If you have ever purchased bullion before, you understand that this sort of transaction is anything but typical. Prominently, there are several state and federal laws/taxes to consider. Here, we outline everything you need to know about purchasing bullion in the state of West Virginia.
West Virginia Sales Tax
West Virginia has a state sales tax on bullion purchases of 6% or greater. There are no exceptions to this tax. However, in some local areas, the rate could be as high as 7%. Be sure to take this into account when deciding where to purchase.
West Virginia Capital Gains Tax
Just as with every other state in the country, West Virginia adheres to a federal capital gains tax on bullion. While your specific rate will vary depending on your income, the total will not surpass 28%.
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 Virginia?
Connecting with other coin enthusiasts is a great way to learn and expand your portfolio or collection. We maintain a list of local coin clubs throughout West Virginia to help you find one close to you.
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 West Virginia?
Recognized as our 35th state, West Virginia sits high in the Appalachian Mountains and was made a state after the Civil War began. Continue reading for other interesting facts about the Mountain State.