to place upon the elderly who just want to get by without being a financial burden to their children or anyone else. To repeal it would go a long way in helping them to keep their independence and their dignity.
💯
"To repeal it would go a long way in helping them to keep their independence and their dignity."
Agreed, unfortunately, neither of those is especially high on most politicians to-do list. 😕
Very nicely said! As a senior with only Social Security, your posting says it all. Thanks!
Reason to pay with CC is in case there is an issue with the order, one could dispute it and get help with the purchase. Paying with check or wire allows no recourse from the buyer.
That's a fair point for sure... I've never had any issues with the big bullion dealers, but I can see where that may be a deciding factor for some.
Very Good Video Seeker!👍
Thanks 👍
Excellent video today Seeker. I really enjoyed it!
If I'm only buying a few stacking ounces, I'll hit my local coin shop. The premium savings I may get online will be gobbled up by shipping. It helps that I now have an LCS 2 miles away rather than 15.
Wish I had a local coin shop in my area...I like to only buy a few ounces at a time but the closest shop to me is a 4 Hour drive there & back! So if I buy online I'm stuck paying insanely high per ounce prices with the fees, shipping & taxes! Especially if I only want to buy like 1-3oz of silver at a time.
This is an important video. I just started seeing this for myself.
I live in Washington state, which has a sales tax but no income tax, and does not charge sales taxes on gold and silver bullion.
I always pay for my stacking with a personal check and this has never caused any issues with payment. Yes, it's a pain that
this takes longer to get my order but by doing this I do get it for less money.
Adding to the complaints, if you pay by wire and give the dealer access to your account and the product doesn’t ship for two weeks, it just means they had to go source the product elsewhere and never had it like they said they did…the only other option would be they are just plain incompetent.
They take USPS money orders too. They treat it like a check. Aways buy at least $200 worth. No sales tax in GA.
Charging sales tax on the purchase of PM is crazy. It's like charging sales tax on moving your money from checking to savings. We fought it in WI and won. Turned out to be a very bipartisan issue. Got the LCS involved. It happened just as the local sales tax add on kicked in. Saved their business.
You can avoid sales tax. I live in a state that has sales tax on bullion but got uncomfortable with the amount I was holding in my home. I opened an account with SD to use their vault for a fee. When I vault what I buy, I don’t get charged that sales tax. You can also insure and ship what you have in your home to them. Your metals are also 100% insured just in case if they get robbed. Which is somewhat reassuring. You can also get your metals shipped to you from your vault. It’s a way to circumnavigate the sales tax.
I've been to their vault... they have basically an armed military team there 24/7 lol, all with body armor and AR's strapped to their chest. I'm not saying it can't happen, but that's probably a target that thieves would want to avoid.
Starting Jan 1 2025, New Jersey is dropping sales tax for any bullion over 1k.
But in neighboring Pennsylvania, there is NO sales tax on bullion!
@@jsivco3sivco785There’s a tax on everything in New Jersey.
Thanks for sharing
I’m in Chicago and just the taxes here kill folks
I'm not thrilled about sales tax on gold and silver, but so far, I am well ahead of the game, given how much gold and silver was selling for when I started buying.
Fortunately Ohio, where I live, does not tax purchases on bullion. If there were a sales tax it would be a huge detriment to buying Precious Metal. At least for me
Pre 2019 online dealers were more competitive, but now…no way. My LCS is at $1.25 over spot for rounds/bars. (12-14-24) Plus my state has no sales tax.
Hawaii pays sales tax (4.5%). New setups are now needing specific checking/savings account not a debit card with a credit logo (e g. Visa) or add'l 4%. Crypto use also charges.
just go to your local coin shop!!! plus i love going to coin shop see what people are doing plus you see some interesting characters lol
Not everyone has that option
Some LCS will charge even more than some of the fees Seeker talks about in this video.
I live in a pretty large city with lots of LCS options near me. A few months ago I was looking to buy a Buffalo and called up every single one within 20 miles to get some quotes. Of them all, only a single shop was actually offering a better price than what I could find online from a big bullion site. I ended up just buying it online for the convenience and because I hate withdrawing cash.
They require that check in 7 days, so most need to do priority mail it. Around 10 bucks to do that.
