Precious Metal Sales Tax in United States by State.

The tax issue is something the sellers conveniently doesn’t mention in all those buy “gold to avoid inflation” commercials you see on TV and the internet from Rosland Capitol. They never mention the sell side and the tax implications or that you will be losing 28% of your profit. But that’s for US (except some states), it’s not the same in England or Australia. In the US Bullion coins, bullion bars, rare coinage, or ingots—are subject to capital gains tax. The capital gains tax is only owed after the sale of such holdings and if the holdings were held for more than one year. The states that don’t have a capital gains income tax are those states without a personal income tax. Alaska, Florida, Nevada, New Hampshire, South Dakota Tennessee, Texas, Washington, Wyoming

Florida has no state income tax, which means there is also no capital gains tax at the state level. Florida is the “gold Stackers paradise”!! No tax here on anything American and only taxes on foreign/generic at 6.5% for less than $500 so any 1/4 oz foreign Gold is tax free at today’s prices. I feel for my brothers in Blue states and other countries with higher taxes.

In 2024, several states have made significant changes regarding gold and silver transactions:

• Alabama: Removed all taxes on gold and silver transactions.
• Nebraska: Ended income taxes on gold and silver, and declared Central Bank Digital Currencies as not lawful money.
• Kentucky: Ended sales taxes on gold and silver.
• Utah: Voted to expand the use of gold and silver at the state government level.
• Wisconsin: Ended sales taxes on gold and silver.

Efforts to pass similar measures in Missouri, Idaho, and New Jersey have gained widespread support but have not yet passed.

Each state dictates sales tax on gold and silver, with some nuances to consider.

Firstly, while the state determines the base tax rate, cities or counties may add additional points. Secondly, even in states without sales tax on bullion investments, certain coins or collectibles might still incur a levy due to their value exceeding pure precious metal content.

The tax rates for gold and silver vary significantly across the United States.

There’s a stark contrast between states like Arkansas, which have completely removed sales taxes on these precious metals, and others such as Tennessee, where the sales tax rate for gold and silver stands at 10%, ranking among the highest in the nation. This discrepancy reflects the diverse approaches states take regarding taxation on these valuable commodities, creating a substantial disparity in the financial implications for buyers and sellers of precious metals depending on their geographical location within the country.

Alabama: No sales tax on bullion.✔️

In Alabama, the purchase of gold, silver, platinum, and palladium bullion doesn’t incur sales tax. In 2022, Alabama extended its sales tax exemptions on precious metal bullion. While the state generally imposes a 4% sales tax, it exempts these precious metals from this levy. This exemption was reinforced and extended by the unanimous approval of Alabama Senate Bill 13, prolonging the sales tax exemption until 2028. It encompasses various standard forms of bullion, reflecting Alabama’s acknowledgment of gold and silver as currencies rather than commodities. This initiative aligns with Alabama’s aim to cultivate a pro-sound money atmosphere, safeguarding citizens’ savings against inflationary impacts. Notably, the exemption encompasses a wide range of gold, silver, platinum, and palladium coins and bars. Alabama boasts a robust history in gold mining, spanning over 150 years, establishing it as an appealing destination for purchasing precious metals due to its tax policies and historical ties to the gold industry.

Through May 31, 2028, sales of bullion (including coins), money, gold, silver, platinum, or a combination of each previous metal (not including jewelry or works of art) are exempt from sales and use tax. ( Ala Code Sec. 40-23-4(a)(51) ; Ala Code Sec. 40-23-62 ; Ala Admin Code r. 810-6-2-.27(3) ) In order for bullion to qualify for the sales tax exemption, gold, silver, platinum, and palladium items must meet all of the following requirements:

• must be refined;
• must contain at least 80% gold, silver, platinum, or palladium or some combination of these metals; and
• the sales price of the item must fluctuate with and depend on the market price of the underlying precious metal, and not on the item’s rarity, condition, age, or other external factor.

Alabama, No state-level sales tax.✔️

On May 20, 2024, the enactment of Senate Bill 297 made Alabama the 13th state in the nation to eliminate capital gains taxes on sales of gold and silver. Under the new law, any profits or losses from the sale of precious metals, as reported on federal tax returns, will be excluded from the calculation of an Alabama taxpayer’s adjusted gross income (AGI). This measure effectively shields individuals from punitive taxation on transactions involving constitutional forms of currency.

