Silver Investing in Michigan

investing in silver MI So you would like to begin your silver investing in Michigan... Well, even though we call it the 'United States', the individual states are not always united. Actually they differ on how they handle many issues including financial transactions.

A good example would be precious metal purchases and any associated sales taxes. The buying and selling of precious metals is treated differently among the various states. Silver purchases can be taxed or if you're lucky, tax-free.

So we decided to analyze silver investing in Michigan by simply spelling out the current tax laws and how they apply to your physical silver investments.

All the information gathered here is subject to change and was current at the time of this writing but not guaranteed to be accurate. This is the way of the world when it comes to tax laws and any other laws governing financial transactions.

Buying Silver in Michigan

Buying silver in Michigan is always a good investment regardless of your local tax laws. But as an investor, it pays to know and understand your sales tax laws and how they affect your personal silver investing.

Again, we refer to silver investing in the sense that your are actually buying silver bullion in Michigan or a neighboring state and taking possession of it.

Remember, we focus on buying and holding physical silver bullion not paper investments like silver futures or mining stocks.

Residents of Michigan currently pay a sales tax of 6%, unlike many other states, there are no additional local taxes added in since counties and cities are not allowed to collect any additional sales tax.

This is a somewhat average sales tax when compared to other states. The main concern here is whether or not the state taxes the sale of silver coins and bullion.

Small purchases may not mean much, but investing continually or in larger quantities can really add up. If you happen to be a Michigan resident, or live near the border, you are in luck.

Facts for Michigan residents investing in silver

Silver bullion purchases are not subject to sales tax in Michigan. This includes bullion and silver coins. The only cost you will pay at a MI coin dealer is their premium, that is, the amount they add to the transaction for their own profit.

Whether you reside in a larger city like Detroit, Grand Rapids, Warren, Sterling Heights, Ann Arbor, or Lansing, or any less populated area, you should have no problem finding a coin dealer who transacts silver bullion.

Today we immediately turn to the internet for information, and in many cases, when we are ready to buy something. It is just human nature with all of the technology we have at our fingertips. But when it comes to buying silver bullion, your local coin shop may still be your best option.

silver investing in Michigan — Tax-Free Silver Investing in Michigan?

The fact is that your silver investing can be a simple face-to-face cash to metal transaction. Simply open up your phone book and find the coin shops in your area, then pay them a visit one at a time.

You can always treat yourself and make a silver purchase online if you see something that you can't buy locally. There are plenty of online mints with specialty pieces for sale as well as eBay if you find a seller you trust.

But as a MI resident, you will most likely build your silver investment at the best price possible if you buy tax-free locally.

Do you find silver bullion tax laws interesting?

If you find this interesting, take the time to see how each state can vary in their laws governing silver investing. It's amazing how the states can differ in the way they treat financial matters like silver bullion transactions.

In some cases, individuals living near their state's border may be better served driving to a neighboring state to make their bullion purchases...

Read more about silver investing by individual state .