Buying Gold & Silver in New Jersey

New Jersey was made infamous by the television program The Sopranos, which depicted the life of a mob family in northern New Jersey. It has maintained its attraction due to its larger than life Governor, Chris Christie, who at various times has been a contender for President, a sandal waiting to happen, and a passionate caring man for the citizens in his state. The state has a long history and was a vital region during the American Revolutionary War. Many crucial battles were fought across the lands of the state. It lies between New York and Pennsylvania, making it an ideal commuting place for the large cities of New York and Philadelphia. In fact, almost the entire stet is considered within the metropolitan area of those two cities. New Jersey is a relatively small state, but is considered the most densely populated state in the country, with the 11th highest population of all the states in the nation. During the Industrial Revolution, the growth of factories in Camden, Elizabeth, Newark, and Trenton helped to fuel our nation’s overall growth and prosperity. It is geographically located in the center of the commercial and political region running from Boston, south through New York, to Philadelphia, Baltimore, and eventually Washington D.C. This prime location allowed the state to explode when the suburbanization of the United States occurred during the late 1950s. This trend has continued forward leading to New Jersey having the second wealthiest median income in the country. With its close proximity to the financial centers in New York City, and the number of millionaires living in its suburbs the residents of the state are well versed in the need to wisely invest your hard earned money. They could invest in real estate, but New Jersey is known more for its swamplands than quality property. Plus, with the collapse of the housing market which devastated the Northeast, along with the destruction of property after multiple storms ravaged the coastline of the state, making an investment in real estate is fraught with problems. They could send their money across the river to Wall Street, but their proximity also gives them a good view of potential for fraud, corruption and loss of money. The answer may be in gold and silver.

Bullion Sales Tax in New Jersey

Over the last few decades, gold and silver have risen in value at a tremendous rate. This makes looking into an investment in precious metals a very good idea. However, be aware that for purchases and sales you may be subject to sales and use tax. Under New Jersey tax law and regulations, http://www.state.nj.us/treasury/taxation, there is a state wide sales tax of 7%. There are no additional local taxes imposed on your transaction. There are some regions with distressed areas that are classified as urban Enterprise Zones, which have a reduced sales tax of 3.5% to encourage transactions. Unlike some other states, New Jersey has no exemption for any purchase of precious metals. That means for any transaction of gold or silver, regardless of the amount or whether it is a coin, currency, or bullion, you will have to pay a sales tax.

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