NASDAQ: States Give Tax Breaks to Gold Owners
Lear Capital contributing to the International Business Times comments on measures designed to remove obstacles to precious metal investment:
It's been brewing for some time. About a dozens states are at some point in the process of adopting gold and silver coin as money. South Carolina has made headlines and now Utah has added a positive wrinkle to the proposal. Utah is proposing to forego states taxes on any capital gains realized from the sale of gold and silver coin.
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In effect, you can pay certain state taxes with gold or silver coin. With appropriate credit based on current spot prices or some formula that reflects fair market value, the state would convert your payment to dollars. Presumably then, it would not tax the gain realized on paper when the transaction is made.