Whether you owe sales tax on a gold or silver purchase depends entirely on where the metal is delivered, not where you live or where the dealer is located. Five states collect no sales tax at all. Most others exempt qualifying bullion. A small group exempts only large transactions. Washington repealed its bullion exemption in January 2026, making it the most significant rollback in recent memory. This page maps every state as of mid-2026.
Who actually pays: buyer or seller?
Sales tax is a buyer-side tax. When you purchase gold or silver from a dealer, the dealer collects the tax on your behalf and remits it to the state. You pay it as part of the purchase price. The dealer is the collector, not the taxpayer in the constitutional sense.
If you are the person selling gold, you owe no sales tax on the sale. A private individual selling inherited coins to a coin shop is not making a taxable retail purchase. The shop, acting as a buyer acquiring inventory, is not an end consumer. Sales tax applies at the point of retail sale to an end consumer. The person selling is not that consumer.
One related rule matters if you buy bullion online from an out-of-state dealer and your state taxes bullion: your state’s use tax applies. Use tax is the legal complement to sales tax. When an out-of-state seller does not collect your state’s sales tax, you owe use tax at the same rate, reported on your annual state income tax return. Enforcement of use tax against individuals is limited, but the legal obligation exists in states that tax bullion.
States with no sales tax at all
Five states collect no statewide sales tax. Bullion purchases in these states carry no state sales tax obligation regardless of the amount, metal type, or form factor:
| State | Notes |
|---|---|
| Alaska | No state sales tax; some municipalities levy local taxes |
| Delaware | No sales tax at state or local level |
| Montana | No sales tax; commonly used for large in-person bullion purchases |
| New Hampshire | No sales tax at state or local level |
| Oregon | No sales tax at state or local level |
Alaska allows local municipalities to impose their own sales taxes. If you buy bullion in an Alaskan city with a local tax, that local tax may apply. Check the specific municipality before assuming a zero-tax transaction. The other four states have no local sales tax either, making them clean choices for buyers who can arrange in-state delivery.
States with full bullion exemptions
The majority of states that collect sales tax have passed explicit exemptions for precious metals bullion. The definition varies by state but typically covers gold, silver, platinum, and palladium in coin, bar, or round form where the value is primarily based on metal content rather than rarity, condition, or collector premium. Numismatic coins valued above their metal weight often do not qualify for the exemption.
States with current full exemptions on qualifying bullion include Arizona, Arkansas, Colorado, Georgia, Idaho, Indiana, Iowa, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, Wisconsin, and Wyoming, plus Florida and New Jersey following recent legislative changes (see the 2025-2026 updates section below).
| State | Statute | Key notes |
|---|---|---|
| Texas | Tex. Tax Code § 151.336 | Full exemption for qualifying precious metals bullion and numismatic coins |
| Wisconsin | Wis. Stat. § 77.54(50) | Full exemption effective March 23, 2022 (2021 Act 138); covers gold, silver, copper, platinum, palladium in bullion form |
| Nebraska | Neb. Rev. Stat. § 77-2704.65 | Full exemption enacted 2014; covers bullion and legal tender currency |
| Mississippi | Miss. Code Ann. § 27-65-111 | Full exemption effective July 1, 2023 (HB 1668); covers gold, silver, platinum, palladium in qualifying form |
| Virginia | Va. Code § 58.1-609.1 | Full exemption; sunset date extended through July 1, 2028 in the 2026 state budget |
| New Jersey | N.J.S.A. 54:32B-8 (amended 2024) | Full exemption effective January 1, 2025 for qualifying precious metals |
| Florida | Fla. Stat. § 212.05 (amended 2025) | Full exemption effective August 1, 2025; replaced prior threshold-based exemption |
The key question for borderline cases: does the item’s price reflect primarily its metal content, or primarily numismatic rarity or collector premium? Qualifying bullion is priced at or near spot price plus a standard fabrication premium. Proof coins in presentation cases, graded coins selling at large premiums above melt, and items marketed as “rare” or “limited edition” may fall outside the exemption even in states with broad exemptions. Ask your dealer how they classify the specific item for tax purposes in your state.
