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Ohio (OH) provides a favorable tax environment for precious metals investors through a sales tax exemption on qualifying investment bullion and coins, enacted through House Bill 110. Qualifying products must meet specific purity thresholds, and coins must consist primarily of precious metal.
Federal taxation rules apply when precious metals are sold at a profit, and Ohio taxes capital gains as part of state income tax at rates that are among the lower in the country and currently declining.
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.
Ohio taxes capital gains as ordinary income at the same progressive rates applying to other income. Ohio has three brackets: 0% on income up to $26,050, 2.75% on income from $26,051 to $100,000, and 3.125% on income above $100,000. Ohio does not distinguish between short-term and long-term capital gains. Starting in 2026, Ohio transitions to a flat income tax rate of 2.75% for all income above $26,050. Many Ohio municipalities and school districts also levy their own local income taxes, which may apply to capital gains.
Ohio exempts qualifying precious metals from state sales tax under Ohio Revised Code § 5739.02, enacted through House Bill 110 and effective October 1, 2021. The exemption covers two categories:
Investment metal bullion (bars, rounds, ingots): Must meet minimum purity thresholds by metal type:
Investment coins: Coins composed primarily of gold, silver, platinum, or palladium qualify, provided the precious metal content is at least 50% of the coin.
Items that remain taxable include:
The statewide base sales tax rate is 5.75%, with local county and transit authority taxes potentially increasing the combined rate to approximately 6.5%–8% depending on the county.
Ohio is a tax-friendly state for precious metals investors. The sales tax exemption on qualifying bullion and coins — with no minimum purchase threshold — covers the full range of standard investment-grade products from all four major precious metals, provided the purity requirements are met.
Capital gains from precious metals sales are taxed at Ohio's relatively low flat rate, reaching a maximum of 2.75% in 2026 — among the lower capital gains rates for states that do impose income tax.