Alaska: No state-level sales tax.✔️

Alaska is one of the few US states that does not charge a state-level sales tax on the purchase of precious metals, including gold, silver, platinum, and palladium. This means that all precious metal purchases are exempt from state-level taxation. While some local jurisdictions within the state may impose local sales taxes, the state itself does not collect any sales tax on precious metal purchases. Therefore, the majority of Alaska, including populated areas like Anchorage, allows for tax-free purchases of precious metals. This exemption applies to all forms of precious metals, including bullion coins, bars, rounds, and numismatic coins. Additionally, Alaska does not impose a state income tax on its citizens, so there is no taxation on capital gains from precious metals.

Arizona: No sales tax on bullion.✔️

In Arizona, the state legislation exempts bullion purchases from sales tax. This means that when individuals buy gold, silver, platinum, or palladium bullion in Arizona, they aren’t required to pay any additional sales tax on top of the purchase price. This exemption encourages investment in precious metals by eliminating the tax burden typically associated with such transactions, making Arizona an attractive location for individuals interested in acquiring bullion without incurring additional tax costs.

Arkansas: No sales tax on bullion.✔️

Since May 2004, the enactment of Senate Bill 297 has made Alabama the 13th state to eliminate capital gains taxes on sales of gold and silver. The new law excludes profits or losses from precious metal sales, as reported on federal tax returns, from the calculation of an Alabama taxpayer’s adjusted gross income (AGI). This effectively shields individuals from punitive taxation on transactions involving constitutional forms of currency.

⚠️California: 7.5% for transactions under $1,500

7.5% for transactions under $1,500. To avoid the tax in the state of California, you must make a purchase of more than $1,500. This applies only to gold and silver, and only if the purchase was from one dealer. The following regions in California all have a different tax rate different from the 7.5% set by the state:

• Angeles — 9.5%
• Los Angeles County — 9.5%
• San Diego — 7.75%
• San Jose — 9.38%

⚠️Connecticut: 6% for purchases below $1,000.

To avoid the tax in the state of Connecticut, you must make a purchase of more than $1,000. In Connecticut, there is a basic sales tax of a little over 6.35%. However, there are exemptions for precious metal purchases. The exemptions kick in when the purchase amount exceeds $1,000. Prior to that point, the sales tax applies. Once the purchase amount exceeds $1,000, no sales tax is owed. This exemption makes Connecticut a favorable place to purchase gold, silver, platinum, and palladium. It’s important to note that the exemption only applies to gold and silver, not all precious metals. Additionally, platinum or palladium bullion coins and bars are not exempt from Connecticut state sales tax. It’s recommended to consult the Connecticut Department of Revenue Services or a tax professional for the most up-to-date and specific tax information.

Delaware: No sales tax. ✔️

Delaware does not impose any sales tax, including on the purchase of items like precious metals such as gold, silver, platinum, or palladium. This means that when individuals buy these precious metals in Delaware, there are no additional sales taxes applied, creating a tax-free environment for such transactions within the state.

Florida: 6% for values below $500; legal tender exempt.

To avoid the tax in the state of Florida, you must make a purchase of more than $500. In Florida, there is a 6% state sales tax on the purchase of gold, silver, platinum, or palladium bullion if the total amount of a single sales transaction is less than $500. However, if the purchase exceeds $500, the transaction is exempt from sales tax. Additionally, as of 1999, all US legal tender, including silver coins such as the Silver Eagle, is exempt from sales tax, even if the total amount purchased is less than $500. This exemption also applies to certain numismatic (collectible) coins and currency. It’s important to note that sales tax laws and exemptions can be complex and subject to change, so it’s advisable to consult a legal or tax professional or the Florida Department of Revenue for the most current and detailed information.

Georgia: No sales tax. ✔️

Georgia does not impose a state sales tax on the purchase of gold, silver, or other precious metals. This exemption makes Georgia a favorable location for purchasing precious metals, as it allows buyers to acquire these assets without incurring additional sales tax costs. It’s important to note that sales tax laws and exemptions can be subject to change, so it’s advisable to consult the Georgia Department of Revenue or a tax professional for the most current and detailed information. According to § 48-8-3 of the Georgia Code, “sales of gold, silver, or platinum bullion or any combination of such bullion” is exempt from sales taxation. Oklahoma’s SB 862 reads, in part, “gold and silver coins issued by the United States government are legal tender in the State of Oklahoma. No person may compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract.”

