If you bought bullion in the past or are considering your very first purchase, you have probably realized that precious metals are a bit different than the average acquisition. There are differing tax regulations and state/federal laws to consider.
If you plan to buy or sell precious metals in the state of Illinois, we offer all of the information you need to make an informed transactional decision.
Illinois Sales Tax
Under Illinois state law, bullion and legal tender are exempt from the state sales tax. It should be noted that, for bullion to be included, it's metal content must contain a purity of 0.98 and above. Additionally, bullion or coins from the Republic of South Africa are still taxable.
Illinois Capital Gains Tax
Capital gains taxes on sold-for-profit bullion are charged at both the state and federal levels. The highest capital gains tax rate for the state of Illinois is 3.8% and, when combined with federal capital gains tax, does not exceed 27.2%.
A truly diversified portfolio includes precious metals, so when you're planning for retirement, consider adding qualified bullion to your Self Directed IRA. Contact us to get started or visit our Precious Metals IRA page to learn how you can invest.
Looking for a Local Coin Show?
We attend a number of coin shows throughout the country each year. Here's where and when you'll find us at an expo near you.
Want to Join a Coin Club in Illinois?
Are you searching for a coin club in Illinois? We maintain a list of local coin clubs. If you are already a member, make sure your club is listed!
Want to Buy Coins Locally?
Looking for somewhere nearby where you can purchase coins or other precious metal items? Check out our coin shop directory to find a place to buy coins near you.
Do you know 20 facts about Illinois?
Illinois is more than just Chicago and Abraham Lincoln. Continue reading to learn 20 fascinating facts about the Prairie State.