How to AVOID Silver and Gold TAXES: 3 TIPS!

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Information How to AVOID Silver and Gold TAXES: 3 TIPS!

Title	:	How to AVOID Silver and Gold TAXES: 3 TIPS!
Lasting	:	7.12
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In Ohio a sales tax is on 40 and 90 gold and silver coins from the 60s and older and every few years a sales tax gets put on,bullion for a few years once the duration of the tax bill on bullion expires the sales tax doesn't get reinstated for a few years trend is for the most part every 4-6 years no sales tax on bullion followed by 4-6 years of sales tax on bullion
Comment from : Joe Black

There is no sales tax on PM's in Georgia I had no idea anyone in our country had to pay that
Comment from : Jim Lewis

Hot mic dang
Comment from : Sukosd

Stormy got to 3:40 and will be back because I want to hear about this I need a tax number sometimes and I am going to get one ASAP! Got to check my bids at a local auction house right now Mostly Movie Memorabila this time
Comment from : Steve Woods

I wanna buy an ounce of gold Local coin shop the best bet ?
Comment from : Brian Connelly

Thank you for the transparency, Stormy! Thankfully, my state does not charge sales tax, but I’ve always been curious about the LLC aspect for precious metals Thank you, my friend!
Comment from : Weekly BULLION

No sales tax on PM bullion here in 'Bama Roll Tide!
Comment from : Dept of Numismatics

Damn taxes the fed always wants it's cut 🤨
Comment from : Sergeant T

Before I buy every week or every month now I buy until I save five hundred after Florida change the rules 😒great video stormy!👍🏻💪🏻
Comment from : Ericson

Good info like always 🫡
Comment from : Jeff L Wadford Jr

How do you avoid capital gains tax? Avoiding sales tax is easy
Comment from : Moon Man

That's one of the things I love about my state no tax on pms at all long as it's cash
Comment from : simplehillbilly

Well being in the UK, its your right to pay tax till your eyes bleed every day of your life!!! And if you don't the HMRC will pay you a visit and put you on top of bonfire and pour on that petrol!!! As The Beatles saidTaxman!!!
Comment from : David James

Hell Yeah Stormy!!! Thanks for sharing this awesome insider info 👍 Respect 😎💰
Comment from : Chuck Stacks

Excellent information Stormy
Comment from : Grandstaff Au

That's good information to know Thankyou
Comment from : Silver Stormie Normie

Empire, I think your rules for avoiding sales taxes are more applicable to the US or to your particular state Each country has different rules and if you live outside the US you have to abide by their rules In Turkey and Middle Eastern countries, it's a crime to export gold coins You can go to jail You can also go to jail if you don't declare how much gold you bought and sold
Comment from : Gold Maple

Empire, there are always tax benefits when you establish a business or a LLC However, not everyone would like to get into business especially if you buy gold and silver in small amounts or sporadically Second, I don't know how the system works in the US because every state as its own tax requirements In Canada, we don't pay anything in taxes especially if it's pure gold or silver It's only when you sell you pay sales and federal taxes Local coin dealers waving sales taxes ? That's news to me This would be illegal in Canada I guess local coin dealers have more flexibility in the US in fixing prices In Canada, as mentioned before, you have to declare to the government if you are importing over $10,000 worth of gold and silver into the country You also have to declare on your tax returns if you sell your gold and silver You can be fined a lot of money by the government if you do not declare your profits on your tax returns
Comment from : Gold Maple

If taxes are involved, I just don’t buy it
Comment from : Bullseye Bob

I just paid State Tax here in WI for the first time, on a purchase of old silver Dollars Same seller, he never charged a tax beforeLike in the last ten years, I never paid a tax at all Its a local coin store from a family that has been selling for years/2 generations
Comment from : WK nfriends

KICK ASS COMIC BOOK COLLECTION
Comment from : j man

First Rule of Fight Club is we don't talk about fight club Oh, and boats suck!
Comment from : youKnowWho3311

SAME IN VERMONT, HAVE TO PAY ALL SALE TAX, PROBLEM is when I shop in NH there isa no sale tax at the coin shop, but many times I can get it cheaper on line paying the sale tax I'll look into that about the LLC THANKS!
Comment from : Thomas Badillo

Good points No taxes here in SC
Comment from : Eli

Glad there's absolutely no sales tax on precious metals in my state 😊
Comment from : Shea