• Georgia: No sales tax. ✔️
• Hawaii: 4% general excise tax paid by the seller (often added to purchase price)
  • In Hawaii, there is no state sales tax. Instead, the state has a General Excise Tax (GET), which is assessed on all business activities. The tax rate for the GET is 4% for most business activities. However, the GET is a tax on the business and not on the customer. Therefore, a seller may choose to visibly pass on the GET and any applicable county surcharge to its customers, but is not required to do so. The tax is on the business and not on the customer. If the business passes on its GET, the maximum pass-on rates, which include the county surcharge if applicable, are as follows: City and County of Honolulu: 4.7120% (effective January 1, 2007 – December 31, 2030). Therefore, the 4% general excise tax is often added to the purchase price, but it is not a sales tax in the traditional sense
• Idaho: No sales tax.
  • In Idaho, a 6% state tax is imposed on retail sales, which is collected by the retailer from the consumer. However, it’s important to note that there are exemptions and specific regulations related to sales tax in Idaho. For example, purchases of tangible personal property for the purpose of resale are not subject to tax. Additionally, there are various types of exemptions for specific goods and services, and local governments in Idaho are allowed to assess local sales and use tax. Therefore, while there is a state sales tax in Idaho, it’s essential to consider the specific exemptions and local tax regulations that may apply. For the most accurate and detailed information, it’s advisable to consult the Idaho State Tax Commission or a tax professional.
• Illinois: 6.25% on South African Krugerrands only; other bullion exempt.
  • In Illinois, the sales tax on the purchase of South African Krugerrands is 6.25%. However, other bullion, including coins, bars, and rounds, is exempt from sales tax. This exemption has been in place since 1985, making most bullion purchases, with the exception of South African Krugerrands, tax-free. The exemption also applies to investment coins issued by the state, the U.S. government, or a foreign government. It’s important to note that federal capital gains tax may still apply to the sale of these items. Additionally, local municipalities such as cities and counties in Illinois may add an additional 1% to 3.75% to the state sales and use tax rate. Therefore, it’s advisable to consult the Illinois Department of Revenue or a tax professional for the most current and detailed information on sales tax for precious metals in Illinois.
• Indiana: No tax on high-purity bullion; 7% on other precious metals.
  • In Indiana, there is no sales tax on high-purity bullion, which includes gold, silver, platinum, and palladium bullion with a purity level that meets specific requirements. However, there is a 7% sales tax on other types of precious metals that do not meet the high-purity bullion criteria. The state exempts “specifically approved bullion” from sales tax, which includes gold, silver, platinum, and palladium coins, bars, or rounds that meet certain fineness requirements. Specifically approved bullion must meet the following fineness requirements: gold coins, bars, or rounds that are 995 parts per 1,000 (99.5%); silver coins, bars, or rounds that are 999 parts per 1,000 (99.9%); platinum coins, bars, or rounds that are 999.5 parts per 1,000 (99.95%); and palladium coins, bars, or rounds that are 999.5 parts per 1,000 (99.95%). Therefore, while high-purity bullion is exempt from sales tax, other types of precious metals are subject to a 7% sales tax in Indiana.
• Iowa, exempt from sales tax
  • In Iowa, there is no sales tax on the purchase of gold and silver bullion, coins, currency, or other precious metals. The sales price from sales of these items is exempt from tax according to Section 423.3 of the Iowa code. This exemption makes Iowa a favorable location for purchasing precious metals, as buyers can acquire these assets without incurring additional sales tax costs. Therefore, Iowa is considered one of the better places to buy precious metals in the country due to its sales tax exemption on these items In addition to the sales tax exemption, Iowa also exempts the sales of coins, currency, or bullion from state sales and use taxes. “Bullion” is defined as “bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination of these where the value of the metal depends on its content and not the form.” “Coins” or “currency” is defined as “a coin or currency made of gold, silver, or other metal or paper which is or has been used as legal tender.” This exemption makes Iowa a popular choice with investors, attracting buyers from inside and outside the state. 
• Kansas, exempt from sales tax
  • In Kansas, there is no sales tax on gold or silver bullion, coins, or bars. The state provides an exemption from sales tax for sales of gold or silver coins, and palladium, platinum, gold, or silver bullion. Therefore, when purchasing these precious metals in Kansas, buyers can acquire these assets without incurring additional sales tax costs. This exemption makes Kansas a favorable location for investing in gold and silver, as it provides a tax advantage compared to many other states.
• Kentucky,
