Investing in precious metals, whether bars or coins, is different from the average purchase in many ways. There are specific taxes and regulations to take into account, and these can vary depending on the state or city you live in.
Smart bullion and precious metals investors will do their homework before shopping for investment pieces. If you plan on buying or selling precious metals in the state of Washington, here are the taxes and regulations you should be aware of.
Washington Sales Tax
If you plan to purchase precious metal bullion in the state of Washington, you are in luck! Any bullion purchase is exempt from sales tax, regardless of the purchase amount. Keep in mind that medallions and jewelry made from precious metals are still taxable.
Washington Capital Gains Tax
Capital gains tax applies when the sale of precious metals leaves you with a profit. Your particular rate will be adjusted depending on your income; however, your rate will not exceed 25% in Washington.
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 Washington?
Are you looking for a way to connect with others who share your enthusiasm for precious metal coins? Here we offer a list of local Washington state coin clubs to help you find a group in your neighborhood.
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 Washington?
The state of Washington is known for its rainy weather and good coffee, but there is much more to Washington than meets the eye. Continue reading to learn 20 interesting facts about the 42nd state.