Why do i have to pay tax on silver?

Capital gains tax on gold, silver and all precious metals Since gold, silver and platinum are considered capital assets, capital gains taxes may apply to their items. The IRS identifies precious metals as collectibles, so they could be taxed at a maximum profit rate of around 28%. Cortez emphasized the importance of eliminating sales taxes, because in some states you end up paying taxes three times. If you buy gold and silver, a state sales tax of 7 to 10% will apply to you.

To make sure you're making the best decision for your investment portfolio, it's important to compare the different types of gold IRAs available. A gold IRA comparison chart can help you understand the differences between the various types of gold IRAs and make an informed decision. This illustrates how criminal this is in nine states, he said. And in every state except two or three, you'll be charged again for the third time.