Selling Gold in Florida: Dealer Laws, Taxes and 2026 Rules

Florida retirees and long-time metal holders often discover the selling process involves more paperwork than a simple yard sale. Three separate legal frameworks shape a gold sale in the Sunshine State: federal capital gains tax, the new state-level coin sales tax exemption, and Chapter 538 dealer regulations. This guide walks through each so you know what to expect before walking into any buyer’s shop.

Before meeting with a dealer, get a price benchmark from the Goldiew gold value calculator. For a full comparison of sales tax treatment across all 50 states, see the Goldiew bullion state sales tax map.

Florida’s Sales Tax on Gold: What the 2026 Update Actually Says

The Florida Department of Revenue issued Tax Information Publication TIP #26A01-08 in June 2026, confirming that certain gold and silver coins are exempt from Florida sales tax effective July 1, 2026. That publication is the controlling authority on what qualifies.

For private sellers, this distinction carries less impact than for buyers. When you sell gold coins or jewelry to a dealer, you are disposing of personal property – Florida’s sales tax system applies to retail purchases, not to the proceeds a private individual receives from selling their own property. The sales tax exemption primarily benefits people purchasing qualifying coins within Florida.

Why does this matter for a guide on selling? Because older content across the web describes Florida’s prior treatment of precious metals – including discussions of per-transaction thresholds and partial exemptions – that no longer reflects current law. Florida’s Department of Revenue’s TIP #26A01-08 is the definitive source as of mid-2026. If a buyer or attorney references prior thresholds, point them to the current TIP.

Bullion bars, rounds, and other non-coin precious metal formats are subject to separate analysis. The TIP specifically addresses “certain gold and silver coins.” If you are selling a mix of coins and bars, confirm the applicable treatment with a Florida tax professional or consult the Florida DOR directly. The Goldiew state bullion tax map tracks the current status across all states as changes occur.

Federal Capital Gains: The Only Tax Florida Gold Sellers Pay

Florida’s lack of a state income tax is a meaningful advantage for anyone selling appreciated assets. Your profit from a gold sale is subject only to federal capital gains rules, not a second layer of state tax.

The IRS classifies gold, silver, and platinum bullion, coins, and most collectible metals under Internal Revenue Code Section 408(m) as collectibles. That classification triggers a separate rate schedule compared to stocks or real estate.

The 28% ceiling on long-term collectible gains is notably higher than the 15% or 20% top rates that apply to most stocks and mutual funds held over a year. Taxpayers in lower brackets may pay below 28%, but the rate floor is the lesser of 28% or the taxpayer’s marginal rate. Review IRS Publication 544, Sales and Other Dispositions of Assets, for the complete rules. Consult a tax advisor for guidance specific to your income and filing status.

Your Cost Basis Determines the Taxable Gain

Capital gains tax applies to your profit, not the full amount you receive. Profit equals the sale price minus your cost basis. Cost basis is generally what you originally paid, including any purchase premiums or dealer fees at the time of acquisition.

Keeping records of original purchases matters significantly. Receipts, old brokerage confirmations, or bank statements showing the original transaction establish the basis. A seller who paid $800 per ounce in 2010 and sells today at $2,400 per ounce has a taxable gain per ounce, not a $2,400 event. Without documentation of the $800 original cost, the IRS may treat the full $2,400 as a gain. For gold sitting in a safe for 20 or 30 years, missing records can produce an inflated tax bill.

For a detailed walkthrough of reporting rules, Form 1099-B thresholds (which apply when dealers buy specific coin types in quantity), and lot-by-lot calculations, the Goldiew guide to taxes when you sell gold covers all federal reporting mechanics.

Inherited Gold Gets a Step-Up in Basis

If you inherited gold from a family member, the federal tax rules work in your favor. Under the step-up in basis provision, your cost basis resets to the fair market value of the gold on the date of the decedent’s death, not the original purchase price from decades ago.

Practical example: a parent purchased American Gold Eagle coins in 1986 at $400 each. They died in 2022 when those coins were worth $1,900 each. Your basis is $1,900, not $400. If you sell shortly after inheriting for $2,100, your taxable gain is $200 per coin, not $1,700. For gold accumulated over a working lifetime, the step-up can eliminate most of the apparent gain.

This rule makes Florida one of the more favorable states for liquidating inherited precious metals: zero state income tax plus the step-up in basis means many heirs owe little or nothing on a timely sale. For complex estates involving trusts, partial interests, or gold held jointly with a surviving spouse, the rules can differ. See IRS Publication 559, Survivors, Executors, and Administrators, and our guide to selling inherited physical gold and the step-up in basis for scenario-by-scenario analysis.

Florida Chapter 538: What Dealer Requirements Mean for You

Most people selling gold to a Florida dealer for the first time are surprised by the paperwork. Florida Statute Chapter 538 Part I (Sections 538.01 through 538.15) governs secondhand dealers, which includes coin shops, pawn brokers, jewelry buyers, and any business that purchases used gold or silver from private individuals. The requirements are statutory, not dealer policy, and licensed dealers who skip them face registration penalties.