😎👍🏼Stormy good business smart information ✌️
Comment from : Bigfoot Silver Hide&seeker

Damn I got alot of CGC books myself Sold alot before ebay started that sell limit
Comment from : Phakaday

In Australia there is no goods or services tax on precious metals as long as they are 999 pure Items below 999 well have a 10 GST So if you are in Australia only buy 999+ to avoid the tax That means no gold Krugerrand No sovereign, no American eagles
Comment from : The Think Zone

Stop the PAIN brFigure it out LLC is good butJust move to a "better" state Demand better from your state legislatures or simply throw the mattress on top of the car, and rent a moving truck since it doesn't seem it is getting any better There is a super-premium based on location for owning something that is more stable than the dollar over time Folks close their eyes and think this will passbut at what costs? Other states you can buy precious metals w/out taxes, don't have to defer your taxes, own a gun, lower cost of living, crime is less, can look people in the eyes on the streets,etcbr Google it Math is math You are losing or gaining $ Even certain cities have exclusive taxes on precious metals Sigh Your relationship with your local coin shop should be on a first name basis when you chat right now no matter the state Heck, coin shops maybe the next banks of the futurebrGL
Comment from : DMc

Tax on money is theft
Comment from : Silver Britches

Living in Colorado I don't have to pay any tax unless you purchase in the city limits of Denver There they have a city tax
Comment from : Silver Liner

Ouch Guess I’ll never be buying PM’s in my travels through NJ
Comment from : Jessec57

Taxation is theft
Comment from : Liberty Warrior

Have em shipped to relative in a state that doesn't tax PMs I've done that, kinda a hassle
Comment from : Lassie Farm

Glad I live in Georgia and don’t pay sales tax what so ever 🙏🏻
Comment from : Liam Budgell

you should not have to pay any sort of taxes on us currency let alone precious metals! this is a scam avoid taxes at all costs thanks stormy
Comment from : MRkriegs

I have a self directed IRA Any way of avoiding taxes when I sell?
Comment from : Scott Collom

Private sells at gun shows it a Cash deal and you can keep it quiet I do insure it it in a safety deposit box Although they can't ask what you put in the box you just need a estimated value
Comment from : Jay Martin

Minnesota charges taxes on coins but not bars
Comment from : D Sonnek

Check with your local municipality as they tend to require taxes on held inventory, You should also get a CPA not just a bookkeeper as I do not think this is good advice here and potentially opening a can of worms with the IRS You may also be required to insure your items up to a certain amount and/or have a bond depending on your local, county, & state requirements the last thing you should be doing is broadcasting this information to the world Do what thou will but just a word of caution
Comment from : Joethebassplayer

I pay tax on all my metals over the years
Comment from : Kate Burley

Just barter
Comment from : Ale

You only pay taxes on fiat / notes! When you start a LLC you pledge your LLC to that state! You can do a unincorporated business trust and you will be good!
Comment from : Big Low

We the people! Please read the constitution!
Comment from : Big Low

You don’t ever pay taxes on real money! It’s in the constitution Gold and silver is constitutional money!!!
Comment from : Big Low

Hello from New York State ! I feel your pain Creating a LLC sounds like a no Brainer Thanks !
Comment from : Jim Scherer

Awesome video thank you 👍👍
Comment from : Rego Silver

Great video and thanks for the info👍
Comment from : tedcharp

Nj sux, can't wait to relocate to wv, the sooner the better, already got the land, just need to get a home built there Me and my wife plan to start a business in wv once we relocate
Comment from : Omnar_Goldmane_RGLH

come to PA we pay no tax on pm's ( edit ) there may be a tax on some profits from sales in PA
Comment from : duke nukem

I go through my bullion account and flea markets I also have coin dealers who say f*** taxes and don't charge me But if I had to go on line I pay the taxes So be it
Comment from : Tgurl Amber

Thankfully, there is no sales tax here in Illinois on Coins, Gold, and SilverbrEven though this Blue state I live in are a bunch of commies
Comment from : Bullion Addict

Damn I was hoping to pick up some stuff from back home,I thought that NJ had a limit Thanks for the info
Comment from : Will Weed

One of the few benefits of living where I do is not worrying about sales tax
Comment from : TehJones

i live in a state where you are free, no sales tax on metals and no state income taxes joe b would be sad because your not paying your fair share!! ha ha
Comment from : jim c

