Buying Silver in Wisconsin
Buying silver in Wisconsin 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 Wisconsin 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 Wisconsin currently pay a sales tax of 5%, but can pay as much as 5.43% with additional local sales tax added in. This is an average tax rate when compared to other states.
The important aspect here is whether or not you will have to pay this percentage during your silver dollar or bullion purchases in local coin shops or retail stores located within the state.
Well, the bad news is...
Facts for Wisconsin residents investing in silver
Silver bullion purchases are subject to sales tax in Wisconsin. This includes both silver bullion and silver coins. This cost is in addition to the premium you will pay at a WI coin dealer, that is, the amount they add to the transaction for their own profit.
Whether you reside in a larger city like Milwaukee, Madison, Green Bay, Kenosha, or Racine, 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 despite having to pay sales tax.
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 also 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.
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 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