  • The sales tax on gold in Kentucky has been a subject of legislative consideration. A bill was introduced in the Kentucky House that would create a sales tax exemption on the sale of gold and silver bullion. The bill, House Bill 360, includes language to exempt gold, silver, platinum, and palladium bars, ingots, rounds, and coins from state sales taxes. The bill has passed the Kentucky House and is pending in the Senate Appropriations and Revenue Committee. If enacted, this exemption would relieve some of the tax burdens on investors and eliminate one barrier to using gold and silver in everyday transactions. As of the most recent information available, the exemption is not yet in effect, but it is pending legislative approval. Therefore, while there is currently a sales tax on gold in Kentucky, there are ongoing efforts to create a sales tax exemption for gold and silver bullion.
• Louisiana, exempt from sales tax in Louisiana
• • Senate Bill 232, passed in 2024, ends sales and capital gains taxes on precious metals, declares that Central Bank Digital Currencies are not valid money in their state, and empowers state treasurers to invest state funds in gold and silver. Louisiana is the sixth state to enact sound money laws in 2024, while five other states did so in 2023.
• Maine, tax on gold in Maine is 5.5%
  • The sales tax on gold in Maine is 5.5%. However, there have been legislative efforts to create a sales tax exemption on the sale of gold and silver bullion. A bill was introduced in the Maine Legislature to provide a sales tax exemption for sales of gold and silver coins and bullion, and the Maine Senate passed the bill to remove sales tax from gold and silver bullion. If enacted, this exemption would relieve some of the tax burdens on investors and eliminate one barrier to using gold and silver in everyday transactions. As of the most recent information available, the exemption is not yet in effect, but it is set to become effective on January 1, 2024, if the bill is fully enacted. Therefore, while there is currently a sales tax on gold in Maine, there are ongoing efforts to create a sales tax exemption for gold and silver bullion.
• Mississippi, no sales tax on the purchase of bullion.
  • Mississippi has repealed its state sales tax on precious metals, including gold and silver coins and bullion. The repeal went into effect on July 1, 2023, making Mississippi the 43rd state to eliminate sales taxes on gold and silver coins and bullion. This means that purchases of these metals are no longer subject to the state’s 7% sales tax. The repeal is designed to encourage investment in precious metals by treating them more like money than commodities, and proponents of the measure argued that it would make the state more attractive to investors. The newly signed bill applies to bullion purchases, coins, and numismatic items made in Mississippi.
• Montana, no sales tax on the purchase of bullion.
  • In Montana, there is no sales tax on the purchase of bullion, which includes gold, silver, platinum, and palladium bullion. This exemption makes Montana a favorable location for purchasing precious metals, as it allows buyers to acquire these assets without incurring additional sales tax costs. This exemption applies not just to precious metals, but to all purchases in the state of Montana. Therefore, buyers won’t pay tax on their precious metal purchases in Montana.
• Nebraska: no sales tax on the purchase of bullion.
  • In Nebraska, there is no sales tax on the purchase of bullion, which includes gold, silver, platinum, and palladium bullion. This exemption makes Nebraska a favorable location for purchasing precious metals, as it allows buyers to acquire these assets without incurring additional sales tax costs. It’s important to note that sales tax laws and exemptions can be subject to change, so it’s advisable to consult the Nebraska Department of Revenue or a tax professional for the most current and detailed information.
• Maryland: 6% on orders below $1,000
• Massachusetts: 6.25% for transactions under $1,000
• Michigan: No sales tax on high-purity bullion
  • In Michigan, there is no sales tax on high-purity bullion. The state exempts most popular forms of precious metals, including gold, silver, and platinum bullion, as long as they meet specific purity requirements. This exemption makes Michigan a favorable location for purchasing high-purity bullion, as buyers can acquire these assets without incurring additional sales tax costs. Therefore, the sales tax exemption for high-purity bullion in Michigan is advantageous compared to the tax treatment of bullion in many other states.
  • How does the sales tax exemption for high-purity bullion in michigan compare to other states? The sales tax exemption for high-purity bullion in Michigan is highly favorable compared to many other states. Michigan exempts most popular forms of precious metals, including gold, silver, and platinum bullion, as long as they meet specific purity requirements. This exemption makes Michigan a favorable location for purchasing high-purity bullion, as buyers can acquire these assets without incurring additional sales tax costs. This exemption sets Michigan apart from many other states, where sales tax may apply to a broader range of precious metal products.
• Minnesota: 6.88%
  • In Minnesota, there is a 6.88% sales tax on bullion. However, this tax rate may be subject to additional local taxes, as in the city of Minneapolis, where the sales tax is 7.15%. It’s important to note that this tax rate applies to bullion with a purity of less than 99.9%. Precious metal bullion with 99.9% or more purity of gold, silver, platinum, or palladium is exempt from sales and use tax in Minnesota. Therefore, while there is a sales tax on bullion in Minnesota, the exemption applies to high-purity bullion, providing a tax advantage for certain precious metal investments.
