Buying Gold and Silver in Alaska

TAXES IN ALASKA

Alaska is one of the only US states that does not charge a sales tax, which means that all precious metal purchases are exempt from taxation. This may not be the case in all Alaskan cities and states, as they are free to set their own rules, but it is certainly the case in Anchorage (where you will find most of Alaska’s precious metal dealers) and in other populated areas.

Federal Capital Gains Tax

Alaska has a Federal Capital Gains Tax in place, just like every other state in the union. This means that, if you profit from the sale of gold, silver or any other precious metal, you must pay a percentage of that profit as tax. The amount depends on a number of factors, but it does not exceed 28%. It applies only to your profits, and failure to declare those profits and to pay this tax may result in serious penalties.

Tax Free Precious Metals

The exemption mentioned above applies to all forms of precious metals, which means that whether you’re buying silver, gold or platinum, and whether you’re buying bullion coins, bars or rounds, there are no taxes. This also applies to numismatic coins, which are valued for their rarity and tend to carry high premiums — their worth is significantly greater than their precious metal content. While not all areas follow the state exemption rules, the majority of them do and you should have no issue buying tax-free precious metals here.

Source: http://www.tax.alaska.gov/programs/programs/index.aspx?10002

ABOUT ALASKA

Alaska is bordered by the Canadian provinces of British Columbia and Yukon, and by both the Arctic Ocean and the Pacific Ocean. Alaska is the least densely populated state in the USA, not only because of its vast size — being the largest of 50 — but also because it has a very small population. In fact, Alaska’s population is the 4th lowest in the country, with less than a million people spread out over its huge expanse. Due to its proximity to the Arctic Ocean, Alaska is also the coldest US state and even rivals the lowest extremes that Canada has to offer.

Money in the Cold North

Few outsiders understand that Alaska functions just like any other region. Yes, it is cold, but the perceived notion that this is a vast sheet of ice with just a handful of people living on it is a fallacy reserved for a majority of foreigners and a limited number of North Americans.

Despite a small population, Alaska has a GDP of approximately $45 billion, giving it one of the highest per capita GDPs in the country. Much of this wealth comes from natural resources. Oil and gas in particular are exported in vast quantities, keeping the state coffers healthy, but the fishing industry also contributes a great deal. Alaska exports billions of pounds of pollock, salmon, cod, crab and other seafood, with its biggest customers being Canada and the lower 48 states.

 

 

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.