For gold IRA investors: if your metals ship directly from the dealer to an IRS-approved depository in another state, the depository’s state rules govern, not your home state’s rules. Most major depositories operate in Delaware (no sales tax) or Texas (full exemption), so the delivery routing typically avoids retail sales tax for IRA accounts regardless of the account holder’s home state.
Threshold states: exempt only above a dollar amount
A small group of states exempts bullion only when a single transaction exceeds a set dollar amount. Purchases below the threshold are taxed at the standard state sales tax rate. This creates a structural disadvantage for buyers who dollar-cost average into smaller positions.
| State | Transaction threshold | Tax rate on sub-threshold purchases | Statute |
|---|---|---|---|
| California | $1,500 per transaction | 7.25% base plus local additions; combined rates reach 10.25% in some areas | Cal. Rev. & Tax. Code § 6355 |
| New York | $1,000 per transaction | 4% state; combined rate 7-8.875% with local taxes in New York City | N.Y. Tax Law § 1115(a)(27) |
| Massachusetts | $1,000 per transaction | 6.25% | Mass. Gen. Laws c.64H § 6(ff) |
| Connecticut | $1,000 per transaction | 6.35% | Conn. Gen. Stat. § 12-412(128) |
Verify the current threshold at your state department of revenue before purchasing. Thresholds are set by statute and can change with each legislative session. The figures above reflect published statutory references; confirm the current amount is still in effect at the time of your purchase.
The practical implication for buyers in threshold states: a single one-ounce gold coin purchased near current spot prices will typically exceed any of these thresholds and qualify for the exemption. A purchase of 10 silver rounds at $30 each totaling $300 would fall below the threshold in all four states and be taxable. Consolidating planned purchases into a single larger transaction may reduce the tax burden in threshold states.
States that currently tax bullion
A short list of states imposes their general sales tax on retail bullion with limited or no exemption. This list changes as state legislatures revisit bullion tax policy. Verify with the relevant state department of revenue or a tax professional before completing any transaction.
| State | General tax rate | Notes |
|---|---|---|
| Hawaii | 4% general excise tax | Hawaii applies a general excise tax rather than a standard sales tax; bullion is not broadly exempted; verify current treatment at tax.hawaii.gov |
| New Mexico | 4.875% base, plus local | No broad bullion exemption; verify at tax.newmexico.gov |
| Vermont | 6% | Limited exemptions; verify at tax.vermont.gov |
| Washington | 6.5% state, plus local | Bullion exemption repealed effective January 1, 2026 under ESSB 5794; bullion now taxed at the standard rate |
This table reflects published information as of mid-2026. State legislatures regularly introduce and pass bullion exemption bills, and the landscape shifts year to year. Before any significant purchase, confirm the current status at your state’s official department of revenue website.
What changed in 2024-2026
The bullion exemption landscape shifted more between 2024 and mid-2026 than in any comparable two-year window. Four states made significant changes, with three expanding access and one removing it entirely.
Washington repealed its exemption, effective January 1, 2026. Under ESSB 5794, passed in the 2025 legislative session, Washington removed the precious metals bullion exemption it had maintained for years. Buyers who previously crossed into Washington to make large purchases must now account for 6.5% state sales tax plus local additions. Oregon remains tax-free and is accessible to many Washington-based buyers for in-person purchases.
Florida expanded to a full exemption, effective August 1, 2025. Prior to that date, Florida exempted only transactions above $500 per purchase. The revised statute removed the threshold entirely. Qualifying precious metals in Florida are now exempt from the state’s 6% sales tax regardless of the transaction amount, ending a regime that disadvantaged buyers making smaller regular purchases.
New Jersey enacted a new exemption, effective January 1, 2025. New Jersey previously applied its 6.625% sales tax to most bullion purchases. The 2024 legislative amendment brought New Jersey in line with neighboring states that already exempt qualifying precious metals. Buyers in New Jersey who paid sales tax on bullion purchases in 2024 should note that 2025 and later purchases are now generally exempt.
