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In most countries capital gains tax applies when precious metals are sold at a profit. Some countries also apply value added tax to precious metals. In the European Union, the trading of recognized gold coins and bullion products is VAT exempt, but no such allowance is given to silver. Elsewhere in Europe though, Norway has exempted both gold ...
"Additionally, you may face state and local taxes, which could bring your total tax rate to as high as 54% — 37.6% in federal income tax, plus 3.8% in net investment income tax, plus 12.3% in ...
But for collectibles, including gold, silver, and other precious metals, the rules are different. For long-term capital gains, you'll pay your ordinary income tax rate up to a maximum of 28%.
If you want to minimize the tax you pay on the sale of gold coins, it’s best to hold on to them for at least a year and a day to take advantage of the 28% maximum tax rate.
Silver and other precious metals or commodities do not have the same allowance. Other taxes such as capital gains tax may also apply for individuals depending on their tax residency. U.S. citizens may be taxed on their gold profits at collectibles or capital gains rates, depending on the investment vehicle used. [54]
According to Joshua the Stylite, when the tax was ended, the people of the city of Edessa, which was relieved of a tax of 140 pounds of gold every 4 years (2,520 solidi annually), celebrated with a week of festivities. The Emperor Anastasius compensated for this lost revenue by placing income earned from certain estates into a separate fund.
Forbade ownership of quantities of gold coin, bullion, and gold certificates worth in excess of $100 (about 5 troy ounces), with exemptions for specific uses and collections; Required all persons to deliver excess quantities of the above on or before May 1, 1933 in exchange for $20.67 per troy ounce ;
The Utah Legal Tender Act, passed March 10, 2011, recognizes gold and silver coins issued by the United States [1] as legal tender in the state of Utah. [2] This includes allowing the state of Utah to pay off debts in gold and silver and allowing individuals to transact in gold and silver coins without paying state capital gains tax, [3] among other provisions. [4]