Maryland

Maryland’s Gold & Silver Bullion Tax Laws

The state of Maryland levies taxes (6%) on the sale of gold, silver, and platinum bullion for orders below $1,000 but not for orders of $1,000 or more. Maryland also taxes capital gains on bullion. Maryland residents must also pay United States federal capital gains taxes on bullion.

Legislative Developments

• In 2020, there was an attempt to exempt bullion from state sales taxes, but the bill was never signed into law.

State Information

• Maryland is a state in the Mid-Atlantic region of the United States and is bordered by Virginia, West Virginia, Pennsylvania, Delaware, Atlantic Ocean, and Washington, D.C.
• In 1788, Maryland became the 7^th state in the United States.
• The capital of Maryland is Annapolis. Other cities include Baltimore, Columbia, Germantown, and Waldorf.
• Maryland had a population of 6,177,224 in 2020.
• Maryland’s real gross domestic product (GDP) was $421 billion in 2023, while the median household income was $87,063 in 2020.
• Maryland’s economy is based primarily on government and government enterprises, finance, insurance, real estate, professional and business services, education, healthcare, information, manufacturing, retail trade, wholesale trade, and construction.

Economic and Personal Freedom Information

• Maryland ranks #40 on the Sound Money Index that ranks states based on their friendliness toward gold and silver bullion.
• According to the Freedom in the 50 States report, Maryland ranks #45 in overall freedom, #44 in economic freedom, and #27 in personal freedom.
• Maryland ranks #43 on the Rich States, Poor States index, which evaluates states based on economic competitiveness by considering tax and regulatory burdens, as well as labor policies.