Virginia extended its exemption sunset through July 1, 2028. Virginia’s precious metals exemption under Va. Code § 58.1-609.1 is not permanent legislation. The 2026 state budget extended the sunset date, preserving the exemption for the near term. Without further action before July 1, 2028, the exemption would lapse. Virginia buyers should monitor renewal legislation.
Last verified: July 2026. Confirm current status at your state’s department of revenue before any purchase.
Gold IRA purchases and sales tax
Self-directed gold IRAs involve a delivery chain that differs from a personal bullion purchase. When a gold IRA custodian processes a purchase through a company like Augusta Precious Metals, Birch Gold Group, or Noble Gold Investments, the metals ship directly from the dealer to an IRS-approved depository. The delivery does not go to you personally.
The sales tax implications follow the delivery location. Most major IRS-approved depositories are located in Delaware (Delaware Depository: no state sales tax) or Texas (Texas-based depositories: full bullion exemption under Tex. Tax Code § 151.336). The result is that a properly structured IRA bullion purchase avoids retail sales tax regardless of which state you live in.
Home storage of IRA-held metals is not a valid alternative under current IRS guidance, as confirmed in McNulty v. Commissioner, 157 T.C. 110 (2021). The Tax Court disqualified a home storage gold IRA arrangement, resulting in the entire account balance being treated as a taxable distribution. The home storage route also does not affect the sales tax analysis because IRA metals are never legitimately delivered to your home address.
For buyers evaluating gold IRA providers, Augusta Precious Metals holds the Money Magazine “Best Overall Gold IRA Company” designation for 2022-2026 and a BBB A+ rating with zero complaints. Their education-first process includes a free one-on-one web conference with a salaried, non-commissioned specialist. Get Augusta’s free Gold IRA guide to review current fee structure and custodian details. Money Magazine #1 (2022-2026). BBB A+ Zero Complaints.
State-specific selling guides
If you are planning to sell gold in a specific state, the rules for buyers and sellers differ significantly. These state guides cover identification requirements, pawnbroker regulations, reporting thresholds, and how dealers in each state handle transactions:
- Selling gold in California
- Selling gold in Texas
- Selling gold in Florida
- Selling gold in New York
- Selling gold in Pennsylvania
- Selling gold in Ohio
- Selling gold in Georgia
- Selling gold in Illinois
- Selling gold in Michigan
- Selling gold in North Carolina
- Selling gold in Virginia
- Selling gold in Washington
- Selling gold in New Jersey
- Selling gold in Massachusetts
- Selling gold in Arizona
For a complete overview of federal capital gains tax rules when you sell, see our guide to gold IRA fees and taxes.
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Frequently asked questions
Does sales tax apply when I sell gold to a dealer?
No. Sales tax applies to retail purchases by end consumers, not to sales by private individuals to dealers. When you sell gold to a coin shop or precious metals dealer, the dealer is acquiring inventory for resale, not making a consumer purchase. You have no obligation to collect or remit sales tax on that transaction. The capital gains rules are a separate question and depend on your holding period and gain relative to your cost basis, not on sales tax law.
What is use tax and do I owe it if I buy bullion online from another state?
Use tax is the complement to sales tax for purchases made from out-of-state sellers. If you live in a state that taxes bullion and buy from an out-of-state dealer who does not collect your state’s tax, you technically owe use tax to your state at the same rate as the sales tax would have been. Most states require you to report and pay use tax on your annual state income tax return. If your state exempts bullion, use tax on bullion purchases is also exempt.
Is sales tax determined by where I live or where the metal is delivered?
Delivery location controls the sales tax analysis, not your state of residence. If you live in New York but arrange delivery of bullion to a Montana address, Montana’s rules apply (no sales tax). Most online purchases are sourced to the shipping address the buyer provides. This is why the delivery address matters as much as your home state’s law when evaluating the total cost of an online bullion purchase.
Does the type of coin matter for the exemption?
Yes. Most state bullion exemptions apply to items sold primarily for their metal content, not their rarity or collector premium. American Gold Eagles, American Silver Eagles, Canadian Maple Leafs, gold bars, silver bars, and rounds priced near spot plus a standard fabrication premium generally qualify. Rare dates, proof coins in presentation sets, and graded coins at large premiums above their melt value may not qualify even in states with broad exemptions. Ask the dealer whether they classify the specific item as qualifying bullion or as a numismatic item for tax purposes in your state.
