The basic sales tax in Tennessee is one of the highest in the United States. The rate is 7%, but this is only the state rate and there are extra local taxes applied on top of it. The lowest you can expect to pay in Tennessee is 7%, but the highest is considerably more. But this sales tax does not applies to precious metal bullion, including silver and gold bars and coins.
In the entire United States there is a Federal Capital Gains Tax which applies to all of the profits you make from the sale of precious metals. Bear in mind that this tax only comes into effect when you actually sell those metals—not when you hold onto them. The total tax rate depends on your personal income, but there is a maximum federal tax of 28% across the country. For many income brackets, it is significantly less.
In May 2022, Tennessee has officially become the 42nd state in the U.S. to remove sales taxes from constitutional sound money (i.e., gold and silver).
Tennessee investors, savers, and small businesses can now acquire gold, silver, platinum, and palladium bullion and coins without being slapped with taxes as high as 10%, depending on the purchaser's specific location.
The state of Tennessee lies to the east of the Appalachian Mountains. The capital is Music City Nashville, but the largest city, edging Nashville by just 50,000 people or so, is Memphis, which has its own legendary status.
Tennessee has a rich history when it comes to country, blues and soul music, with cities like Memphis and Nashville considered to be at the very heart of the blues and country genres. Memphis is also home to Graceland, which is a must-see for all fans of The King, and indeed for all fans of early blues and rock n’ roll. Nashville is just as vibrant, just as interesting and just as rich in culture, with these two cities providing everything that a music lover could hope for.
Tennessee has a strong GDP, with companies such as FedEx headquartered here and with a powerful agricultural sector. But it is the tourism industry that props up the economy, making it one of the most visited states in the country, with close to 20 billion tourist dollars pumped into the economy in 2014 alone.
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.