I hate the taxes
Comment from : 🐲 My Kitten Is A Grand Master 🐉

The Premiums ARE a tax Just cleverly disguised
Comment from : Douglas Murry

Good Information
Comment from : TuliTuli

Stormy, thank you for sharing your information with us If i was president id hire you as the secretary of the treasury
Comment from : OneHungryPanda

I have an LLC that I formed years ago for a business that is not related to precious metals brbrI understand that you already have an LLC, and you do run it as a legitimate business For others who are considering forming an LLC to avoid paying sales tax, I would offer the following:brbrThere are advantages to having an LLC, for example there are expenses that legitimately be claimed as business expenses, and are thus deductible Also, you have additional options beyond a straight IRA or 401k There are disadvantages also For example, filing your income taxes is substantially more complicated I would form an LLC only if I had or intended to run a business I absolutely would not form an LLC just so that I could file resale certificates and thus avoid having to pay sales taxes on precious metals I intended to keep rather than sell as a business (as opposed to sell years down the road if I needed money for an emergency or for a potential SHTF scenario) When you do file your income taxes, if you show no sales for several years, the IRS may question whether your LLC really is an attempt to run a profitable business or only is an attempt to avoid paying taxes It might also increase the chance of an audit from the state sales tax authority There are alternatives which do not raise potential problems with the tax manbrbrbrIf you live in a state that requires sales tax on all precious metals purchases, ordering from one of the large online bullion shops or eBay will likely result in paying sales tax, as they almost surely do enough business in your state to trigger the requirement to collect sales tax However, if you order from a small LCS in another state, one that is large enough to do sales by mail or over the phone, but not large enough to trigger the sales tax requirement in your state, sales tax probably would not get collected on the sale For New Jersey, if an out of state LCS had fewer than 200 sales per year to New Jersey residents, and the total sales per year to New Jersey residents were less than $100,000, the LCS would not be required to collect and remit New Jersey sales tax I am sure with a little research you can find a smaller LCS that would not exceed those levels It's a lot less legwork and a lot less paperwork than forming an LLC (which is questionable anyway if you do not intend to go into the precious metals business)brbrAlso, NJ is a small state It is not that difficult to drive to PA or DE, neither of which charges sales tax on precious metals People who live dead center in larger states may have to drive further, but I would still recommend against forming an LLC unless they really do want to run a businessbrbrThe above is not legal, professional, tax or investment advice It is offered solely for comedic relief
Comment from : Christopher Stewart

Everywhere I have bought so far is treated as an exchange in currency No minimums I love living in a free state
Comment from : KnightBanditRider

Jersey boy here 🙋‍♂️, I feel your pain
Comment from : Raposa

A couple thoughts It’s not “ever” unless the inventory is never paid I lost my license after not paying the sales tax after 3 years Could figure it out back in the early days when only a few states collected taxes on online purchases I will be filing for a new one with my new entities
Comment from : Stacking Surfer

I did the same thing for my mineral addiction 😊
Comment from : The Mineral Menagerie

Well no offense you live in a dumbocratic state Here in a free State we don't have low IQ'ed socialist dumbocrats running it😊
Comment from : Rob

sometimes , if you pay cash, they do not charge tax
Comment from : Jeni Hansen

Good stuff!
Comment from : SoCalstacking

which states examplesthanks
Comment from : Ralp19

Great Points Professor 👨‍🏫
Comment from : THS

Stormy I have a LLC here in NJ and I will definitely look into this on Monday with my accountant Thanks for the information, it is a shame we live in a State that does this crap Even NY does not charge if you buy over $100000
Comment from : NJ Stacker

My lcs only deals in cash, never any paperwork, he won’t give you a receipt buy or sell
Comment from : Hopes n Dreams

I don’t mind paying taxes If the money went to our local infrastructure, education, law and EMS Sadly sadly 70 cents of our dollar goes to nonsense
Comment from : oldmanjenkins771

Great vid 👊 how do we get around selling without making a flag on a bank account
Comment from : Todd

😆 move to a free state No sales tax on everything in a lot of free states
Comment from : Timmy Burch

Sales tax on precious metals is criminal, especially when you're buying US MONEY! (constitutional Silver, ASEs) all you're doing is exchanging one fiat for another form of money In NY they tax the heck out of everything
Comment from : Jimmy Licari