Buying Silver in Illinois
Buying silver in Illinois is always a good investment regardless of your local tax laws. But as an investor, it pays to know and understand your sales tax laws and how they affect your personal silver investing.
Again, we refer to silver investing in the sense that your are actually buying silver bullion in Illinois or a neighboring state and taking possession of it.
Remember, we focus on buying and holding physical silver bullion not paper investments like silver futures or mining stocks.
Residents of Illinois currently pay a sales tax of 6.25%, but can pay as much as 8.16% with additional local sales tax added in. This is a somewhat average sales tax when compared to other states.
More states are beginning to practice their abaility to add additional local sales taxes in select counties or cities that need some extra revenue.
What matters here is the connection between sales taxes and silver purchases made within the state. Small investments may not matter much, but larger purchases can add up in states where sales taxes apply.
Well, there's good news for residents of Illinois and those who reside in the bordering states and don't mind doing a little driving.
Facts for Illinois residents investing in silver
Silver bullion purchases are not subject to sales tax in Illinois. This includes bullion and silver coins. The only cost you will pay at a IL coin dealer is their premium, that is, the amount they add to the transaction for their own profit.
Whether you reside in a larger city like Chicago, Aurora, Rockford, Joliet, Naperville, or Springfield, or any less populated area, you should have no problem finding a coin dealer who transacts silver bullion.
Today we immediately turn to the internet for information, and in many cases, when we are ready to buy something. It is just human nature with all of the technology we have at our fingertips. But when it comes to buying silver bullion, your local coin shop may still be your best option.
The fact is that your silver investing can be a simple face-to-face cash to metal transaction. Simply open up your phone book and find the coin shops in your area, then pay them a visit one at a time.
You can always treat yourself and make a silver purchase online if you see something that you can't buy locally. There are plenty of online mints with specialty pieces for sale as well as eBay if you find a seller you trust.
But as a IL resident, you will most likely build your silver investment at the best price possible if you buy tax-free locally.
Do you find silver bullion tax laws interesting?
If you find this interesting, take the time to see how each state can vary in their laws governing silver investing. It's amazing how the states can differ in the way they treat financial matters like silver bullion transactions.
In some cases, individuals living near their state's border may be better served driving to a neighboring state to make their bullion purchases...
See Also: Silver Investing in Alabama | Silver Investing in Arizona | Silver Investing in California | Silver Investing in Colorado | Silver Investing in Florida | Silver Investing in Georgia | Silver Investing in Indiana | Silver Investing in Louisiana | Silver Investing in Maryland | Silver Investing in Massachusetts | Silver Investing in Michigan | Silver Investing in Minnesota | Silver Investing in Missouri | Silver Investing in New Jersey | Silver Investing in New York | Silver Investing in North Carolina | Silver Investing in Ohio | Silver Investing in Pennsylvania | Silver Investing in South Carolina | Silver Investing in Tennessee | Silver Investing in Texas | Silver Investing in Virginia | Silver Investing in Washington | Silver Investing in Wisconsin