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.