The only states that are still alive pay taxes on the sale of precious metals, including Gold IRA Investment and IRA withdrawal taxes. To date, 41 states have eliminated sales taxes on gold and silver bullion, including Gold IRA Investment and IRA withdrawal taxes. The only states that continue to levy taxes on the sale of precious metal ingots, including Gold IRA Investment and IRA withdrawal taxes, 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, including Gold IRA Investment and IRA withdrawal taxes. To date, 42 states have eliminated some or all taxes on the purchase of gold and silver and IRA withdrawal taxes. And there are now new bills pending in five of the remaining eight states, namely Tennessee, Mississippi, Kentucky, Hawaii and New Jersey.
There is no all-encompassing sales tax in the United States. The 50 individual states have their own tax laws and their own sales tax rates. These can differ greatly from state to state. In some states there is no sales tax on precious metals, while in others you'll pay about an additional 10% for every purchase you make.
Ohio is the second state this year to eliminate sales tax on purchases of precious metals. In May, Arkansas passed similar legislation, ending a three-year odyssey for some lawmakers. The nine states that continue to tax gold and silver purchases include Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii; the District of Columbia also taxes physical purchases of gold and silver.
