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Can I Buy Gold and Silver Tax-Free?
Last updated: February 2026
Tax laws and interpretations are subject to change.
When investing, many people seek ways to buy gold, silver, and other precious metals tax-free. At Bullion Exchanges, we understand that privacy, transparency, and cost efficiency are crucial for both investors and collectors. While certain purchases and transactions are subject to reporting requirements, not every precious metals transaction is taxable or reportable. This guide is designed to help you better understand how precious metals taxes work in the United States and how state-level rules may affect your purchases.
Understanding Taxes on Precious Metals
When purchasing precious metals, two primary types of taxes may apply: sales tax and capital gains tax. Each impacts investors differently depending on location, product type, and timing.
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Sales Tax: Many states impose sales tax on the purchase of goods, including some precious metals. However, exemptions vary widely by state. Some states fully exempt bullion, while others apply tax to specific products such as copper items, numismatic coins, accessories, or processed metals.
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Capital Gains Tax: Capital gains tax applies only when you sell precious metals for a profit. Precious metals are classified by the IRS as collectibles, which can result in a higher maximum long-term capital gains rate than traditional investments, depending on your individual tax situation.
Buying Precious Metals Tax-Free in the United States
In the U.S., taxation of precious metals is primarily determined at the state level, especially with respect to sales tax. Key considerations include:
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Sales Tax Exemptions: Many states offer partial or full exemptions for purchases of gold, silver, platinum, and palladium bullion. Some states impose minimum transaction thresholds or restrict exemptions based on product type.
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Capital Gains Considerations: Profits from the sale of precious metals may be subject to capital gains tax. Long-term gains on precious metals classified as collectibles may be taxed at rates higher than traditional securities, depending on holding period and income bracket.
Because laws vary by state and can change over time, it’s important to review the rules applicable to your location or consult a qualified tax professional.
Why is There an Online Sales Tax?
Online precious metals purchases may be subject to sales tax due to the 2018 U.S. Supreme Court decision in South Dakota v. Wayfair, Inc., which overturned the 1992 Quill Corp. v. North Dakota ruling. This decision allows states to require online retailers to collect sales tax even if the seller has no physical presence in the buyer’s state.
As a result, online precious metals dealers must comply with state and local tax laws based on where an order is shipped. Applicable taxes may depend on the specific products purchased and local tax rates tied to the shipping destination, including shipments to storage facilities.
Sales Tax Laws by State
Sales tax rules for precious metals vary significantly across the United States. While some states fully exempt bullion products, others apply tax to specific items such as copper products, numismatic coins, accessories, or altered metals.
Below is a state-by-state overview designed to help you better understand how precious metals purchases may be taxed based on your location. This information is provided for general guidance only. For the most current and authoritative information, consult your state’s department of revenue or a qualified tax advisor.
STATES INFORMATION
Alabama
Alabama generally exempts precious metals bullion from sales and use tax, while taxing specific non-bullion items. Alabama collects a flat-rate Simplified Sellers Use Tax (SSUT) of 8% on applicable taxable products delivered to an Alabama address.
Alabama sales tax applies to the following:
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All copper products
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Numismatic coins, including collectible coins whose value exceeds their precious metal content due to rarity, condition, age, or demand
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Exempt from Alabama sales tax:
Gold, silver, platinum, and palladium bullion, including qualifying bars, rounds, and bullion coins valued primarily for metal content
Alaska
Alaska does not impose a state-level sales tax on precious metals or other goods.
However, some local municipalities in Alaska may impose local sales taxes, which can vary by location. Any applicable tax is determined by the shipping destination.
For the most current and location-specific information, customers are encouraged to consult the Alaska Department of Revenue or their local tax authority.
Arkansas
Arkansas does not impose sales tax on qualifying precious metals bullion, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Arkansas sales tax applies to the following:
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All copper products
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Arizona
Arizona does not impose sales tax on qualifying precious metals bullion, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Arizona sales tax applies to the following:
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All copper products
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
California
California sales tax applies to precious metals purchases unless the transaction qualifies as a tax-exempt “sale in bulk.”
California sales tax applies to the following:
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Copper bullion
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Platinum and palladium bullion
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Gold and silver bullion transactions under $2,000 USD
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Monetized bullion and numismatic coins when the total transaction value is less than $2,000 USD
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Exempt from California sales tax:
Single transactions totaling $2,000 USD or more involving:
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Gold bullion
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Silver bullion
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Monetized bullion
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Numismatic coins
Transactions meeting or exceeding $2,000 are classified as “sales in bulk” and are exempt from sales tax under California law.
