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Buying Gold & Silver in Alabama

The economy is struggling. The job market is tight. Many average American citizens are finding it difficult to make ends meet in today’s society. They must find different methods to supplement their income. On the other hand, some people have a little excess money available, and are not sure were to invest. The financial crisis which occurred in late 2008 still lingers in the minds of the populace. You could invest in real estate, as that was always a sound investment. However, the housing bubble burst and leaves the future very unstable. You could venture into the stock market as the indicators continue to rise almost daily. But, look closely, and you will see that only the super rich and the brokers are making any real money. So, the choices are limited. Where can you go to invest money in a stable product with a good return? The answer is gold and silver bullion.

Gold and silver are constantly on the rise. It was not long ago that you could buy gold at $500 or $600 dollars an ounce, and now it is hovering around $1290 an ounce. This is a tremendous return on your investment. If you have only a couple of hundred dollars to invest, it is still a good investment. Of course, if you purchase, sell, or transfer products in the United States of America, your transaction will be subject to sales tax. In the state of Alabama it is no different. Since the late 1840s, local residents in the state have mined gold from the surrounding mountains and caves, resulting in numerous gold dealers throughout the state. When you buy from these reputable gold dealers, they will collect the applicable sales tax.

Bullion Sales Tax in Alabama

According to the Alabama State revenue rules, found at www.revenue.alabama.gov/salestax, all sales of gold and silver, including coins, flakes, nuggets, or any other shape form or size, is subject to the collection of sales tax. Across the state, the sales tax is 4%. However, in addition to a state sales tax, you must also pay a local sales tax where the sale was transacted. This can vary from as little as 5% to almost 13%, depending on the city and county where you live. For example, in Birmingham, if you purchase gold you will have to pay sales tax of 9%, which includes 4% for the state, 4% for the city, and another 1% for the county. In Tuscaloosa, the sales tax is also 9%, however, it is only 4% for state and 5% for county, and there is no city sales tax. It is very important that you check each locale to insure that when you pay sales tax you are paying the correct amount.

Under the revenue rules and regulations there are no exemptions or waivers of the sales and use tax for gold and silver. Whenever you make a purchase in the state of Alabama, you must pay tax for your purchase, no matter the size or the amount.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Alabama residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.