Washington

Gold & Silver Bullion Tax Laws in Washington State

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

Legislative Developments

• In 2022, Washington started taxing capital gains including those on precious metals bullion.

State Information

• Washington is a state in the Pacific Northwest region of the United States and is bordered by the Pacific Ocean, Oregon, Idaho, and Canada.
• In 1889, Washington became the 42^nd state in the United States.
• The capital of Washington is Olympia. Other cities include Seattle, Spokane, and Tacoma.
• Washington had a population of 7,812,880 in 2023.
• Washington’s real gross domestic product (GDP) was $672.13 billion in 2023, while the median household income was $89,430 in 2022.
• Washington’s largest industries include information, finance, insurance, real estate, professional and business services, government and government enterprises, manufacturing, education, healthcare, retail trade, and wholesale trade.

Economic and Personal Freedom Information

• Washington ranks #38 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, Washington ranks #37 in overall freedom, #38 in economic freedom, and #13 in personal freedom.
• Washington ranks #37 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.