Does Washington state now tax gold and silver purchases?
Yes. Washington repealed its precious metals bullion exemption effective January 1, 2026, under ESSB 5794. Retail bullion purchases in Washington are now subject to the 6.5% state sales tax plus applicable local additions. Oregon, immediately to the south, has no sales tax and remains an alternative for buyers near the state border who can make in-person purchases.
What happened to Florida’s bullion sales tax threshold?
Florida removed its prior threshold entirely. Before August 1, 2025, Florida exempted only bullion purchases above $500 per transaction; smaller purchases were taxed at 6% plus local surtax. The revised law effective August 1, 2025 eliminates the threshold. Qualifying precious metals are now fully exempt from Florida state sales tax regardless of transaction size.
Is gold IRA bullion subject to sales tax?
In practice, no. IRA bullion is delivered directly from the dealer to an IRS-approved depository, not to the account holder. The depository’s state tax rules apply. Most major depositories are in Delaware (no sales tax) or Texas (full bullion exemption), so IRA bullion purchases typically avoid retail sales tax independent of the account holder’s home state. The IRS prohibits home storage of IRA metals, as confirmed in McNulty v. Commissioner, 157 T.C. 110 (2021), which also eliminates the scenario of taxable home-state delivery.
Does Virginia’s bullion exemption have an expiration date?
Yes. Virginia’s exemption under Va. Code § 58.1-609.1 is subject to a sunset provision and has been renewed by the legislature multiple times. The 2026 state budget extended the sunset through July 1, 2028. Unless the Virginia General Assembly acts before that date to renew or make the exemption permanent, it would lapse on July 1, 2028. Virginia buyers should watch for renewal legislation in the 2027 and 2028 sessions.
Can I reduce my sales tax bill by structuring purchases differently?
In threshold states, consolidating smaller purchases into a single transaction above the threshold may eliminate the tax. In taxing states, arranging delivery to a no-tax or exempt state through a legitimate address avoids the retail tax, though use tax may technically apply when the metal arrives in your home state. Some buyers make in-person purchases in nearby no-tax states such as Montana, Oregon, or New Hampshire, which is legal as long as the purchase genuinely occurs in that state and is not a paper transaction designed solely to avoid tax.
What is the bullion exemption status for New Jersey buyers?
New Jersey enacted a precious metals exemption effective January 1, 2025. Prior to that date, New Jersey applied its 6.625% sales tax to most bullion purchases, making it one of the more costly states for retail bullion buyers. The 2024 legislative amendment created the exemption. Qualifying precious metals purchased in New Jersey after January 1, 2025 are generally exempt from the state sales tax. Verify with your dealer or the New Jersey Division of Taxation for edge cases involving specific products.
Sources
- Virginia Code § 58.1-609.1, Virginia General Assembly, verified July 2026
- Wisconsin Statutes § 77.54(50), 2021 Wisconsin Act 138, effective March 23, 2022
- Nebraska Revised Statutes § 77-2704.65, enacted 2014
- Mississippi Code Annotated § 27-65-111, as amended by HB 1668 (effective July 1, 2023)
- McNulty v. Commissioner, 157 T.C. 110 (2021), United States Tax Court
- IRS Publication 590-A: Contributions to Individual Retirement Arrangements, Internal Revenue Service
- Washington ESSB 5794, 2025 legislative session, effective January 1, 2026, Washington Department of Revenue
- California Revenue and Taxation Code § 6355, California Department of Tax and Fee Administration
- New York Tax Law § 1115(a)(27), New York State Department of Taxation and Finance
- Massachusetts General Laws c.64H § 6(ff), Massachusetts Department of Revenue
- Connecticut General Statutes § 12-412(128), Connecticut Department of Revenue Services
- Texas Tax Code § 151.336, Texas Comptroller of Public Accounts
- Florida statute amendment effective August 1, 2025, Florida Department of Revenue
- New Jersey sales tax exemption effective January 1, 2025, New Jersey Division of Taxation