Taxes on the purchase and sale of precious metals
(PresseBox) - Tennessee lowers sales tax on precious metal coins, still eight states and DC have taxes on precious metals.
Tennessee has eliminated the sales tax on silver bullion coins and also eliminated the sales tax on gold and platinum bullion coins. This makes the U.S. state the 42nd state to pass such a law. Taxes still apply in Hawaii, Kentucky, New Jersey, New Mexico, Maine, Mississippi, Wisconsin, Vermont and the District of Columbia.
In this country, investment gold is always tax-free when purchased. All other precious metals are still subject to value-added tax or sales tax. Silver coins, silver bars and silver coin bars, on the other hand, are subject to 19 percent VAT or, in the case of some silver investment coins, the significantly lower differential taxation. The same applies to platinum and palladium or rhodium.
If precious metal coins or bars are resold, these sales are generally exempt from any tax after a holding period of at least one year. If the sale takes place within one year, tax must be paid at the personal tax rate (above an exemption limit of up to 300 euros). If, on the other hand, an investor acquires precious metal shares, no taxes are generally due on the purchase. In the case of a sale, the profits are subject to capital gains tax or withholding tax.
When investing in precious metal shares, the investor also receives leverage on rising precious metal prices. In addition to gold, Mawson Gold - https://www.youtube.com/watch?v=d24jQVrtkKE - and Torq Resources - https://www.youtube.com/watch?v=utFonP8-xsk - also own cobalt (Mawson Gold) and copper (Torq Resources).
The projects of Torq Resources are located in Chile, those of Mawson Gold in Finland, Sweden and Australia.
Current corporate information and press releases from Mawson Gold 8- https://www.resource-capital.ch/en/companies/mawson-gold-ltd/ -) and Torq Resources (- https://www.resource-capital.ch/en/companies/torq-resources-inc/ -).
In accordance with ?34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be accepted for any damage arising from the use of this blog. I would like to point out that shares and especially warrant investments are always associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make errors, especially with regard to figures and prices. The information contained herein is taken from sources believed to be reliable, but in no way claims to be accurate or complete. Due to court decisions, the contents of linked external sites are also co-responsible (e.g. Landgericht Hamburg, in the decision of 12.05.1998 - 312 O 85/98), as long as there is no explicit dissociation from them. Despite careful control of the content, I do not assume liability for the content of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: https://www.resource-capital.ch/en/disclaimer/
Unternehmensinformation / Kurzprofil:
Datum: 11.07.2022 - 01:53 Uhr
Sprache: Deutsch
News-ID 663543
Anzahl Zeichen: 0
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