On sales tax, always keep in mind two addition important things about your state’s sales tax on gold and silver. The state generally sets the underlying tax rate, but each city or county may add some extra for themselves, just a point or two on top. Even when no sales tax is charged on bullion, there are states where certain coins, collectibles, and other items with a value beyond their pure precious metal content might still have a tax or levy charge that applies.
The Sales Tax on Precious Metals is Broken Down by State
The below states are grouped into two categories regarding sales tax on precious metals. Both categories are dependent on the Safe Haven Metal minimum required purchase amount of $2,000 for cash transactions because of state law. The tax rules are different for retirement accounts.
States We Do NOT Collect Sales Tax On
Because of the Safe Haven Metal minimum purchase amount, these states do not require us to collect sales tax on products being shipped to the following states:
Arizona, Arkansas, (Ark. Code § 4-56-106 forms not taxable, § 26-52-454 exempt); Delaware, Florida, Idaho, Iowa, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Oregon, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Washington, and or West Virginia.
States We Do Collect Sales Tax On (maybe); alphabetically:
Safe Haven Metal is required by the laws of these several states, to collect sales tax at the time of sale if the following items are purchased from that state regardless of the minimum purchase amount:
Alabama Sales Tax
- Numismatics, or
- Items below .800 Purity. Title 40 Revenue and Taxation, Chapter 23 Sales and Use Taxes Ala. Code § 40-23-4(52)(c) (“Must contain at least 80 percent gold, silver, platinum, or palladium or some combination of these metals.”)
- Ala. Code § 40-9-61 (reporting exemptions)
Alaska Sales Tax
The state of Alaska does not charge sales tax. However, some local jurisdictions require the collection of sales tax on all products. Also, you can verify if your area will require taxes or not by reviewing Alaska Taxable. Which is a yearly publication and it lists all municipalities and the types of tax each levies, reflecting values as of January 1 of the prior year.
California Sales Tax
- Palladium bars and rounds, or
- Platinum bars and rounds.
Colorado
- Bullion
- Colo. Rev. Stat. § 39-26-102 (“monetized bullion”)
- Colo. Rev. Stat. § 39-26-706(4) (exemptions)
- Colo. Rev. Stat. § 34-54-102 (do not buy gold ore or dust without reading)
Connecticut
- Palladium
- Platinum
Georgia
- Palladium
Hawaii
- All Products
Illinois
- Palladium, or
- Bullion below .980 Purity.
Indiana Sales Tax
- Numismatics, or
- Foreign Gold Coins and Gold Bullion below .995 Purity, Foreign Silver Coins, and Silver Bullion below .999 Purity, Foreign Platinum Coins, Platinum Bullion, Foreign Palladium Coins & Palladium Bullion below .9995 Purity.
Kansas
- Platinum Coins, or
- Palladium Coins.
Kentucky
- All Products
Louisiana
- Palladium, or
- Numismatics.
Maine
- All Products
Massachusetts
- Platinum Coins & Bullion, or
- Palladium Coins & Bullion.
Michigan
- Palladium, or
- Metals below .90 Purity.
Minnesota Sales Tax
- Gold Coins, Silver Coins, Platinum Coins, and Palladium Coins
- Gold, Silver, Platinum, & Palladium Bullion below .999 Purity; and
- Numismatics.
New Jersey
- All Products
For the northern residents of the Garden state, you may want to read the below tax rules for your northern neighbor. Just in case the thought had come to mind of having it delivered to your work might be better to not have to worry about the hassle of taxes.
New Mexico
- All Products
New York Sales Tax
The Empire state’s taxes are imposed on the following items.
- Any transaction if the aggregate amount for Precious Metals is more significant than $1,000 and one of the following is valid:
- For Silver coins, if the sales price for the specific coin is greater than or equal to 140% of the Silver value in the specific coin;
- For Gold coins with 1/4 ounce or less of Gold in the specific coin, if the sales price of the specific coin is greater than or equal to 120% of the Gold value in the specific coin;
- For Gold coins with more than 1/4 ounce of Gold in the specific coin, if the sales price of the specific coin is greater than or equal to 115% of the Gold value in the specific coin;
- For Platinum or Palladium coins, if the sales price for the specific coin is greater than or equal to 115% of the Platinum or Palladium value in the specific coin;
- For bars, ingots, wafers, or any other form in Gold, Silver, Platinum, or Palladium, if the sales price of the specific item is greater than or equal to 115% of the Gold, Silver, Platinum, or Palladium value in the specific item
North Dakota
- Numismatics; or
- Gold, Silver, Platinum, and Palladium bullion below .999 Purity.
Ohio Sales Tax
- Gold bullion below 0.995% purity, Silver bullion below 0.999% purity, Platinum and/or Palladium bullion below 0.9995% purity.
South Carolina
- Palladium
South Dakota
- Numismatics
Texas
- Palladium Coins and Bullion; or
- Platinum Coins.
Utah
- Palladium; or
- Any Metal Product below .500 Purity.
Vermont
- All Products
Virginia
- Palladium Bullion, or
- Numismatic Bullion.
Washington DC Sales Tax
- All Products
Wisconsin
- All Products
Wyoming
- Gold or silver coins are not used as mediums of exchange
- Gold or silver bullion which is not coined, stamped, or imprinted with its weight and purity and is valued primarily based on its metal content and not its form
Conclusion
Don’t say Ben didn’t warn you. We all grew up knowing there were only two certainties in life.
Death and taxes.
