Buying Gold and Silver in Idaho

TAXES IN IDAHO

Idaho is not considered to be one of the best places for business in the US, nor is it particularly popular with entrepreneurs. But when it comes to precious metal investment, there are few better places in the entire country. This is because while there is a basic sales tax of 6% in this state that applies to paper money, it does not apply to precious metals.

Federal Capital Gains Tax

There is a Federal Capital Gains Tax in Idaho, which is also imposed in the other 49 states. This basically states that any profits you make from selling precious metals will incur a tax of as much as 28%, with the actual amount depending on your location and income. The Federal Capital Gains Tax applies to all precious metals.

Tax Free Precious Metals

As mentioned above, all forms of precious metals are tax-free in the state of Idaho. The law essentially covers everything from bullion—whether the purity is high, low or somewhere in between, and whether it comes in the form of coins, bars or rounds—to numismatic coins. Sales tax exemptions for precious metals in the United States are usually not straightforward. In many cases, coins that carry a value higher than their precious metal content are taxed but others are not. In other cases, all small purchases of precious metals are taxed. None of that applies in Idaho. If you want to buy precious metals, whether it’s gold, silver, platinum, palladium or anything else for that matter, you don’t pay any state tax.

Because of these relaxed laws, there are a lot of precious metal investors in Idaho and no shortage of bullion dealers willing to sell to them. Any type of purchase, whether online or in person, whether with a storage company or an overseas dealer, is free from tax.

Source: https://tax.idaho.gov/i-1023.cfm

ABOUT IDAHO

Although it is the 14th largest state in the US, Idaho is one of the least densely populated, with its people spread out over this vast region. Idaho is a mountainous region that can get cold. While often perceived to be barren and windswept, it can get as hot here as it can in many states located further south.

Idaho’s beauty lies in its wilderness and open landscapes, where you can watch the seasons change with a serenity and a beauty not seen anywhere else. Idaho is prized more by thrill seekers, hikers, walkers, runners, climbers and rafters than by those seeking the hustle and bustle of city life.

Age-Old Beauty

Humans have lived in this region for close to 15,000 years. Residents old and new enjoy the natural beauty of Idaho, with its many lakes, forests and mountains, but only recently have parts of this state been turned into mini-metropolises. A perfect example of this is the state capital Boise, which is also the largest city in Idaho by population (99th in the country). It combines modern America with the America of the Old West and, as well as tall buildings and modern transport links, you can enjoy the tranquility of forests, parks and lakes within the city limits.

Some of the biggest businesses based in this city include bodybuilding.com, a supplement store that grew into a community for the fitness and health industry, and Micron Technology.

 


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.