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There is a sales tax due on all precious metal purchases in Wyoming. The amount you owe will depend on your town or city, but the basic state tax is 4%, and local taxes range from 0.1% to 2% on top of this. There are a number of bullion dealers operating within the state despite this sales tax, but many investors are increasingly turning to the internet to make their gold and silver purchases.
This sales tax applies to everything from standard bullion coins and bars, to collectible coins, medallions, tokens, rounds and more. It is also imposed on all paper currency.
Wyoming does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.
In 2018, Wyoming passed the House Bill 103 that says "the purchase, sale, or exchange of any type or form of specie or specie legal tender shall not give rise to any tax liability of any kind."
Source: https://wyoleg.gov/2020/Introduced/HB0198.pdf
Wyoming is the tenth biggest state in the United States and, with its limited population, it’s the second-least densely populated state. Its capital and largest city is Cheyenne with a population of approximately 65,000 people, although the Greater Metropolitan Area has a good 50% more.
Despite its size, Wyoming has one of the smallest economies in the United States and a high unemployment rate. It does have a strong agricultural sector, producing cattle, beets, grain and wool. There are also plenty of other industries adding to its total GDP and, on the whole, Wyoming has one of the most diverse economies in the USA. A great deal of revenue comes from tourism, with the vast majority coming from other US states for locations such as Yellowstone National Park, Grand Teton National Park and Independence Rock. The state’s natural beauty is prized by tourists, as is the sparse population, providing a welcome relief to those from densely populated areas.
The mining industry in Wyoming appears to be in decline. Most of this mining is for coal, as well as uranium.
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 Because of this, we can not be held responsible for any false or out-of-date information.