In the UK there is no tax on gold. No capital gains tax on gold coins. There is a 20% sales tax on silver. It is illegal to charge for using a credit or debit card. Given the above I only buy gold.
Ive always thought of it as taking fake money and buying real money.
Good point. I look at it pretty much the same, with me not "spending" money but merely converting fiat debt paper into hard metallic money.
For me, it's a home run, with my PMs being a savings account, an emergency fund, financial insurance, and a hedge against inflation. Sure, I
also have other investments in stocks and real estate too but the PMs are special to me, even if I do think of them as investments. If I was
not stacking, that same money would be going into stocks, so to me it's just another kind of investment. For all that PMs do for us, it's a
genuine bargain!
I will not buy from bullion dealers that charge a fee for using my credit card. I’m fortunate to have LCS near me that beat bullion dealer prices.
Just don't pay with card... I'm not going to not patronize someone solely because the credit card companies charge them to run credit cards.
I am willing to pay higher fees when I can obtain a piece that that the market deems very desirable. I can recoup the money as the price goes a lot higher and my ayers will benefit even more.
Thanks
My state charges sales tax if you buy bullion through Costco, but not if you buy from an on-line bullion dealer.
Bought a few one ounce gold eagles in the early 2000s and sold them back 6-7 years later and after paying a sellers fee when I bought them, then payed a buyers fee on the sale I pretty much broke even. I should have just held on to them but, I didnt lose any money and learned what a bum deal if you have to pay some fee coming and going. That seems sort of crooked, idk.
Wisconsin in March 2024 got rid of taxes on bullion and products 35% or higher of precious metals. It's not super clear yet whether this applies to numismatics, but as of now it seems so. If you buy via WhatNot, you can request refunds on your sales tax paid. They are very prompt to issue those refunds.
the premiums make gold and silver a horrible investment/insurance/whatever you want to call it. Blows my mind how so many people are oblivious to this.
Or just go to you’re local coin shop
Can definitely do that, sadly not everyone has that option.
In Maryland you would pay sales tax depending on what exactly you buy and the amount.
Help with Sales Tax - I live in Commie state, charge sales tax on everything below a 1000.00 coin & bullion purchase. So I only buy above the 1K. Also I set up E-Check, works great but does add a few days to delivery.
💰Anyone care to provide some points against sales tax on coins and bullion that I could include in a letter to my state reps?
OR maybe this would make a great topic for a future video???
Thanks Silver Seeker 👍
I understand that they need to cover the cost of debit/credit card fees, but I don’t believe the card companies are charging $2/ounce for a 10-20 ounce order of silver. I also don’t appreciate being spammed with a great price like 99 cents over spot and then find out that that price is only if you buy some ridiculous amount like 500 or 1000 ounces. So first you have to pay $2/ounce more than the spam ad claimed and then another $1-2/ounce if you pay by the most common method in use around the world today. And no matter how you pay it takes them WAY TOO LONG to put the product in the mail. The whole thing feels like a bait and switch and a gouge. That’s my rant.
The credit card thing is a percentage. My little website i have to pay 3% + 30 cents per transaction. So on a 35 dollar coins I pay 1.35 is CC fees.
@SilverSeeker , yeah that’s kinda my point. That 30 cents is per transaction. Not per ounce. So on 10 ounces at $35 that would be 10.80. But at pretty much every online dealer it’s closer to double that except for the occasional sale.
I am from Singapore, luckily we only pay premiums for the coins and bars, no shipping and they are all tax free if it's 99.99% pure.
A highly informative video of a topic I've never seen previously discussed! Same goes with, (for instance), buying a used car. The original owner paid the full sales tax when he purchased the car from a dealer. However, the state continues to charge the same % sales tax EVERY TIME the vehicle is re-sold to another owner. History tells us that one of the main reasons that people emigrated to the U.S. was due to the ridiculous taxes imposed upon them. They emigrated across an entire ocean, solely to be FREE from the taxation and oppression of their rulers. Taxation without representation? Our representation is nearly completely controlled by the owners of the Washington, D.C. corporation; the same 'hidden' owners of the Federal Reserve.
good video
Is silver the better purchase at this moment? Seems like the gold to silver ratio would say silver is under valued or gold is over valued. Should I stick with silver? Thanks for your tips.
