Buying Gold and Silver in Ohio

TAXES IN OHIO

The sales tax in Ohio is 5.75%, which applies to all sales of precious metals. This is only the basic rate, and you can expect to face additional fees in certain places. In Columbus, for instance, you can expect to pay a total of 7.5%. The other differences are listed below:

  • Cleveland — 8%
  • Toledo — 7%
  • Cincinnati — 6.75%
  • Akron — 6.75%
  • Dayton — 7.25%

Federal Capital Gains Tax

Unfortunately, the Federal Capital Gains Tax applies in Ohio, and indeed across all of the United States. This tax applies not just to precious metals but to all investments, and dictates that you must pay a tax on any profit you make from selling your investments. The amount you pay will not exceed 28%, but the actual figure depends on your income.

Tax Free Precious Metals

As far as precious metals are concerned, Ohio laws are not straightforward and have changed over the years. Previously there was a tax exemption for coins and bars bought for investment purposes, but this exemption was removed.

Source: http://www.tax.ohio.gov/sales_and_use/rate_changes.aspx

ABOUT OHIO

Taking its name from the Ohio River, which in turn came from the native American words for “large river”, Ohio is the 7th most populous state of the union, with the majority of its residents living in the cities of Cleveland, Toledo, Cincinnati and Columbus. Columbus is the state capital and the city with the highest population, with an economy built on education, banking, fashion, food, and aviation.

State of Industry

There are a number of big corporations headquartered in the state of Ohio, which is one of the reasons Columbus is often considered to be one of the best business cities in the United States. These include the fast food chains White Castle and Wendy’s. American Electric Power, which serves more than 5 million customers in close to a dozen states, is also headquartered here, as is the Nationwide Mutual Insurance Company, which was founded in the 1920s and has a turnover in excess of $30 billion.

As well as being a great place to do business, Ohio (and Columbus in particular) is also a great place to learn. Acclaimed public colleges include Columbus State Community College and Ohio State University, which has one of the largest campuses in the entire USA.

 

 

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.