IThere is a 5.3% sales tax in Virginia. In the north of the state, there is an additional local tax in place, bringing it to 6%. All precious metals bought in Virginia are subject to this tax, including (but not limited to) gold and silver bullion bars and coins, numismatic coins, and medals and tokens. There are no loop holes and no exemptions, because according to Virginian state law, these items are classed as personal property and are therefore not exempt from sales tax.
If you make a profit from selling precious metals in Virginia, regardless of their type or quantity, you must pay a Capital Gains Tax. The amount you pay depends on your income, but it does not go above 28% and it only applies to profits when you sell.
There are currently no ways to avoid the sales tax when purchasing precious metals in the state of Virginia. There have been a number of efforts to remove the tax, but these have been unsuccessful. On the plus side, unlike in some other high-tax states, the appeals are ongoing, so it might be a matter of time before investors in the state get tax relief.
Until then, Virginian investors are advised to purchase online from sites based in North American tax-free states and provinces to avoid monumental shipping charges and find low margins. Investors can also look to overseas storage companies for the advantages of buying, holding and selling directly from the vault for only a small annual storage charge.
Virginia is one of the oldest states in the USA, and the first colonial possession to be founded in America under British rule. Before, during and after the British, it was of great importance to the entire nation. Virginia has always played a prominent role in the political field and by housing government buildings such as CIA headquarters in Langley and the Department of Defense at the Pentagon in Arlington County. The government and its agencies are major employers in the state. Agriculture is also big in Virginia, with nearly a third of the state’s land given over to farms for everything from tomatoes to soy, peanuts and tobacco.
Virginia is known as the “Mother of Presidents”, because many of the earliest US Presidents were born or raised here. George Washington was a Virginian, and so were the third, fourth and fifth presidents, Jefferson, Madison and Monroe. John Tyler, the tenth President, was also from here. If you include more tenuous links, the number of US presidents from Virginia climbs as high as 8, to include Woodrow Wilson, Zachary Taylor and William Henry Harrison.
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.