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Buying Gold & Silver in Tennessee

Tennessee is known for number of things, but Elvis’ home may be one the most well known tourist destinations in the country. Along its eastern border is the iconic Mississippi River, and along its eastern border towers the Appalachian Mountains. It has a long and rich southern tradition, being part of the Carolinas and then the larger Southwest territory. It was the last state to officially secede from the Union prior to the American Civil War, and was the first Confederate State to be readmitted into the Union after the Civil War. Tennessee provided the most soldiers for the Confederate Army. At the same time, it had the most soldiers side with the Union Army than any other Southern State.

As most southern states, it started out with a large base in agriculture and farming, with large livestock population. As the 1900s progressed, the state attempted to attract different interests to its economy, by persuading the federal government to invest in the Tennessee Valley Authority, as well as develop a uranium enrichment facility at Oak Ridge which helped in the development of the first atomic bomb.

In addition to the draw of Graceland, the state has been a forerunner in the evolution of many different types of music, including country, rockabilly, blues, and rock and roll. Many consider Beale Street in Memphis to be the place where the blues were born in the various clubs where live music was played. Many musicians flocked to the recording studies in the 1950s making it a hotbed of musical talent which developed the rock and roll sound. In Nashville, the Grand Ole Opry helped to formulate the platform for country music.

These musicians all know the fickle nature of the entertainment business. Therefore, they are well aware of the need to wisely invest your hard earned money. It is necessary to place you money in areas where it will be most beneficial, providing you with security and stability for your economic future. They could invest in the real estate market, but the housing collapse in the last decade has tarnished the once stable commodity of land. With the lack of confidence in the valuation process of property, investing in real estate is a risky proposition. They could send their money to the brokers on Wall Street, but there is no trust in the financial institutions in our country to make it a worthwhile investment. The best solution may be to purchase gold and silver. These precious metals have risen in value the last few decades.

Bullion Sales Tax in Tennessee

Before making such a purchase, be wary of any potential taxes that may be imposed on the transaction. Under Tennessee tax laws and regulations, www.tn.gov/revenue/tntaxes, there is a state wide sales and use tax of 7%, and with additional local municipalities taxes can range from between 8.5% and 9.75%. There is currently no exemption for any purchase of coins, bullion, collectibles made from gold silver or any other precious metals. All transactions of any amount are subject to sales tax.

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