Buying Gold and Silver in West Virginia

TAXES IN WEST VIRGINIA

In West Virginia, the basic state sales tax is 6%. Local taxes are small and the most you will pay is an extra point, for a total of 7%. There are no exemptions to this tax. Despite these taxes, there are still a number of bullion dealers in the state and they seem to do very well.

Federal Capital Gains Tax

In West Virginia, and indeed across the rest of the United States, the Federal Capital Gains Tax takes a little profit off the top of your precious metal sales. The rate you pay depends on a number of factors, but it does not go above 28%, and you only pay when you make a profit from selling precious metals. No taxes are due if you buy and hold.

Tax Free Precious Metals

As is the case in neighboring Virginia, there are no tax exemptions on precious metals in West Virginia. This means that, whether you’re buying simple bullion or rare coins, you will need to pay the rate of 6 to 7%. You should consider buying online from sites that are based in other states and countries, but be wary of the cost of shipping and handling fees.

Source: http://www.state.wv.us/taxrev/publications/tsd/tsd300.pdf

ABOUT WEST VIRGINIA

West Virginia is one of the smallest and least populated states in the United States. It was once a part of Virginia, but it broke away during the Civil War. The capital city is Charleston, also its largest city, with a quarter of a million people living in its wider metropolitan area, even though there are just 50,000 or so living within the city itself.

An Economy of Culture

Although it may not get the credit it deserves, West Virginia is a culturally rich state. There are no major sports teams here, but there is no shortage of theaters, concert halls, museums and more. West Virginia provided the setting for films such as A Beautiful Mind, The Deer Hunter, The Silence of the Lambs, and Patch Adams, and you can also enjoy everything from classical music to pop, rock, and folk music.

A lot of this culture helps to increase tourism numbers and boost the local economies. West Virginia is historically a coal state, but exports have dropped and it is forced to diversify.

 

 

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.