Buying Gold and Silver in Colorado

TAXES IN COLORADO

There is a sales tax in the state of Colorado, and this applies to many retail purchases, but not precious metals. This exemption does not apply to all precious metals, but it does cover most of them. It includes any precious metals (such as gold, silver and platinum) that are classified as legal tender in the United States, covering most coins produced by the US Mint. It also covers anything of high purity and is sold for investment or collecting purposes, which again, covers most forms of precious metal.

Certain numismatics may be taxed, particularly if their value extends beyond that of the precious metal content.

Capitals Gains Tax

There is a capital gains tax in the state of Colorado, and indeed across all of the United States. There are some areas where exemptions apply, but for the most part you can assume that you need to pay up to 28% tax on all of the profits that you make from the sale of gold, silver and any other precious metal. The capital gains tax also applies to other investments, so it is not exclusive to precious metals.

Tax Free Precious Metals

In Colorado, you should be able to purchase precious metals without any additional sales taxes. Not only does this make precious metal investment a very viable option for those who reside within the state, but it also attracts many investors from out of state, bringing a lot of extra money into the state economy every year.

Silver has been a going concern in Colorado for over 100 years, with some of the biggest silver mines in the country, producing much of its silver throughout America’s history. Colorado has therefore always had a close connection with the precious metal industry, and that is not something it wants to lose. All precious metals are exempt from tax (at the time of writing), have been for many years, and will likely remain that way for many years to come.

Source: http://www.revenue.state.co.us/fyi/html/sales60.html

ABOUT COLORADO

Colorado is one of the biggest states in the US, 8th overall, even though it is not in the top 20 by population. The state took its name from the Colorado River. There are close to 5.5 million people that call this state home, many of which live in the capital city, Denver.

They come for the Cold

Geographically speaking, Colorado is a mountainous state and one that has a very cold climate for much of the year. Because of this, Colorado is very popular with skiers, hikers and anyone else attracted to the great outdoors and the ice and snow that come in winter. Aspen is one of the most beautiful resorts in the country, attracting hordes of tourists from across North America and much of the world every year. This beautiful Rocky Mountain retreat is a natural wonder that is iconic of this part of the world.

 

 

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.