Buying Gold and Silver in Washington

TAXES IN WASHINGTON

Thanks to the WAC 458-20-248 code, there is no precious metal tax in the state of Washington. Established in 1985, this code states that anything that qualifies as a precious metal, including bullion, is exempt from taxation. This law is quite broad, but basically it covers any gold or silver that has been or can be used as currency in the United States or in any other country. This means that coins such as the US Eagle, the silver and gold Maple Leaf and other popular bullion coins will not carry a tax.

This does not, however, include numismatic coins and other precious metal collectibles. In such cases the state’s sales tax will apply, which is currently 6.5%. This is the standard across the state, but in some regions there are additional amounts added to this, including 3% in Seattle and King’s County.

Federal Capital Gains Tax

The Federal Capital Gains Tax applies in Washington and throughout the US. The maximum is 28% (the actual rate depending on your personal income) and it is imposed on all profits made from the sale of precious metals.

Tax Free Precious Metals

When it comes to precious metals in Washington, you should buy only bullion coins, as these do not carry a sales tax. Rare coins, in some areas including Seattle, are taxed as much as 9.5% extra, which can turn an investment sour. It is not always easy to work out what is classified as a collectible and what is a standard bullion coin, but the dealer should know and apply the tax.

The widest available and least expensive bullion coins in the state include those minted by the US Mint, Perth Mint and Royal Canadian Mint.

Source: http://app.leg.wa.gov/WAC/default.aspx?cite=458-20-248

ABOUT WASHINGTON

The state of Washington, named after George Washington, has a population of 7 million, making it the 13th most populated state of the union. It’s known for its lumber production as well as making and exporting everything from aircraft and missiles, to metals and foods.

Grunge and Coffee

The largest and most populated city in the state of Washington is Seattle. As well as being home to Fraser, the popular situation comedy, it spawned the grunge era and bands such as Nirvana, Pearl Jam and Soundgarden. Seattle also gave the world Starbucks, which has over 20,000 stores in 65 different countries, making it one of the largest and fastest-growing chains anywhere.

Seattle is also arguably the birthplace of modern computing, where Bill Gates was born and raised, and where he pieced together the first ideas for what would become Microsoft, the powerful organization that helped usher in the Age of Technology that we live in.

 

 

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.