Colorado
Colorado exempts qualifying precious metals bullion and legal-tender coins from state sales tax, but local home-rule jurisdictions may impose their own taxes.
Colorado sales tax applies to the following:
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All copper products
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Numismatic coins and bullion products that are not legal tender, meaning items that have never been issued as official currency by a government
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Qualifying gold, silver, platinum, and palladium bullion and government-issued legal-tender coins are exempt from Colorado state sales tax, though local city or county taxes may still apply depending on the shipping destination.
Connecticut
As of January 1, 2026, Connecticut does not impose sales tax on qualifying precious metals bullion.
Exempt:
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Gold, silver, platinum, and palladium bullion, including qualifying bars, rounds, and bullion coins, regardless of transaction value (Gold and silver bullion must have a fineness of at least 90% to qualify)
Connecticut sales tax applies to the following:
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All copper products
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Numismatic coins, including collectible coins whose value is based on rarity, condition, or collectibility rather than metal content
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Delaware
Delaware does not impose a state or local sales tax on precious metals or other goods.
As a result, purchases of gold, silver, platinum, palladium, coins, bullion, and related products delivered to a Delaware address are not subject to sales tax.
District of Columbia
The District of Columbia applies sales tax to all products sold by Bullion Exchanges and shipped into Washington, D.C., including precious metals bullion, coins, accessories, and related items.
The applicable D.C. sales tax rate is calculated at checkout based on current District tax rates.
Florida
As of August 1, 2025, Florida’s sales tax exemption for precious metals was expanded to apply regardless of transaction amount. All qualifying gold, silver, and platinum bullion coins, rounds, and bars are now fully exempt from sales tax in the state.
Florida sales tax exemptions include:
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Coins and currency that are U.S. legal tender, regardless of face value
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Gold, silver, and platinum bullion of qualifying purity, with no minimum purchase threshold
Taxable items:
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Non-legal-tender numismatic or collectible coins, including ancient coins, unless they qualify for a specific statutory exemption such as U.S. legal-tender status
Note on palladium:
While Florida law fully exempts qualifying gold, silver, and platinum bullion as of August 1, 2025, palladium bullion is not included in this exemption. Palladium purchases remain subject to Florida sales tax unless they qualify under another statutory exemption, such as inclusion in a U.S. legal-tender coin issue.
Georgia
Georgia exempts qualifying precious metals bullion from sales tax, including gold, silver, and platinum products valued primarily for their metal content.
Georgia sales tax applies to the following:
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All copper products
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Palladium bullion and products
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Georgia.
Hawaii
Hawaii applies a General Excise Tax (GET) on all goods sold and shipped to the state, including precious metals, coins, bullion, and accessories. Applicable tax rates are calculated at checkout.
Please note: Bullion Exchanges does not currently ship to Hawaii.
Idaho
Idaho exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Idaho sales tax applies to the following:
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All copper products
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Idaho.
Illinois
Illinois exempts qualifying precious metals bullion from sales tax when specific purity and product requirements are met.
Illinois sales tax applies to the following:
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All copper products
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All palladium bullion and products
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Bullion products with a fineness below .980
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Coins issued by U.S. states other than Illinois
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Exempt from Illinois sales tax:
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Gold, silver, and platinum bullion meeting the state’s fineness requirements
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Qualifying bullion coins issued by sovereign governments (excluding U.S. state-issued coins)
Applicable state and local sales taxes are calculated based on current Illinois tax rules.
Indiana
Indiana provides a sales tax exemption for qualifying precious metals bullion and certain U.S. legal-tender coins when specific purity requirements are met.
Exempt from Indiana sales tax:
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U.S. legal-tender coins and currency, including American Eagle bullion and proof coins
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Gold coins, bars, and rounds with a purity of .9995 (99.95%) or higher
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Silver coins, bars, and rounds with a purity of .999 (99.9%) or higher
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Platinum coins, bars, and rounds with a purity of .9995 (99.95%) or higher
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Palladium coins, bars, and rounds with a purity of .9995 (99.95%) or higher
Taxable items in Indiana include:
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Collectible or numismatic coins that do not qualify as exempt bullion or U.S. legal tender, including certain historical foreign gold coins
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Coins classified as collectibles and not eligible for IRA or IDA investment remain subject to Indiana sales tax.
Iowa
Iowa exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Iowa sales tax applies to the following:
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All copper bullion products
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Coins and bullion products that are not legal tender, meaning items that have never been issued as official currency by a government
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Iowa.
