Selling Gold in Washington State: What the 2026 Tax Change Means for You

What Changed on January 1, 2026

For 40 years, Washington state gave precious metal bullion a unique status under its tax code. RCW 82.04.062, passed in 1985, excluded sales of precious metal bullion and monetized bullion from the definitions of “sale at wholesale” and “sale at retail” for Business and Occupation tax purposes. In practice, this meant dealers selling gold, silver, and platinum bullion in Washington were not required to collect retail sales tax on those transactions.

ESSB 5794, passed by the Washington Legislature in April 2025 and signed into law, repeals that exclusion entirely. Section 105 of the bill removes RCW 82.04.062 from the code. The effective date is January 1, 2026, per Section 406 of the same bill.

The result: gold, silver, and platinum bullion sold by a dealer to a Washington customer is now treated the same as any other retail merchandise for tax collection purposes. The combined state and local sales tax rate in Washington ranges from 7.5% to over 10.25%, depending on the buyer’s location. See the Washington Department of Revenue Sales and Use Tax Rates lookup for current local rates by zip code.

What This Means If You Are Selling Gold

If you are a private individual with gold, silver, or platinum you want to sell, the 2026 change does not add a sales tax burden to your transaction. Retail sales tax is a tax on buyers of tangible personal property, collected by the seller. When you sell your gold to a coin dealer, pawn shop, or precious metals buyer, you are the seller. You receive cash; you do not pay sales tax on the amount you receive.

What you may owe is income tax or, in Washington’s case, the state capital gains excise tax. Washington enacted a 7% capital gains excise tax (RCW 82.87) that applies to long-term capital gains above an annually adjusted threshold. For 2026, that threshold is approximately $262,000 in net long-term gains. Most casual sellers, liquidating a coin collection or a modest position built over years, will fall well below that figure. If you have gains approaching or exceeding the threshold, consult a licensed tax advisor before selling.

Federal taxes still apply regardless of state law

The IRS taxes gains on collectibles, including gold and silver coins and bullion, at a maximum federal rate of 28% for long-term capital gains held more than one year. That rate is higher than the standard 20% maximum for most other long-term capital assets. Short-term gains on bullion held one year or less are taxed as ordinary income at your marginal federal rate. These federal rules did not change with Washington’s 2026 legislation. IRS Topic No. 409: Capital Gains and Losses covers the basics; consult a tax professional for your specific situation.

Reporting requirements when you sell

Precious metals dealers are required to file IRS Form 1099-B for certain transactions, including sales of gold bars above specified weight thresholds and certain coin sales in sufficient quantities. Even when a dealer does not issue a 1099-B, you are responsible for reporting any taxable gain on your federal return. Washington’s 2026 change does not alter these federal reporting requirements. See IRS Form 1099-B guidelines for current thresholds.

What This Means If You Plan to Rebuy

If you are selling gold with the intention of rebuying, the tax picture changes on the purchase side. Any gold, silver, or platinum bullion you buy from a Washington dealer on or after January 1, 2026 now carries retail sales tax on the purchase price. On a $10,000 bullion purchase in Seattle (combined rate 10.25%), that adds $1,025 to your cost. In a jurisdiction with the minimum combined rate of 7.5%, the same purchase adds $750.

Tax amounts are estimates based on published rates. Verify your local rate at dor.wa.gov before any transaction.

What about buying online or from an out-of-state dealer?

Washington’s use tax mirrors the retail sales tax rate. If you buy bullion from an out-of-state dealer and the dealer does not collect Washington sales tax, you owe Washington use tax on the purchase at the same combined rate that would apply in your location. Washington requires self-reporting of use tax on individual returns. Since the Supreme Court’s South Dakota v. Wayfair (2018) decision, many large online bullion dealers now collect and remit sales tax in states where they have economic nexus, which typically includes Washington. Check with your vendor whether they are collecting Washington tax at checkout.

If you are considering a Gold IRA

A Gold IRA is a self-directed individual retirement account that holds IRS-approved physical precious metals through an approved custodian and depository. Assets purchased through a Gold IRA structure follow custodian and IRS rules rather than a standard retail purchase flow. The retail sales tax implications at the IRA account level differ from a direct consumer purchase. For your specific situation, consult a qualified IRA custodian and your tax advisor before making any decision involving retirement assets. IRS Publication 590-B covers IRA distribution rules.

For a detailed look at taxes across the full gold-selling process, see: Taxes When You Sell Gold: Complete Guide.

To compare bullion sales tax rules across all 50 states, see: State Sales Tax on Bullion: 2026 Map.

To estimate the current value of what you plan to sell before contacting buyers, use the Gold Value Calculator.