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Alaska is an unknown territory for many Americans. It is not connected to the lower 48 states, and is within walking distance of Russia, and Siberia. Possibly worse of all, it is cold, all the time. On the other hand, some parts do experience 6 months of daylight, so that must be enjoyable. There are vast acres of wilderness where only the polar bears roam fee. There are shanty towns where the Eskimos have settled for centuries. It can be a desolate place. In this remote portion of our country, many save their money, not trusting the normal methods in our financial system. There is a general distrust for institutions that always seem corrupt and only looking out for the top level rich and powerful. Alaskans need to find alternatives for investing any excess income they may be lucky enough to have at any particular moment. Gold and silver may just be the answer for the local residents.
In addition to the trampling of the upper Midwest states, and California, Alaska is linked with gold rushes, especially the Klondike Gold Rush in the late 1890s. Over the last hundred years, the search for gold and the ability to expertly mine it has continued for many natives and others flocking to the state. Other than energy production, the state of Alaska claims that gold is the most precious commodity offered to the world. With this long history, there may be a tendency to think that gold dealers populate the cities in the state. But that is not true, there are only a few reputable gold dealers and most are located in major cities, like Anchorage. In addition, since it is a remote location, you might think it has a different rule, but you world be mistaken. Just like with all products purchased in the United States, if you purchase gold, your transaction may be subjected to sales and use tax, regardless of the amount or size of the purchase.
In Alaska, the state revenue code, www.tax.alaska.gov, does not impart a statewide sales tax. That means anytime you buy gold o silver in Alaska you will pay no state tax. Thus lowers your expense greatly as the only tax you need to be concerned about is local city and county tax. Even then, some locales have deemed it unnecessary to levy a sales tax. For instance, in Anchorage there is no sales tax at all for any purchase, including gold. However, in Juneau, the city charges a 5% sales tax. It may seem like a bargain, but in Kodiak, the sales tax is 7%, so always make sure you follow all rules and regulations fro city, county, and state.
Without a state wide tax, buying gold in Alaska is well worth investigating as an option for your investments. However, with the lack of quality dealers, you may search and purchase gold from online dealers. You will still not pay state sales tax, but be careful, as you still may have to be your local sales tax.
Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Alaska 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.