Kansas
Kansas exempts gold and silver bullion and coins from sales tax when valued primarily for their precious metal content.
Kansas sales tax applies to the following:
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All copper products
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Platinum and palladium bullion and coins
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Coins not made of gold or silver
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying gold and silver bullion products are exempt from sales tax in Kansas.
Kentucky
Kentucky exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Kentucky sales tax applies to the following:
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All copper products
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Kentucky.
Louisiana
Louisiana exempts qualifying precious metals bullion from state sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content. However, local parish sales taxes may still apply, depending on the shipping destination.
Louisiana sales tax applies to the following:
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All copper products
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Palladium products, including bullion and coins
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Numismatic or collectible coin transactions when the total sale value exceeds $1,000 USD
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Qualifying precious metals bullion is exempt from Louisiana state sales tax, but parish-level taxes may vary by location.
Maine
Maine applies sales tax to all products sold and shipped into the state, including precious metals bullion, coins, accessories, and related items.
The applicable Maine sales tax rate is calculated at checkout.
Maryland
Maryland imposes sales tax on most precious metal purchases delivered to a Maryland address.
Maryland sales tax applies to the following:
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All copper products
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Gold, silver, platinum, and palladium bullion and coins, regardless of transaction value
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All numismatic coins, including collectible and premium issues
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Coins or currency made from precious metals that are not, or have never been, legal tender
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Accessories, such as holders, tubes, coin flips, capsules, and similar items
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Processed or altered items, including colorized coins, plated coins, or products modified to add value beyond metal content
Exemptions:
At this time, most precious metal products are taxable in Maryland, with limited, situation-specific exemptions that may apply only at certain in-state coin shows or special venues.
Massachusetts
Massachusetts exempts certain precious metals purchases from sales tax when specific transaction thresholds are met.
Massachusetts sales tax applies to the following:
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All copper, platinum, and palladium products
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Gold and silver bullion, legal-tender coins, and numismatic coins when the total transaction value is less than $1,000 USD
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Exempt from Massachusetts sales tax:
- Single transactions totaling $1,000 USD or more involving gold or silver bullion, gold or silver legal-tender coins, or qualifying numismatic coins
Michigan
Michigan exempts qualifying precious metals bullion from sales tax when specific purity requirements are met.
Michigan sales tax applies to the following:
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All copper products
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All palladium products
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Gold, silver, or platinum bullion with a purity below .900
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products meeting Michigan’s purity standards are exempt from sales tax.
Minnesota
Minnesota applies sales tax to most precious metals products, with a limited exemption for certain bullion items.
Exempt from Minnesota sales tax:
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Gold, silver, platinum, and palladium bars or rounds with a purity of at least .999 (99.9%), clearly marked with weight, purity, and metal content
Minnesota sales tax applies to the following:
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All coins, including bullion and numismatic coins
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Jewelry, works of art, and scrap metal
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Only qualifying bars and rounds meeting Minnesota’s purity and marking requirements are exempt from sales tax.
Mississippi
Mississippi exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Mississippi sales tax applies to the following:
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All copper products
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Mississippi.
Missouri
Missouri exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Missouri sales tax applies to the following:
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All copper products
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Numismatic or collectible coins not valued primarily for their metal content
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from Missouri sales tax.
Montana
Montana does not impose a state or local sales tax on precious metals or other goods.
As a result, purchases of gold, silver, platinum, palladium, coins, bullion, and related products delivered to a Montana address are not subject to sales tax.
Nebraska
Nebraska exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Nebraska sales tax applies to the following:
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All copper bullion products
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Coins and bullion products that are not legal tender, meaning items that are not and have never been issued as official currency by a government
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Nebraska.
Nevada
Nevada exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Nevada sales tax applies to the following:
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All copper products
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Coins and bullion products that are not legal tender, meaning items that are not and have never been issued as official currency by a government
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Nevada.
New Hampshire
New Hampshire does not impose a state or local sales tax on precious metals or other goods.
As a result, purchases of gold, silver, platinum, palladium, coins, bullion, and related products delivered to a New Hampshire address are not subject to sales tax.
New Jersey
New Jersey exempts certain precious metals and coins from sales tax under the state’s investment metals provisions.
Exempt items include:
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Investment metal bullion: Precious metals (gold, silver, platinum, palladium) in a refined state where their value depends on content, provided the total purchase exceeds $1,000. The $1,000 threshold applies to the total purchase of bullion products, not each individual item.
