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Does the State of Indiana Charge Tax on Gold Purchases?

Two gold coins resting atop an IRA form.

Do I Need to Plan on Paying Tax for My Gold Purchase?

While there are a few exceptions, the state of Indiana imposes a 7% gross retail sales tax on the sale of non-exempt tangible personal property, including the cost of handling and shipping. This would include many sales of gold.

What Precious Metal Purchases are Tax-Exempt in Indiana?

Gold, silver, platinum, and palladium sales are exempt from the state sales tax if they are permitted investments by an IRA or IDA. This includes American Gold Eagles, Silver Eagles, and Platinum Eagles, as well as a number of other bullion coins and rounds.

Similarly, bullion coins, rounds, and bars of .995 gold, .999 silver, and .9995 platinum and palladium or greater are eligible for use in your IRA or IDA and are exempt from the initial state tax in Indiana. Please keep in mind that while these will not be taxed on their purchase, they will still be taxed when you begin receiving distributions from your IRA or IDA.

This page does not constitute legal advice and is no substitute for financial counsel. Contact your financial professional or custodian for your IDA or IRA questions.

Quick Guides to Investing

Step 1:

Why Buy Physical Gold and Silver?

If you are concerned about the volatility of the stock market, you’re not alone. The extreme highs and lows of the stock market often lead investors towards safe-haven assets, like bullion. Historically, the Precious Metals market has an inverse relationship with the stock market, meaning that when stocks are up, bullion is down and vice versa.

Step 2:

How Much Gold and Silver Should You Have?

This question is one of the most important for investors to answer. After all, experts suggest limits on how much of any types of investments should go into a portfolio. After deciding to purchase and own Precious Metals and considering how much money to allocate, one can then think about how much and what to buy at any point in time.

Step 3:

Which Precious Metals Should I Buy?

With the frequent changes in the market and countless Precious Metal products available, choosing investments can be difficult. Some want Gold or Silver coins, rounds or bars while others want products that are valuable because of their design, mintage or other collectible qualities. Also, collectors may shop for unique sets and individual pieces for their collections.

Step 4:

When to Buy Gold & Silver

After considering why, how much, and what Precious Metals products to buy, an investor’s next step is when to buy them. This decision requires an understanding of market trends and the impact of economic factors on precious metal prices.

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