  • How does the sales tax exemption for bullion in minnesota compare to other states? The sales tax exemption for bullion in Minnesota is relatively favorable compared to many other states. As of July 1, 2017, sales of precious metal bullion are exempt in Minnesota, provided the bullion meets certain purity requirements. Specifically, bars and rounds of precious metal bullion with 99.9 percent or more by weight of either gold, silver, platinum, or palladium are exempt from sales and use tax in Minnesota. This exemption makes Minnesota a favorable location for purchasing high-purity bullion, as buyers can acquire these assets without incurring additional sales tax costs. Additionally, numismatic coins are also exempt from sales tax in Minnesota. Therefore, the sales tax exemption for bullion in Minnesota is advantageous compared to the tax treatment of bullion in many other states.
• Missouri: No sales tax on high-purity bullion.
  • In Missouri, there is no sales tax on high-purity bullion. The state exempts most popular forms of precious metals, including all forms of legal tender such as Chinese Silver and Gold Pandas, Maple Leafs, Silver Dollars, and the Perth Mint Lunar Series. Additionally, tax-exempt gold, silver, and platinum bars can be purchased as long as they possess a purity of more than .900, which the vast majority do. However, it’s important to note that sales tax is specific: it is only applicable if the precious metal item is less than .900 pure or if it is in the form of non-legal tender. Numismatic pieces may be subject to tax. The state of Missouri respects the Federal Capital Gains Tax, which applies to the profits made from the sale of precious metals. The sales tax rate in Missouri is 4.2%, with local taxes potentially increasing the total tax rate to over 9% in some counties. Therefore, understanding the specific tax exemptions for precious metals in Missouri is important for buyers.
• Nevada: 6.85% with specific exemptions.
  • According to the Nevada Administrative Code, bullion items such as coins, bars, and rounds are generally sales tax exempt as long as the “purpose of the use of the bullion is as a medium of exchange” rather than for enjoyment, consumption, use in artwork, etc. This exemption applies to bullion items that are valued purely for their precious metal content and do not contain a face value. However, certain products such as processed items, accessory items, and coins that are not used as mediums of exchange may be subject to sales tax. The statewide sales tax rate in Nevada is 6.85%, but when combined with local taxes, the effective rate can range from 4.6% to as high as 8.375% in some parts of the state. Therefore, while many bullion items are sales tax exempt in Nevada, the specific taxability of a product is determined by its use and other factors.
• New Hampshire: No sales tax
  • New Hampshire does not have a sales tax. It is one of only five states in the US that do not impose a state-level sales tax. Therefore, there is no sales tax on goods purchased in New Hampshire, including precious metals. This makes New Hampshire a favorable location for purchasing precious metals, as buyers can acquire these assets without incurring additional sales tax costs. In addition to New Hampshire, there are four other states in the US that do not have a state-level sales tax. These states are: Alaska Delawar Montana Oregon These states do not impose a state-level sales tax, making them favorable locations for purchasing goods, including precious metals, as buyers can acquire these assets without incurring additional sales tax costs.
• New Jersey: 6.625%
  • The sales tax rate in New Jersey is The sales tax rate in New Jersey is 6.625%, which is applied to all precious metals, including bullion and numismatics. This rate is relatively high compared to some other states. Additionally, there are no additional local taxes on precious metals in New Jersey. Therefore, the sales tax rate for precious metals in New Jersey is 6.625%., which is applied to all precious metals, including bullion and numismatics. This rate is relatively high compared to some other states. Additionally, there are no additional local taxes on precious metals in New Jersey. Therefore, the sales tax rate for precious metals in New Jersey is 6.625%.
  • How does the sales tax rate in new jersey compare to other states in the us? New Jersey has a sales tax rate of 6.625%, which is relatively high compared to many other states in the US. For instance, New Hampshire, Alaska, Delaware, Montana, and Oregon do not impose a state-level sales tax. Additionally, some states have lower average combined state and local sales tax rates than New Jersey. For example, Alaska has a combined rate of 1.76%, Hawaii 4.44%, Wyoming 5.33%, Wisconsin 5.43%, and Maine 5.50%. Therefore, New Jersey’s sales tax rate is relatively high compared to the rates in these states.
• New Mexico: 5.1 % seller-paid.
