Buying Gold and Silver in Iowa

TAXES IN IOWA

No sales tax is added to the price of precious metals in Iowa. This makes Iowa one of the better places to buy precious metals in the country. More on the state’s tax laws below.

Federal Capital Gains Tax

Just like the rest of the United States, Iowa has a Federal Capital Gains Tax. When you make a profit from the sale of precious metals, you must pay this tax. The actual rate differs according to income and location, but there is a maximum rate of 28%, so you will not pay more than this.

Tax Free Precious Metals

According to the law in Iowa, “coins, currency and bullion” are all exempt from sales taxes. These definitions are described in more detail as follows:

 
  •  Currency: This includes anything that is classified as legal tender, whether it is minted in the United States or any other country.
  •  Bullion: This includes any form of silver, gold, platinum or palladium that derives its value from its content.
  •  Coins: Like bullion, coins are minted officially, but they don’t necessarily have to be classified as legal tender.
 

Because of these exemptions, Iowa is a popular choice with investors, attracting buyers from nearby states. This helps the economy greatly because, while they are not generating extra tax revenue from those sales, they are attracting more and more buyers from inside and outside the state.

Source: https://www.idr.iowa.gov/salestaxlookup

ABOUT IOWA

Located in America’s Heartland, the Corn Belt state of Iowa has a population of more than 3 million. A large chunk of this can be found in Des Moines, which is both the largest city and the capital of Iowa, with more than 600,000 in its Greater Metropolitan Area. Iowa is not known as a tourist destination, but Des Moines is a vibrant city with rich culture, a number of museums, stadiums, theaters and more. There is also a healthy music scene, both underground and mainstream, and Des Moines is the home of the world-renowned heavy metal band Slipknot, which spent 20 years at the very top of the industry.

Business State

The state of Iowa is recognized as one of the best for business in the United States, ranking number 1 for “Cost of Doing Business.” This is because it has some of the lowest business taxes in the United States, and other costs, such as power, are also very cheap. This is perhaps why there are so many successful companies here, including John Deere, Procter & Gamble and Quaker Oats. There is also a large health care sector in the state of Iowa, while biotech, finance and other sectors also flourish.

Much of Iowa’s GDP derives from manufacturing. In fact, of the $105 billion or so that this state generates every year, about $23 billion of this is from the manufacturing industry. A further $10+ billion comes from finance and insurance, while the government, retail, real estate, and wholesale sectors also produce large revenues. Agriculture accounts for only about 3% of the total GDP, making this one of the weakest agricultural states in the Midwest, but hogs, eggs, oats and corn are still produced in quantity.

 


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.