Buying Silver in Maryland
Buying silver in Maryland 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 Maryland 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 Maryland currently pay a sales tax of 6%, unlike many of the other states, there are no additional local sales taxes added in so it doesn't matter where you are within the state.
This is a somewhat average sales tax when compared to other states, but that's beside the point.
What matters to us is whether or not we need to pay the sales tax when we buy silver coins and bullion within the state.
Facts for Maryland residents investing in silver
Silver bullion purchases are subject to sales tax until you meet the minimum transaction for tax exemption in Maryland (The exemption is currently set at $1000.00). This includes bullion and silver coins. This cost is in addition to the premium you will pay at a MD coin dealer along with their premium; the amount they add to the transaction for their own profit.
Whether you reside in a larger city like Baltimore, Columbia, Germantown, Silver Spring, Waldorf, or Annapolis, 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 MD resident, you will most likely build your silver investment at the best price possible if you buy tax-free locally in bulk if you can afford to exceed the minimum requirement for exemption.
This can also be accomplished by saving your money and bunching your purchases together. The tax savings will be worth it, you will technically pay less per ounce if you can skirt the sales tax.
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 Illinois | Silver Investing in Indiana | Silver Investing in Louisiana | 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