Are you looking to buy gold and silver without paying any taxes? You're in luck! Bullion Exchanges offers tax-free purchases of precious metals if you place an order from Alaska, Delaware, New Hampshire, Montana, and Oregon. Alabama requires a simplified seller use tax of 8% to be collected on certain products sold by Bullion Exchanges and delivered to an Alabama address. Forty-two states have eliminated some or all of the taxes on the purchase of gold and silver. Five more states are considering bills that would do the same: Tennessee, Mississippi, Kentucky, Hawaii and New Jersey.
Ohio is the second state this year to eliminate sales tax on purchases of precious metals. Arkansas passed similar legislation in May. The United States does not have a single all-encompassing sales tax. Each state has its own tax laws and rates, which can vary greatly.
Some states have no sales tax on precious metals, while others charge up to 10% for each purchase. The nine states that still tax gold and silver purchases are Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii; the District of Columbia also taxes physical purchases of gold and silver. These taxes must be levied on any currency that contains gold or silver but is not recognized as a medium of exchange for the payment of debts and taxes; any coin or bar made of platinum, palladium or copper; any ingot product made of gold or silver if such bars are not stamped or printed with their weight and purity; accessories; and processed items.