Buying Gold and Silver in Arizona

TAXES IN ARIZONA

There is a sales tax of 5.6% in the state of Arizona, which serves as the minimum across the state, with local authorities adding additional taxes. However, the sales tax does not apply to precious metals or to monetized bullion, which essentially covers all forms of precious metal coins, bars and rounds, regardless of type, purity or quantity. This exemption is written into the state tax law, but it may not apply to all cities and counties, who can set their own rates and their own laws.

Therefore, always check with your local authorities before making a purchase.

Federal Capital Gains Tax

Like every other state in the US, and many other countries around the world, there is a Federal Capital Gains Tax in Arizona. This declares that if you make a profit from the sale of precious metals, or any other investment, then you must pay a percentage of that as a tax. Exactly how much you need to pay depends on a number of factors, but the amount can’t go above 28%, for now.

Tax Free Precious Metals

Precious metal investment is popular throughout the state of Arizona simply because there is no taxation on these metals. You can buy basic bullion, coins and bars that are valued for their precious metal content, and you can also buy rare coins, all of which are tax exempt according to state law. (As mentioned above, that may not apply to all regions.)

If you do find that there is a tax on precious metals in your city or town, then you will not have to travel far to find a bullion dealer in a city or town where there is no such tax rate. In fact, as this exemption is written into the law of the state, it is far more common than not.

Source: https://www.azdor.gov

ABOUT ARIZONA

Arizona is the sixth largest state in the country, bordered by New Mexico, Nevada, California, Utah, and by Mexico. Hot and dry, with picturesque deserts, it was the last of the contiguous states to join the union. It has a large proportion of both English and Spanish speakers, as well as a small minority (6%) of other nationalities and languages, including Native Americans and those of Asian descent.

Gold in Arizona

Lying next to the home of the gold rush, California, Arizona has its own history with this precious metal. It is actually favored by gold prospectors, mainly due to the fact that its winters are very mild, but also because there is a lot of potential in these arid lands. There are many different gold-rich regions in the state, including Mohave County, Cochise County and Yuma County. Vast amounts of the yellow stuff have been found all over the state.

One of the most unique and interesting things you can do as a tourist in Arizona is to pick up some prospecting and panning gear and hit the hills and valleys to seek your own fortune.

 

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.