  • In New Mexico, there is a statewide gross receipts tax, which is similar to a sales tax and sits around 5.125%. However, local taxes can also apply to bullion purchases, and combined, these tax rates can reach as high as 8.688%. There is no sales tax on gold and silver bullion in the state of New Mexico. However, the state requires the collection of tax on all products sold by certain vendors and delivered to a New Mexico address, including precious metals. Therefore, while there is no sales tax on precious metals in New Mexico, the statewide gross receipts tax and local taxes can apply to bullion purchases, and certain vendors are required to collect taxes on all products sold and delivered to a New Mexico address. The difference between gross receipts tax and sales tax in New Mexico lies in the way they are imposed and collected. The gross receipts tax (GRT) is imposed on the total amount of money or value of other consideration received from various business activities, including selling property, leasing or licensing property, performing services, and selling research and development services. It is a tax on the privilege of doing business in New Mexico and is typically passed on to the purchaser by the seller. The GRT rate varies throughout the state from 5% to 9.3125% and is owed by the seller, although it is often passed on to the buyer. On the other hand, a traditional sales tax is a percentage of the sales price and is imposed on the end consumer. New Mexico’s GRT is unique in that it is owed by the seller, not the buyer, and is often passed on to the purchaser. This tax is often passed onto the buyer, and it is essential to go to a competitively-priced dealer when purchasing precious metals in New Mexico. The state of New Mexico honors the Federal Capital Gains Tax. This means that, whenever you make a profit through the sale of precious metals, regardless of the type or quantity, you pay the US government as much as 28%. The actual amount you owe depends on personal income, and it is usually a lot less than the maximum rate. There is no exemption to the gross receipts tax mentioned above, which means that you can generally expect to have at least 5% added to the price of all precious metal bullion and numismatics in the state of New Mexico. If you want to purchase cheaper bullion, you can simply buy online, where there will be no such taxes due.
• New York: 4% for transactions under $1,000.
  • In New York, the sales tax rate for precious metals is 4% for transactions under $1,000. However, the sales tax rate can vary depending on the location. For instance, in New York City, the sales tax rate can be as high as 8.875%. There is an exemption when you purchase $1,000 worth of precious metals, making transactions beyond this amount tax-exempt. This exemption applies to high-purity bullion, such as gold and silver coins and bars. Therefore, New York’s sales tax rate for precious metals is relatively competitive, especially for transactions over $1,000, where the exemption applies.
  • How does the sales tax rate for transactions under $1,000 in new york compare to other states in the us? In New York, the sales tax rate for transactions under $1,000 is 4%, and it can be as high as 8.875% in New York City. This rate is relatively competitive compared to other states in the US. For example, some states have higher average combined state and local sales tax rates, such as Tennessee (9.55%), Louisiana (9.52%), and Arkansas (9.51%). Therefore, New York’s sales tax rate for transactions under $1,000 is relatively favorable compared to the rates in some other states.
• North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Texas: No sales tax on gold or silver bullion
• Ohio: 5.75% basic sales tax on certain items; high-purity bullion exempt.
  • In Ohio, there is a 5.75% basic sales tax on certain items, but high-purity bullion is exempt from this tax. High-purity bullion includes bars, ingots, or other products comprising pure gold of 99.5% or higher and silver of 99.9% pure, as well as platinum of 99.95% fineness or higher. This exemption makes Ohio a favorable location for purchasing high-purity bullion, as it allows buyers to acquire these assets without incurring additional sales tax costs. Therefore, while there is a basic sales tax on certain items in Ohio, high-purity bullion is exempt from this tax, making it an attractive option for precious metal investors.
  • How does the sales tax rate for high-purity bullion in ohio compare to other states in the us? In Ohio, the sales tax rate for precious metals is 5.75%. This rate applies to all sales of precious metals, with additional fees applicable in certain places. However, high-purity bullion is exempt from this tax, making Ohio a favorable location for purchasing high-purity bullion, as it allows buyers to acquire these assets without incurring additional sales tax costs. This exemption sets Ohio’s sales tax rate for high-purity bullion apart from many other states, where sales tax may apply to a broader range of precious metal products.
• Pennsylvania: 6% on non-legal tender silver and gold coins; bullion exempt.
  • In Pennsylvania, there is a 6% sales tax on non-legal tender silver and gold coins, while bullion is exempt from sales tax. The exemption for bullion includes gold and silver bullion bars and coins, as well as other precious metal bullion. This exemption makes Pennsylvania a favorable location for purchasing bullion, as it allows buyers to acquire these assets without incurring additional sales tax costs. Therefore, while there is a sales tax on non-legal tender silver and gold coins, bullion is exempt from sales tax in Pennsylvania.
  • How does the sales tax rate for non-legal tender silver and gold coins in pennsylvania compare to other states in the us :In Pennsylvania, there is a 6% sales tax on non-legal tender silver and gold coins, while bullion is exempt from sales tax. This rate is relatively competitive compared to other states in the US. For example, some states, such as Alabama, Alaska, and New Hampshire, do not impose any sales tax on precious metals. Therefore, Pennsylvania’s sales tax rate for non-legal tender silver and gold coins is in line with the rates in many other states, and the exemption for bullion makes it a favorable location for purchasing bullion.
