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New Hampshire (NH) offers one of the most favorable tax environments in the United States for precious metals investors. The state imposes no individual income tax of any kind and no general retail sales tax — making it the only state in the country with neither an individual income tax nor a state or local sales tax.
Federal taxation rules still apply when precious metals are sold at a profit.
Precious metals such as gold and silver are classified as collectibles under U.S. federal tax law. Profits realized when selling investment metals may therefore be subject to federal capital gains tax, with a maximum rate of 28%, depending on income level and holding period.
Capital gains tax generally applies when metals are sold for fiat currency or exchanged for goods and services. No tax is due simply for purchasing or holding bullion.
New Hampshire imposes no state income tax on individuals. Effective January 1, 2025, New Hampshire's Interest and Dividends Tax was repealed following the passage of House Bill 2, signed by Governor Sununu in 2023. The state has never taxed wages, salaries, or capital gains, and now no longer taxes interest and dividend income either. As a result, there is no state-level tax of any kind on capital gains from precious metals sales for New Hampshire residents.
Note that businesses and sole proprietors operating as precious metals dealers may be subject to New Hampshire's Business Profits Tax (7.5%) if their gross business receipts exceed $92,000 per year. Individual investors selling their own holdings are not affected by this business tax.
New Hampshire does not impose a general retail sales tax at the state or local level. All purchases of precious metals — gold, silver, platinum, and palladium in any form, including bullion bars, coins, rounds, and numismatic items — are entirely free of sales tax with no exemption thresholds, purity requirements, or product classifications to navigate.
New Hampshire does levy an 8.5% Meals and Rentals Tax on prepared food and short-term accommodation, but this tax does not apply to purchases of goods including precious metals.
New Hampshire is one of the most tax-efficient states in the country for precious metals investors. With the repeal of the Interest and Dividends Tax, New Hampshire became the only state in the country with no individual income or sales taxes at either the state or local level. This means precious metals purchases carry no sales tax, and profits from selling them face no state-level taxation whatsoever.
Federal capital gains tax rules continue to apply when metals are sold at a profit. Individual investors should ensure their activities are structured appropriately to remain outside the scope of New Hampshire's Business Profits Tax.