Some pretty good arguments can be made for both gold being over-priced and silver being under-priced. Personally, I never got into the "which is better" argument of
silver vs. gold. I just own both and call it good. IMO, gold and silver are two different financial tools and it is better to have some of each than it is to have all of just one.
Only your representative at the state level can help a US Senator has no say on state issues
Fair
You’re looking good. Slim and trim!
In Florida no tax on 90% at all but bullion has to be over $199.00
The IRC calls our tax payments a gift or contribution.😂
I do not pay sales tax on bullion . I do not pay shipping on bullion . I do pay 3% credit card fees though . 3% is not too bad for physical bullion .
I never will buy on line I only buy at a shop ... no fees
Spare a thought for us living in the UK. We pay 20% VAT on brand new silver on top of the dealer's premium. That can amount to like 40% over spot. You think you have it bad over there in "the land of the free?" lol. Even buying VAT free silver from a bullion dealer is a waste of time as they charge the same as though it was new.
The only way to avoid these ridiculous fees is to either buy second hand bullion on eBay and risk buying fakes or buy old pre-1947/pre-1920 British silver coins(junk silver) at spot or below and again hope you aren't going to receive fakes.
And don't get me started on the fees that platinum attracts. You think it is bad on silver?
Yea I hear that my friend... sadly I just don't know much about your taxes and laws to really comment on them. But I've heard alot of what you have said before about VAT on silver over there.
I always use the e-check option and I never buy less than a full tube.
Was just talking about this the other day! I'm New to stacking and don't have an LCS in my area. When I bought my 1st ounce of silver with the fees, taxes and shipping it cost me like $38! 😅 Kind of stuck in a no win situation because I'd like to only pick up a few ounces of silver at a time & maybe spend around $100 per purchase when I can afford it. Was actually wondering if in my case it would be better to buy online 1 Gram Gold Bars for a little more money instead of only getting 2 and a half ounces of silver for around the same price?
Or you could simply put your dollars in a jar until you have $200
@lawrencehoward9646 True. But sometimes the Premiums go up in the meantime... like I could have bought one ounce at $31 but a few months down the road it jumped to $36 an ounce so for 3 oz I'd end up paying around $15 just in Premiums (not counting tax) but I totally get what you are saying... the $9.99 shipping would be Free if I spend $200+ at most online dealers.
I always buy my gold online and always look for for free shipping and I buy over $1,000.00 with No tax !!
I long for the day we get a flat tax and remove all other taxes!
Thanks
Well I get that there is a fee for using credit cards but online bullion companys are charging way more than the 3% fee.
3% plus swipe fee and also they don't they get a refund on cancelations or refund so likely just balancing it at 4%.
Also Many online will get a great price for Veterans
People are looking to store their wealth and they, along with me too, are disgusted by the price gouging, manipulation, premiums, taxes and gatekeeping by the precious metal industry. This is when people come full circle and stack Bitcoins instead.
You're pretending there aren't transaction fees with Bitcoin... oh there more definitely are. But as I showed in this video it's easy to avoid alot of this.
@@SilverSeeker please don’t put words in my mouth… server transactions are penny’s compared to the premiums, taxes, etc. associated with bullion, and then the LCS will offer you buy back below melt as they send them off to the comex to melt down, using us to get discounted bullion…total scam artists, I hope they all go out of business, thieves just like the IRS, and banks, Govt
What about capital gains tax on PMs? Wasn't even aware I'd have to pay that when I started stacking thirty years ago, only became aware about ten years ago. I'm in Canada but suspect you'll get hit with it too in the US, but no sales tax on PMs here.
Many people in the us won't have to pay capital gains on precious metals. Maybe only the uneducated
I suspect that quite a few people selling PMs do so in small amounts and with US Mint products that do not generate a 1099-B, so the IRS isn't aware of the sales.
Missouri has no tax sales tax
Am I first how childish of me to state that. 👍
LOL not at all :)
I pay 160$ each year to park my car on the street in Massachusetts.