Your Photo ID Is Non-Negotiable

Under Florida Statute Section 538.04, dealers must verify your identity using a government-issued photographic identification card. A driver’s license or state ID card works. A military ID works. A foreign passport may be accepted depending on the dealer. The dealer records the document type, the issuing agency, and the identification number on the transaction form.

A dealer who tells you ID is not required is either uninformed or unlicensed. Walk away from any buyer who declines to verify your identity – they are not compliant with Florida law, and their registration status is worth questioning.

Dealers Collect More Personal Information Than Most Sellers Expect

Section 538.04 requires dealers to record your full name, current residential address, workplace, home phone, and work phone. They also document physical descriptors: height, weight, date of birth, race, gender, hair color, eye color, and any identifying marks. You must give a clear right thumbprint on the transaction record form.

You also sign a statement verifying that you own the items being sold and have the legal authority to sell them. This ownership declaration protects the dealer and creates a record in the event the items were stolen. For gold you inherited, having probate or estate documentation with you can speed up the process if questions arise about ownership.

The metal itself is documented by type, weight, and content where known. For gold coins, this means the coin designation, denomination, and condition. For scrap gold or jewelry, the karat and weight. Bring any certificates of authenticity or grading service slabs – they simplify the documentation and typically improve the offer.

Your Transaction Goes to Law Enforcement Within 24 Hours

Within 24 hours of purchasing your gold, the dealer must deliver or electronically transmit the completed transaction record to the local law enforcement agency on the standardized form required under Chapter 538. This feeds into a database that law enforcement agencies use to cross-reference stolen property reports.

For sellers with nothing to hide, this is a routine anti-theft mechanism. It does mean that the details you provide – your name, address, and physical description – go beyond the dealer’s files and become part of a law enforcement record. The transaction record is retained by the dealer for at least one year on the premises and for a minimum of three years in total.

The 30-Day Hold Before the Dealer Can Resell

Florida Statute Section 538.06 requires dealers to hold precious metals, gemstones, and jewelry for 30 calendar days after purchase before they can resell, melt, alter, or otherwise dispose of them. The hold starts on the acquisition date.

This rule exists to give law enforcement time to match stolen-property reports against dealer transaction records and recover items before they disappear into the secondary market. For you as a seller, it means the dealer is not flipping your items the next morning. It also means that if you have second thoughts and want to repurchase what you just sold, the dealer legally cannot sell it back to you within 30 days – though they can decline on their own terms regardless.

Part II of Chapter 538 (Sections 538.18 through 538.28) governs secondary metals recyclers – businesses focused on industrial scrap metal rather than coins and jewelry. If you are dealing with standard gold coins or gold jewelry, Part I is the applicable framework.

What to Bring When Selling Gold to a Florida Dealer

Preparation reduces friction and gives you the best chance of an accurate, competitive offer. Bring the following to any Florida dealer appointment:

• Government-issued photo ID (driver’s license, state ID, or military ID)
• Original purchase receipts or documentation showing cost basis (important for your tax records)
• Grading service holders (NGC, PCGS) with their accompanying documentation for certified coins
• Estate or probate papers if selling inherited gold
• Any appraisals or assay reports for bars or unusual items

Organize items before the visit. A mixed lot of scrap gold chains, bullion coins, and rare numismatic pieces will be priced by three different methodologies. Separating them demonstrates knowledge and signals you are not a distressed seller accepting whatever number the buyer names.

Get at least two in-person quotes before committing. Spot gold prices change throughout the trading day, and dealer premiums vary. A coin specialist focused on numismatic value may offer significantly more than a refiner operating at melt value for a rare date or issue. The Goldiew Florida gold dealer directory and Florida coin dealer directory list licensed buyers organized by city and include contact information.

Selling Inherited or Long-Held Gold in Florida

The combination of no state income tax and the federal step-up in basis makes Florida one of the more advantageous states for liquidating inherited precious metals. Many Florida retirees are sitting on gold accumulated over 30 to 40 years: coins bought during the gold rush of the 1970s and 1980s, jewelry passed from parents, or bars purchased before the 2008 financial crisis.

For inherited items, the date-of-death fair market value is typically the starting point for both your basis and any estate documentation. Have the estate appraisal in hand. If no formal appraisal exists, a written estimate from a licensed dealer or certified appraiser from around the time of death can support your basis calculation.

For gold held for decades without documentation, reconstructing the cost basis requires effort. Historical price databases, brokerage records, old purchase contracts, or even physical purchase receipts stored with the items can all serve as evidence. A CPA familiar with estate and capital gains taxation can help reconstruct and document the basis before the sale to avoid an inflated federal tax bill.

Florida’s legal tender recognition provisions for gold and silver coins, enacted in recent legislative sessions, reinforce the state’s position as a friendly environment for precious metals transactions. For most sellers, the practical impact on a dealer sale is limited, but the regulatory posture confirms that Florida does not treat gold as a disfavored asset class.