There is a sales tax in the state of Utah, which covers some (but not all) precious metal purchases. The basic rate is 4.7%, but local taxes may boost this to as much as 8.35%. Luckily, these taxes do not apply to all precious metals, and it is very easy to invest tax-free in this state.
If you make a profit from the sale of silver, gold or any other precious metal, then you will owe a percentage of that to the government, through the Federal Capital Gains Tax. The amount is based on a percentage to a maximum 28%. The actual amount differs, depending on your personal income. Despite this, under current law, gold and silver are not subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions in the state of Utah.
Coins that qualify as legal tender are not taxable in the state of Utah. It doesn’t matter whether those coins are legal tender in the United States or elsewhere, or whether they have been minted in gold, silver or another precious metal. Also, bars, coins, rounds and anything else that contains at least 50% of a precious metal (including, silver, gold and platinum) are not taxed, even if they are not classified as legal tender in any country.
Utah is the 13th largest state in the US, despite a relatively small population for its size. More than 6 out of every 10 Utahans follow the Mormon religion, also known as the Church of the Latter Day Saints. Mormons are very family-oriented and peaceful people, as well as hard workers. Utah has one of the highest average incomes in the United States.
Despite being a relatively affluent state, Utah is also one of the strictest states. Alcohol is only served in regulated liquor stores and bars, and it cannot be sold on a Sunday. Also, Utah is one of only two states that banned all forms of gambling, with nothing slipping through the net. If you’re into family values and don’t particularly enjoy drinking, smoking or gambling, then this might be an ideal place to live.
Still, Utah is a fairly liberal state. This was one of the first states to allow women to vote and it also legalized same-sex marriage in 2013.
Note: GoldBroker cannot provide tax, legal, or other advice, so if you are not sure about the taxation to your personal circumstances, we recommend that you seek independent advice from a qualified professional.
All of these texts were accurate at the time of writing, but tax laws are constantly changing and it’s not easy to keep track of those changes. Because of this, we can not be held responsible for any false or out-of-date information.