Wyoming, known for its vast landscapes and rich history, has always been a state where residents value stability and security. The Cowboy State, with its tales of pioneers and gold miners, has a deep-rooted connection to precious metals.
Today, many Wyoming residents buy gold as a means of safeguarding their wealth and ensuring a stable financial future. Others invest in silver, platinum, and palladium to diversify their portfolios.
If you want to invest in gold or other precious metals, you should be well-informed about both federal and state-specific regulations. For instance, while the IRS has guidelines concerning gold investments, Wyoming has its own set of rules regarding sales tax on precious metal purchases.
When you decide to sell gold or other precious metals, be aware that the IRS will require you to pay capital gains tax on any profit. Precious metals are considered by the IRS as collectibles, and if you've held onto them for over a year, any profit from their sale will be subject to capital gains tax.
The tax rate you'll pay depends on your income, with rates being 0%, 15%, or 20%. However, the maximum rate won't exceed 28%. Here's a detailed breakdown of the capital gains tax rates for 2023:
|Single||Up to $44,625||$44,626 to $492,300||Over $492,301|
|Head of household||Up to $59,750||$59,751 to $523,050||Over $523,051|
|Married filing jointly||Up to $89,250||$89,251 to $553,850||Over $553,851|
|Married filing separately||Up to $44,625||$44.626 to $276,900||Over $276,901|
If you're thinking about opening a precious metals IRA, it's crucial to know which metals are IRS-approved. The IRS has set specific standards for the types of metals that can be included:
In Wyoming, there is a statewide sales tax that is applied to precious metal sales, including when you buy gold and silver. Even if you buy gold online, you will still be required to pay a sales tax. Wyoming sales tax is 4% and applies to all precious metal sales, including coins, bars, and collectibles.
In some counties and cities, the sales tax rate can be higher than 4%.