• Rhode Island: 7% applies to unrefined bullion only.
  • In Rhode Island, a 7% sales tax is applied to unrefined bullion only. This means that all other forms of precious metal bullion, such as those that have been refined to at least .999 purity, are exempt from the sales tax. Therefore, while unrefined bullion is subject to the 7% sales tax, other forms of precious metal bullion are not taxed in Rhode Island. This exemption makes Rhode Island a favorable location for purchasing most forms of precious metal bullion, as it allows buyers to acquire these assets without incurring additional sales tax costs. The term “unrefined bullion” in Rhode Island typically refers to bullion products that have not been melted or refined. This may include bullion that has not been processed to a purity level of at least .999 fine. 
• Utah: 4.75% on bullion with purity below 50%
  • In Utah, there is a sales tax of 4.75% on certain precious metals. This tax applies to bullion products made of gold, silver, or platinum if the gold, silver, or platinum content is less than 50%. However, investment coins and bars that are at least 50% pure are not subject to sales tax. Therefore, while there is a sales tax on certain precious metal purchases in Utah, investment-grade bullion and coins that meet the purity requirement are exempt from this tax.
• Vermont: 6% on all precious metal transactions.
  • In Vermont, precious metals purchases are subject to a 6% sales tax. This tax applies to all forms of precious metals, including bullion, coins, and other less common forms of bullion. There are no tax exemptions for precious metals in Vermont, and the sales tax rate may be further increased by local tax rates. Additionally, Vermont is subject to the Federal Capital Gains Tax, which means that individuals are required to pay a tax on the profits made from the sale of precious metals, with the amount not exceeding 28%. Therefore, all precious metal transactions in Vermont are subject to a 6% sales tax, with no exemptions for these purchases
• Virginia: 5.3% on all precious metals with no exemptions.
  • Virginia has a 5.3% sales tax on all precious metals, including gold and silver bullion bars and coins, numismatic coins, and medals and tokens. There are no exemptions for these items, as they are classified as personal property and are therefore not exempt from sales tax. However, it’s important to note that the tax rate may vary in different parts of the state, with an additional local tax in place in the northern part of Virginia, bringing the total to 6%. Additionally, if a profit is made from selling precious metals in Virginia, a Capital Gains Tax is applicable, with the amount depending on the seller’s income, not exceeding 28%. It’s important to consult the Virginia Department of Taxation or a tax professional for the most current and detailed information on sales tax for precious metals in Virginia.
• Washington: No tax on non-collectible precious metals.
  • In Washington, there is no sales tax on non-collectible precious metals, including investment-grade bullion and coins. Thanks to the WAC 458-20-248 code, established in 1985, anything that qualifies as a precious metal, including bullion, is exempt from taxation. This exemption covers any gold or silver that has been or can be used as currency in the United States or in any other country. However, it’s important to note that the state’s sales tax will apply to numismatic coins and other precious metal collectibles, which is currently 6.5%. Additionally, local jurisdictions may add additional amounts to the standard sales tax rate. Therefore, for non-collectible precious metals, such as investment-grade bullion and coins, Washington does not impose a sales tax.
• West Virginia: Tax-exempt investment-grade bullion and coins.
  • West Virginia exempts investment-grade bullion and coins from sales tax. This exemption includes sales of investment metal bullion and investment coins made on and after July 1, 2019. The exemption covers elementary precious metals that have been put through a process of smelting or refining, such as gold, silver, platinum, and palladium. The exemption is part of the state’s efforts to encourage the use of precious metals as forms of payment and to promote sound money. This exemption makes West Virginia a favorable location for purchasing investment-grade precious metals, as it allows buyers to acquire these assets without incurring additional sales tax costs.
• Wisconsin: 5% on all precious metal purchases.
  • In Wisconsin, the sales tax rate on precious metal purchases is 5%, with some regions having a slightly higher rate due to local taxes, reaching up to 5.6%. This tax applies to most forms of precious metals, including bullion coins and bars, and specifically to items sold as collector’s items and those sold above their face value. However, there are exemptions for coins sold at their face value, whether minted in the United States or another country. Efforts have been made to repeal these tax laws, and a bill was introduced to create a sales and use tax exemption for precious metal bullion. The legislation defines “precious metal bullion” as coins, bars, and rounds. It’s important to note that the actual tax rate may vary based on personal income, but it does not exceed 28%. Additionally, Wisconsin observes the Federal Capital Gains Tax, which applies to the profits made from selling precious metals. This tax is payable after selling, and the rate depends on personal income.
