There is a basic state tax rate of 6% in South Carolina, but local taxes may boost this even further. That is usually around 1%, which means that you shouldn’t be charged more than 7% tax on any purchase.
This tax rate applies to some precious metals, but not to all. In fact, the vast majority of precious metals are exempt from tax, with only a small number of purchases applicable. Bullion with a weak purity and bullion that consists of anything other than gold, silver or platinum, may be taxable.
The Federal Capital Gains Tax, as in all US states, applies in South Carolina. The exact rate depends on your income; the maximum rate is 28%. Federal Capital Gains kicks in when you actually sell your investment for a profit. No taxes are due if you buy and hold.
The vast majority of bullion and precious metal coins in the state of South Carolina are exempt from tax. This includes anything that is classified as legal tender in the United States or indeed any other country. Anything that is composed of gold, silver or platinum, including bars, rounds and items that contain a combination of these metals, is also exempt from tax. Rare coins, those valued because they are collectible, are also exempt. There are many coin shops in the state and many collectibles to discover and, combined with the tax exemption, South Carolina is very popular with investors.
South Carolina is far from the biggest state by area or by population, but it has a relatively strong GDP. The largest city and capital of South Carolina is Columbia, with a population of just under 150,000. This city is home to the University of South Carolina, as well as a host of stadiums, museums, theaters and countless tourist attractions dating to the pre-Civil War era.
Rice was a big cash crop very early on in this state, as was indigo dye, with these two crops serving to build the foundation on which modern South Carolina was built. These days, South Carolina has a GDP of close to $200 billion, and while rice and indigo are not produced in the same quantities as they were in the 18th Century, agriculture still plays a huge role in this region’s wealth. In modern South Carolina, crops like soybean and tobacco have taken over, and animals are raised in vast numbers, producing large amounts of meat and dairy products.
Various corporations, including Boeing, have moved their manufacturing into the state. The business climate is very welcoming to big companies, with labor at reasonable rates. In fact, the average household income in South Carolina is the 12th lowest in the country.
Note: GoldBroker cannot provide tax, legal, or other advice, so if you are not sure about the taxation to your personal circumstances, we recommend that you seek independent advice from a qualified professional.
All of these texts were accurate at the time of writing, but tax laws are constantly changing and it’s not easy to keep track of those changes. Because of this, we can not be held responsible for any false or out-of-date information.