Anyone living in Taxachusetts is probably used to being reamed by the taxman. 😕
It's 4% they charge. And if your from cali, we're paying more
Wire cost 35$ in Wells Fargo
I think they'll take ACH... maybe? Don't quote me on that, but you can always just mail the check.
Yeah, $30-$35 per wire is pretty much a standard fee. That was what I paid to wire $50k to my son for a land deal he
wanted. He's paying me back over 5 years and it's nice that there was no bank loan involved, just the wire fee at my CU.
I live in a state that taxes bullion I go to a coin shows for my bullion and taxes are not a thing
my state taxes bullion as well. So for now I order from out-of-state coin shops that don't have sales-tax and pay with a check. Like Harrys coin shop. They did charge $10 for shipping.
Tax on bullion - hmm; I presume the bullion dealer has to pay tax on their profits so why more sales tax? And debit/credit card/Paypal fees are unfair to pass on as the bullion dealer can deduct those fees from their tax bill. However we need to remember we have to pay for the privilege of owning physical bullion in a form we can manage (I.e. coins, rounds or bars) - it costs to convert the raw precious metal, to ship it and to have a platform that you can buy it through. Stop moaning folks - you don’t have to buy anything 🙂. Good video - thank you! 👍
While Bruce might have a valid argument concerning sales tax, his beef concerning debit/credit card fees is with the bank, not the dealer. To mollify people like Bruce, a discount on the sales price could be given should he choose some other form of payment like sending a check or using an ACH transfer. If he wants the convenience of using his card, then the price will remain the same and he won't get his knickers in a twist due to a modest charge from the bank imposed on the dealer.
To avoid taxes when he sells his metal, he needs to make sure that he buys the right type and doesn't sell too much, if applicable, depending on the circumstance.
Then again, based on his "bend over" comment, Bruce might be the kind of guy who loves to complain and be the victim. Merry Christmas!
I hate when bullion dealers do that. Buy as low as such and such. Umm...not many people are buying 100oz of gold or silver.
If one good bullion dealer didn't do all that stuff and maybe had better prices, others would follow suite possibly. Apmex is one of the larger companies, but yet their one of the most expensive. Funny.
An angel rang a bell this morning. I am the proud father of a new silver stacker!! I know he is overpaying but he is stacking. He signed up for Money Metals monthly program. He is putting $200 per month buying silver eagles. Johnny Bryant. Monroe Georgia
Thats why I only buy silver I don’t mind looking at for the rest of my life.
tell all the what not people that.
1000% agree Silver Seeker! We are all taxed to death with every move over and over! Do not tax God's money!
Not only ridiculous but just stupid. It's something I thought about every time I paid taxes. Why do you continue to pay taxes after your car is paid. You should only pay taxes on it only after you purchase it.
I have a great honest local coin shop ........cash.
I can’t buy the cost of labor argument either. First of all, it doesn’t take that long to put several small orders together. Especially considering that most people are placing relatively small orders (enough to trigger free shipping). And those people are getting paid the same even if they’re just standing around or sweeping the floor while they wait for more orders. And yes, I have been in business for myself and I know how that works.
Elect polticians that stack.
Common sense. Use it.
I just paid 419.00 dollars from APMEX for (5) Maples, (2) Eagles, (1) round, (2) Krugerands. With delivery and taxes. Ten ounces for 419 dollars . Not a good investment, but I like the hobby.
It would have been like $380 for me at my coin shop in Texas.
You need to shop around more, APMEX is more expensive than most online dealers by a long shot. Happy stacking
@@Timmerd888 That's usually the case but when I was stacking US 90% silver coins, they had things I really wanted in stock. One of the best of them was
when I bought 20 rolls of early 2000s proof statehood quarters for a price below that of circulated Washington quarters, and the proof coins were gorgeous!
Costco Costco Costco
Hi everyone
AGFM
i went to Bullion exchange and put an 2024 eagle ,a kangaroo, a round, a maple , a 1 oz bar , a 5 oz bar, a 10 oz bar , and a kilo bar and one other .. ended up being about 50 ozt at spot ... paid with an E check ,, no fees .. no taxes ... no problem ... cheap silver
Well said? You don't own anything 😅😅😅
crypto has even crazier fees
No it doesn't. Not even close. Where did you come up with this?