• Wyoming: 4% on all precious metal purchases.
  • In Wyoming, there is a sales tax due on all precious metal purchases. The basic state tax is 4%, and local taxes range from 0.1% to 2% on top of this. This sales tax applies to everything from standard bullion coins and bars to collectible coins, medallions, tokens, rounds, and more. However, Wyoming does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals. It’s important to note that the sales tax is calculated at checkout based on the taxability of products and the specific tax rates established by the taxing jurisdiction of the delivery address in Wyoming. Therefore, while there is a sales tax on precious metal purchases in Wyoming, there is no state income tax on capital gains from precious metals.
•  According to the Nevada Administrative Code, bullion items such as coins, bars, and rounds are generally sales tax exempt as long as the “purpose of the use of the bullion is as a medium of exchange” rather than for enjoyment, consumption, use in artwork, etc. This exemption applies to bullion items that are valued purely for their precious metal content and do not contain a face value. However, certain products such as processed items, accessory items, and coins that are not used as mediums of exchange may be subject to sales tax. The statewide sales tax rate in Nevada is 6.85%, but when combined with local taxes, the effective rate can range from 4.6% to as high as 8.375% in some parts of the state. Therefore, while many bullion items are sales tax exempt in Nevada, the specific taxability of a product is determined by its use and other factors
• City of Los Angeles — 9.5%
• Los Angeles County — 9.5%
• San Diego — 7.75%
• San Jose — 9.38%
• In California, there’s a sales tax rate of 7.5% applied to transactions involving precious metals if the purchase amount is under $1,500. This means that when individuals buy gold, silver, platinum, or palladium, and the transaction value falls below the $1,500 threshold, a 7.5% sales tax is added to the purchase price. It’s crucial for buyers to be aware of this tax regulation, as it influences the overall cost of acquiring precious metals within this price range in California.
• Monetized bullion, nonmonetized gold or silver bullion, and numismatic coins: Neither the sales tax nor the use tax applies to sales of these items provided the following conditions are met: (A) The sale is in bulk amount. For sales occurring on or after January 1, 2023, a sale in bulk occurs if the total market value of the items sold in a single transaction is $2,000 or more. (B) The items are delivered to a place outside California, or the purchaser is a licensed California dealer who will resell the items outside California. Alternatively, some may resort to clandestine transactions to avoid the impact, though this too presents potential drawbacks, as it could expose them to unscrupulous dealings with tax authorities keen on enforcement. California, being a “threshold state,” has leveraged the inflation adjustment mechanism within its regulatory framework to elevate the minimum purchase size required for sales tax exemption from $1,500 to $2,000.
• Colorado : No sales tax on most precious metals.✔️
• In Colorado, most precious metals are exempt from sales tax. This means that when individuals purchase gold, silver, platinum, or palladium in Colorado, they typically do not incur sales tax on these transactions. The Precious Metal Bullion and Coin Exemption (Bullion and Coin Exemption) exempts all sales, storage, use, or consumption of precious metal bullion and coins from state sales and use tax [Section 39-26-706(4), C.R.S.].
  • “Coins” are defined as “monetized bullion or other forms of money manufactured from gold, silver, platinum, palladium, or other such metals now, in the future, or heretofore designated as a medium of exchange under the law of this state, the United States, or any foreign nation.” [§39-26-102(2.6) C.R.S.]
  • “Precious metal bullion” is defined as “any precious metal, including but not limited to, gold, silver, platinum and palladium, that has been put through a process of refining and is in such a state or condition that its value depend upon its precious metal content and not its form.” [§39-26-704(4)(a)(b) C.R.S.].
  • Not all numismatic pieces are exempt. Precious metal bullion and coins that are or were at one time used as currency or medium of exchange in the United States or a foreign country (such as quarters, dimes, nickels and pennies) are exempt. However, numismatic pieces such as paper money, tokens, checks, wampum and similar items not specifically exempt from taxation do not fall under this exemption. Transactions involving the sale of
• jewelry and commemoratives continue to be taxable.

Alabama Governor Kay Ivey signed Senate Bill 297, eliminating income taxes on capital gains from the sale of gold and silver. This makes Alabama the 13th state to do so, reinforcing sound money principles and protecting citizens from inflation and currency devaluation. Profits and losses from precious metal sales will be excluded from Alabama’s adjusted gross income (AGI) calculations. Championed by Senator Tim Melson and Representative Jamie Kiel, and supported by the Sound Money Defense League and Money Metals Exchange, the bill reflects bipartisan recognition of the importance of sound money. This legislation aligns Alabama with other states like Utah, Wisconsin, Nebraska, and Kentucky in enacting pro-sound money laws in 2024.