Nov 16, 2023 · If you sell legal tender, currency, coins, bullion, or medallions made from a precious metal, including silver or gold, you are exempt from paying taxes on the sale amount, …

Jan 1, 2018 · If you want to buy or sell precious metal coins and bars in Illinois, most standard bullion and legal tender coins are tax-exempt. Always verify your specific products and stay …

Across the state of Illinois, the sales and use tax is 6.25%, with an additional 1%- 3.75% added by local municipalities such as cities and counties? Under the tax laws and regulations, there is …

Dec 29, 2025 · The federal government requires you to pay capital gains taxes on any gains you make from selling gold and silver at a profit. Most states also impose capital gains tax.

Nov 1, 2025 · Sales tax on precious metals varies significantly across the United States, with each state maintaining its own regulations, exemptions, and thresholds. Understanding these …

Illinois requires the collection of tax on certain Precious Metals. We provide you with information on taxable products in Illinois.

May 21, 2025 · In this article, we will delve into the complexities of taxation related to silver sales, providing you with a comprehensive guide to navigate these waters effectively.

Occupation taxes in Illinois are calculated at checkout on the website based on (1) the taxability of products sold by the company in Illinois, and (2) the specific tax rate established by the taxing …

Aug 27, 2025 · Gains are taxed as ordinary income if you hold the gold or silver for one year or less and these tax rates can be significantly higher than the long-term capital gains rate.

Sep 1, 2025 · Under current law, gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions. Income taxes are …