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Buying Gold & Silver in Mississippi

Life in the Deep South is very intoxicating. There are southern belles, plantations, and fields of crops, especially cotton. Its namesake river runs along is borders, a separating line of east from west. In the southern part of the state are the vast fields cleared for the production of cotton, comprising the Mississippi Delta, where rich fertile lands are never-ending. In addition to the production of cotton, the state has become known for its catfish. The catfish farms located within the state produce the vast majority of catfish consumed in the United States. The southern belles are usually products of the sororities at the local colleges and universities, where lifelong support and connections are made by the residents, especially to Ole Miss. Generations attend the school and stay connected as grateful and supportive alumni. Despite all of this positive activity in the state, it still has the lowest average median income, and by a variety of statistics is considered the poorest state in the country.

It is because of this long history of economic mediocrity, that the residents of Mississippi fully understand the need to invest their money wisely. The only way to have a secure and prosperous economic future is to make detailed and successful financial plans early in your life. With the number of large plantations dotting the landscape of Mississippi, investing in real estate may seem the way to go, as land never loses its vale, or so we all thought for years. The recent collapse of the housing market raises a ton of questions regarding the viability of investing in property, and the ability of acquired real estate to maintain its value. In the backwoods of Mississippi, investing with the bankers along Wall Street is a foreign concept. The stock market is unpredictable and unknown, and takes a lot of research and luck to be very successful. These options make the residents of the state leery, but an investment in gold and silver may be just the answer they are looking for to secure a strong financial future.

Bullion Sales Tax in Mississippi

Gold and silver have risen in value over the last few decades at a very healthy pace; one that has often times outperformed the stock market. It is an option that should be investigated. One thing to remember is that when you purchase precious metals you may be subjected to a sales and use tax. Under the laws of Mississippi, www.dor.ms.gov, there is a state wide sales tax of 7%. Some local municipalities add additional .25% sales and use tax, so check your local regulations before making any purchase or transaction. Unfortunately, in the state, there is no exemption of the sales tax for the purchase of gold and silver. That means any transaction including bullion, coins, or currency containing gold, silver or other precious metals is subject to a sales tax in Mississippi. While this may seem to prohibit active investment in gold and silver, due to the economy, the state must collect revenue in order to function, so the elimination of sales tax for gold and silver purchases is highly unlikely.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Mississippi 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.