Texas Precious Metals Tax
What Precious Metals Are Taxed in Texas?
In Texas, palladium in any form, and platinum coins, unless either of those metals are in coin with unique enough characteristics to be deemed a numismatic coin.
Bullion qualifies for Texas sales tax exemption, if:
Under the chapter for sales excise and use taxes:
“The sale of gold, silver, or numismatic coins or of platinum, gold, or silver bullion is exempted from the taxes imposed by this chapter.” (Tex. Tax Code § 151.336)
If exempted from taxes imposed, then the sale, storage, use or other consumption of the item is not subject to the sales tax or the use tax if the item meets the qualifications for exemption; and when exempted the receipts from its sale are excluded from the computation of the taxes. (Tex. Tax Code § 151.301)
Tex. Gov’t Code § 2116.001 (“(10) ‘Precious metal’ means a metal, including gold, silver, platinum, palladium, and rhodium, that: (A) bears a high value-to-weight ratio relative to common industrial metals; and (B) customarily is formed into bullion or specie.”)
Under the Property Tax Code, Taxable Property and Exemptions
Tex. Tax Code § 11.141 (“(a) For purposes of this section:
(1) ‘Precious metal’ has the meaning assigned by Section 2116.001, Government Code. (2) ‘Precious metal depository’ means a depository that:
(A) is primarily engaged in the business of providing precious metal storage to the general public; and
(B) maintains sufficient insurance to cover precious metal deposited in the depository.
(b) A person is entitled to an exemption from taxation of the precious metal that the person owns and that is held in a precious metal depository located in this state, regardless of whether the precious metal is held or used by the person for the production of income.
(c) Notwithstanding Section 11.14(c), the governing body of a taxing unit may not provide for the taxation of precious metal exempted from taxation under Subsection (b).”)
Disclaimer
Disclaimer: Sales tax laws and rates regarding precious metals coins and bars in Texas may change without notice. This page provides general guidance only. Please consult your local tax authority or a qualified tax professional, and check official state resources for the most current and accurate information before making any precious metals transactions.
If you want to buy or sell precious metal coins and bars in Texas, your transactions are generally tax-free. Always verify your specific products and stay updated with the Texas Division of Tax Revenue.
Sales tax is assessed according to where one is shipping the purchase to.
Safe Haven Metal utilizes an advanced sales tax computation system to determine the applicable sales tax on precious metals transactions based on the purchaser’s ZIP code. This system is designed to ensure that the most accurate pricing and corresponding tax calculations are applied to each order.
However, Safe Haven Metal may not have an established economic nexus in every state or jurisdiction. In instances where Safe Haven Metal is not obligated to collect sales tax, and such tax is nonetheless applicable under state or local law, the purchaser is solely responsible for reporting, remitting, and paying any such taxes directly to the appropriate taxing authority.
Safe Haven Metal disclaims any liability for a purchaser’s failure to properly report or remit taxes that may be due in connection with their purchase.