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Investment coins: Numismatic coins made of precious or non-precious metals with a fair market value of at least $1,000
Taxable items include:
- Purchases of investment metal bullion or coins (monetized bullion) that do not meet the $1,000 minimum value requirement
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Industrial or artistic precious metals, including metals processed for industrial, professional, aesthetic, or artistic purposes
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Jewelry and art made from coins, including coins incorporated into wearable or decorative items
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Commemorative medallions, even when composed of precious metals
- Copper products and accessories like coin holders or cleaners
New Mexico
New Mexico applies gross receipts tax to all products sold and shipped into the state, including precious metals bullion, coins, accessories, and related items.
The applicable tax rate is calculated at checkout based on New Mexico state and local rates.
New York
New York sales tax is applied only to specified products and transactions. Sales tax is calculated per individual invoice, not on a line-item basis. Any product or transaction not listed below is not subject to New York sales tax.
New York sales tax applies to the following:
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All copper products
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All bullion products when the total transaction value is less than $1,000 USD
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All bullion products when the total transaction value exceeds $1,000 USD and the bullion has been enhanced, processed, assembled, or otherwise altered by the buyer
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All bullion products when the total transaction value exceeds $1,000 USD and the product is valued for more than its metal content
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Sales tax does NOT apply when the total transaction amount exceeds $1,000 USD and the following premium thresholds are not exceeded:
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140% of spot price for silver coins
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120% of spot price for gold coins weighing 1/4 troy ounce or less
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115% of spot price for all other coins
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For bars and/or ingots, the total sales amount must not exceed 115% of the cash price of the underlying precious metal to remain tax-exempt.
North Carolina
North Carolina exempts qualifying precious metals bullion from sales tax when the products have been smelted or refined and are valued primarily for their metal content.
North Carolina sales tax applies to the following:
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All copper products
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Precious metals products that have not been smelted or refined
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Coins whose value does not exceed their statutory or face (nominal) value
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products that meet North Carolina’s refining requirements are exempt from sales tax.
North Dakota
North Dakota exempts qualifying precious metals bullion from sales tax when the bullion has been refined to a purity of at least .999 and is valued primarily for its metal content.
North Dakota sales tax applies to the following:
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All copper products
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Precious metals bullion refined to less than .999 purity
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products meeting North Dakota’s purity requirements are exempt from sales tax.
Ohio
Ohio exempts qualifying precious metals bullion and coins from sales tax when the products are valued primarily for their metal content.
Ohio sales tax applies to the following:
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All copper products
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Accessories and supplies, such as holders, tubes, capsules, coin flips, bezels, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion and coins are exempt from Ohio sales tax.
Oklahoma
Oklahoma exempts qualifying precious metals bullion from sales tax, including gold, silver, platinum, and palladium products valued primarily for their metal content.
Oklahoma sales tax applies to the following:
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All copper products
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Oklahoma.
Oregon
Oregon does not impose a state or local sales tax on precious metals or other goods.
As a result, purchases of gold, silver, platinum, palladium, coins, bullion, and related products delivered to an Oregon address are not subject to sales tax.
Pennsylvania
Pennsylvania exempts qualifying precious metals bullion and legal-tender coins from sales tax when the products are valued primarily for their metal content.
Pennsylvania sales tax applies to the following:
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All copper products
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Coins and bullion products that are not legal tender, meaning items that are not and have never been issued as official currency by any government
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion and legal-tender coins are exempt from sales tax in Pennsylvania.
Rhode Island
Rhode Island exempts qualifying precious metals bullion from sales tax when the products have been smelted or refined and are valued primarily for their metal content.
Rhode Island sales tax applies to the following:
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All copper products
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Precious metals products that have not been smelted or refined
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in Rhode Island.
South Carolina
South Carolina exempts qualifying precious metals bullion and legal-tender coins from sales tax when the products are valued primarily for their metal content.
South Carolina sales tax applies to the following:
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All copper products
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All palladium products
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Coins and bullion products that are not legal tender, meaning items that are not and have never been issued as official currency by any government
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion and legal-tender coins are exempt from sales tax in South Carolina.
South Dakota
South Dakota exempts most precious metals bullion from sales tax when the value is based primarily on metal content rather than collectibility.
South Dakota sales tax applies to the following:
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All copper products
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Numismatic coins whose value exceeds their precious metal content due to rarity, condition, age, or collectibility
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All other qualifying precious metals bullion products are exempt from sales tax in South Dakota.
Tennessee
Tennessee does not collect sales tax on gold, silver, platinum, or palladium bullion products when their value is based primarily on precious metal content.
