Buying Gold and Silver in Indiana

TAXES IN INDIANA

Local governments in the state of Indiana are fairly strict when it comes to precious metals, and the tax laws stipulate that all precious metals—gold, silver or platinum; bullion, numismatics—and even paper money are subject to sales tax. The purity, the value or even the quantity don’t matter: all purchases of such items will incur a sales tax in this state.

The minimum rate is 7%. However, it is far from the highest, as many local authorities add their own taxes on top of this rate. This means that Indiana is one of the most expensive places to buy precious metals in the United States.

Federal Capital Gains Tax

In Indiana, as is the case across the US, the Federal Capital Gains Tax applies to the profits made from the sale of collectibles, precious metals included. There is no way around this tax. If you make a profit from buying and selling gold, silver, platinum or palladium, you will owe the government a percentage of that profit. The actual amount differs according to region and individual income, but there is a maximum rate of 28%.

Tax Free Precious Metals

There are no tax exemptions for precious metals in the state of Indiana. However, you are free to purchase online and, providing that the online store is based outside of this state, you might be able to get around the tax.

Source: http://www.in.gov/dor/reference/files/sib50.pdf

ABOUT INDIANA

The Midwest state of Indiana, known as The Hoosier State, is the 12th smallest state in the US by area, despite having the 16th largest population. Indianapolis is the 12th biggest city in the United States by population, with an economy to match. Indiana is crazy about sports, particularly the Colts and Pacers, and the Indy 500. It also has one of the best transportation systems in the country.

Money in the Midwest

The GDP of Indiana is enormous, coming close to $300 billion in 2012. This is due one of the most diverse economies in the USA. A lot of this wealth comes from manufacturing, as this state is a leading provider of everything from machinery and transportation equipment, to pharmaceuticals, cars and chemicals. Indiana is home to Eli Lilly, the pharmaceutical giant that sell products in 125 countries worldwide, and to the huge health insurance company Anthem Inc, which has assets of close to $60 billion.

 


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.