South Carolina

South Carolina’s Gold & Silver Bullion Tax Laws

The state of South Carolina doesn’t levy taxes on the sale of gold, silver, and platinum bullion but it taxes capital gains. South Carolina residents must also pay United States federal capital gains taxes.

Legislative Developments

• In 2020, House Bill 4786 was filed for the purpose of exempting precious metals bullion from the state’s capital gains tax.

State Information

• South Carolina is a state in the Southeastern region of the United States and is bordered by North Carolina, the Atlantic Ocean, and Georgia.
• In 1788, South Carolina became the 8^th state in the United States.
• The capital of South Carolina is Columbia. Other cities include Charleston, Rock Hill, and Greenville.
• South Carolina had a population of 5,118,425 in 2020.
• South Carolina’s real gross domestic product (GDP) was $259.93 billion in 2023, while the median household income was $50,570 in 2020.
• South Carolina’s largest industries include finance, insurance, real estate, government and government enterprises, manufacturing, professional and business services, education, healthcare, retail trade, and wholesale trade

Economic and Personal Freedom Information

• South Carolina ranks #36 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, South Carolina ranks #29 in overall freedom, #27 in economic freedom, and #46 in personal freedom.
• South Carolina ranks #24 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.