Tennessee sales tax applies to the following:
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All copper products
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All qualifying precious metals bullion products remain exempt from sales tax in Tennessee.
Texas
Texas exempts qualifying precious metals bullion and coins from sales tax when their value is based primarily on metal content.
Texas sales tax applies to the following:
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All copper products
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All qualifying gold, silver, platinum, and palladium bullion and coins are exempt from sales tax in Texas.
Utah
Utah exempts most precious metals bullion and coins from sales tax when their value is based primarily on precious metal content.
Utah sales tax applies to the following:
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All copper products
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All qualifying gold, silver, platinum, and palladium bullion and legal-tender coins are exempt from sales tax in Utah.
Vermont
Vermont applies sales tax to all items sold and shipped into the state, including precious metals bullion, coins, and related products.
Sales tax is calculated automatically at checkout and includes applicable state and local taxes.
Virginia
Virginia exempts qualifying precious metals bullion and coins from sales tax when their value is based primarily on precious metal content.
Virginia sales tax applies to the following:
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All copper products
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All qualifying gold, silver, platinum, and palladium bullion and legal-tender coins are exempt from sales tax in Virginia.
Washington
Effective February 24, 2026, shipments from Bullion Exchanges to Washington addresses have been temporarily paused.
Washington’s retail tax framework includes the Retailing Business & Occupation (B&O) tax, a business-level excise tax applied to gross receipts. While this tax is not separately stated to customers, it forms part of the broader cost structure associated with operating in the state. In light of these considerations, we have temporarily paused shipments to Washington and are monitoring future developments.
Washington State applies sales tax to most precious metal purchases.
Washington sales tax applies to the following:
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All gold, silver, platinum, and palladium bullion and coins, including bars, rounds, and bullion coins
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All copper products
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Numismatic and collectible coins
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Accessories, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
Sales are subject to:
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Washington State sales tax
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Applicable local sales taxes, which may vary by location
Exemptions:
At this time, most precious metal products are taxable in Washington, with limited exceptions that may apply only in specific wholesale or resale situations.
West Virginia
West Virginia exempts investment precious metals bullion and coins from sales tax when their value is based primarily on precious metal content rather than form or face value.
West Virginia sales tax applies to the following:
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All copper products, unless they qualify as legal tender or investment bullion
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All qualifying gold, silver, platinum, and palladium investment bullion and coins are exempt from sales tax in West Virginia.
Wisconsin
Wisconsin exempts qualifying precious metals bullion from sales tax when the item consists of at least 35% gold, silver, copper, platinum, or palladium by weight and its value is based primarily on metal content.
Wisconsin sales tax applies to the following:
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products enhanced beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All qualifying precious metals bullion meeting the 35% composition threshold is exempt from sales tax in Wisconsin.
Wyoming
Wyoming exempts qualifying precious metals bullion and coins from sales tax when their value is based primarily on precious metal content.
Wyoming sales tax applies to the following:
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All copper products
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Accessories and supplies, such as holders, tubes, capsules, coin flips, and similar items
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Processed or altered items, meaning products modified beyond their original bullion form (e.g., colorized coins, plated coins, specialty finishes)
All qualifying gold, silver, platinum, and palladium bullion and legal-tender coins are exempt from sales tax in Wyoming.
Important Tax Disclaimer
The information provided on this page is intended as a general informational guide and should not be interpreted as tax, legal, or financial advice. Tax laws and interpretations can change, and individual circumstances may vary. For specific guidance regarding precious metals taxation, consult a qualified tax professional or refer directly to official resources such as www.irs.gov or your state’s department of revenue.
Capital Gains Tax on Gold, Silver, and Precious Metals
When you sell gold, silver, platinum, palladium, or other precious metals, capital gains tax may apply if the sale results in a profit. Precious metals are generally treated as capital assets by the IRS and are classified as collectibles.
Capital gains tax is not triggered by purchasing or holding precious metals. It applies only when a taxable sale occurs and is calculated based on:
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The difference between your purchase price and sale price
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How long the metals were held (short-term vs. long-term)
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Your applicable income tax bracket
If precious metals are sold at a loss, no capital gains tax applies. Capital gains must be reported on your annual tax return for the year in which the sale takes place.
Final Thoughts
Understanding how precious metals are taxed can help investors make more informed decisions and avoid surprises. While tax rules vary by state and product type, staying informed and planning ahead can help reduce unnecessary costs.
Bullion Exchanges is committed to providing clear, up-to-date information to help customers navigate precious metals markets with confidence. For questions specific to your situation, always consult a qualified tax professional.