Bullion taxes: sales tax by state, IRS reporting and capital gains

Published Nov 1, 2026

By GoldGuy. Updated Nov 1, 2026.

In most states you pay no sales tax on investment gold and silver bullion. Of the 50 states and DC, 31 exempt it, 8 exempt it only above a dollar amount or for certain forms, 6 tax it, and 5 have no state sales tax. At the federal level, the IRS treats bullion as a collectible. Profit on metal held more than one year is taxed at up to 28%; profit on metal held one year or less is taxed as ordinary income. Sellers get a Form 1099-B only for certain products sold in futures-contract quantities, and a business that takes more than $10,000 in cash files Form 8300.

Not tax advice. This guide explains public rules in plain English. Tax law changes and your situation matters, so check with a tax professional before you buy, sell or file. Bullion Price Check compares publicly listed bullion prices; it doesn't sell metal or give tax or legal advice. We may earn a commission when you buy through links on this site. How we earn money.

On this page: Sales tax by state · Federal tax when you sell · What sellers and dealers report · Bullion in an IRA · Sources

Sales tax on bullion by state

Sales tax is a state and local question, so the answer depends on where the metal is delivered. Each row below sums up the state's rule and links the statute or revenue department page we read on Nov 1, 2026. "Partial" means the exemption depends on how much you spend in one sale or what form the metal takes. Many states write the rule for investment-grade metal: jewelry, art and items made from coins are usually taxed even where bullion isn't.

• Exempt (31): Alabama, Arizona, Arkansas, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, Wyoming.
• Partial (8): California, Connecticut, Florida, Maryland, Massachusetts, Minnesota, New Jersey, New York.
• Taxable (6): District of Columbia, Hawaii, Maine, Nevada, Vermont, Washington.
• No state sales tax (5): Alaska, Delaware, Montana, New Hampshire, Oregon. Alaska towns can still charge local tax.
• Check with the state (1): New Mexico.

Thresholds count the whole sale, not one coin, unless the row says otherwise (New Jersey's $1,000 test is per coin). Before you split or combine an order to clear a threshold, read the state's rule or ask the state. Dealer prices on our comparison pages are shown before sales tax and shipping; see how we compare prices and the true cost calculator.

Pull this data via API: state sales tax API and MCP tool (the same table as JSON, free, no key).

Federal tax when you sell bullion

Buying metal isn't a taxable event for income tax. Selling it is. Your gain is the sale price minus your basis.

Bullion is a collectible to the IRS

IRS Publication 550 lists metal "such as gold, silver, and platinum bullion" alongside coins, stamps and art as a collectible (IRS Pub. 550, checked Nov 1, 2026). IRS Topic 409 says net capital gains from selling collectibles are taxed at a maximum 28% rate, and that net short-term gains are taxed as ordinary income (IRS Topic 409, checked Nov 1, 2026). That 28% is a ceiling, not a flat rate: the rate you pay depends on your income.

Holding period: more than one year

Metal you held more than one year gives a long-term gain or loss; one year or less gives a short-term one. Start counting the day after you bought it; the day you sell counts (IRS Pub. 550, Holding Period, checked Nov 1, 2026). Sales go on Form 8949 and are totaled on Schedule D. If your capital losses are bigger than your gains, you can deduct up to $3,000 a year ($1,500 if married filing separately) and carry the rest forward (IRS Topic 409, checked Nov 1, 2026).

Basis: what you paid, including tax and shipping

Basis is usually your cost. IRS Publication 551 says cost also includes sales tax and freight you paid (IRS Pub. 551, checked Nov 1, 2026). Keep invoices for every purchase: date, item, quantity, price, tax and shipping. Inherited metal follows different basis rules; our inherited gold coins guide covers that case.

No like-kind swaps for metal

Trading one metal for another (say, gold coins for silver bars) is a sale. Like-kind exchange treatment now applies only to real property (IRS Pub. 550, Like-Kind Exchanges, checked Nov 1, 2026).

What sellers and dealers report to the IRS

Form 1099-B: only some sales

When you sell metal to a business that acts as a broker, the IRS instructions for Form 1099-B set a two-part test (Instructions for Form 1099-B (2026), Sales of precious metals, checked Nov 1, 2026):

• Form: a sale of gold, silver, platinum or palladium in a form the CFTC hasn't approved for trading by regulated futures contract isn't reportable.
• Quantity: even for an approved form, the sale isn't reportable if it's smaller than the minimum quantity needed to fill an approved futures contract. The IRS example: one gold coin isn't reported when every approved gold-coin contract calls for at least 25 coins.
• 24 hours: one customer's sales within a 24-hour period are added together for this test.
• No splitting: the exception doesn't apply if the broker knows or has reason to know a customer is breaking up sales to avoid reporting.

The IRS doesn't publish a product list. Whether an item is reportable turns on which futures contracts exist, which is why different businesses may describe the list differently. The underlying definitions are in Treasury Regulation §1.6045-1 (26 CFR 1.6045-1, checked Nov 1, 2026). Getting no 1099-B doesn't change your tax: a gain is taxable whether or not a form is filed. When a 1099-B is filed for collectibles, box 3 is checked (1099-B box 3).

Form 8300: cash over $10,000

Form 8300 is about how you pay, not what you buy or sell. Per the IRS reference guide (IRS Form 8300 reference guide, checked Nov 1, 2026):

• A business files it when it receives more than $10,000 in cash in one payment, in installments within one year, or in related transactions.
• It's due within 15 days of receiving the cash.
• "Cash" includes currency. Cashier's checks, bank drafts, traveler's checks and money orders of $10,000 or less also count when used in a designated reporting transaction, which includes the retail sale of a collectible such as metal or coins, or when the customer is trying to avoid the report.
• The business must give each person named on the form a written statement, by January 31 of the next year.

Personal checks and wires aren't cash for Form 8300. Breaking a purchase into smaller cash payments to stay under $10,000 doesn't avoid the report when the payments are related.

Holding bullion in an IRA

If an IRA buys a collectible, the cost is treated as a distribution, which can mean tax and penalties. IRC §408(m) carves out two exceptions (26 U.S.C. §408(m), checked Nov 1, 2026; IRS, investments in collectibles):

• Certain U.S. coins: the 1 oz, 1/2 oz, 1/4 oz and 1/10 oz gold coins in 31 U.S.C. §5112(a)(7)-(10), the 1 oz .999 silver coin in §5112(e), platinum coins under §5112(k), and coins issued under state law (31 U.S.C. §5112, checked Nov 1, 2026). These are the American Eagle bullion coins.
• Bullion that meets futures-delivery fineness and is held by the IRA trustee, not by you.

The law points to the minimum fineness a futures exchange requires for delivery. The CME Group rulebooks set these (checked Nov 1, 2026):

Ask your IRA custodian which products it accepts before you buy. Prices for the coins named above are on our Gold Eagle and Silver Eagle comparison pages.

Key takeaways

• Sales tax depends on your state. Most exempt investment bullion; some need a minimum sale; a few tax it.
• Federal tax on profit from bullion held more than a year is capped at 28%; a year or less is taxed like wages.
• Your basis includes sales tax and shipping, so keep every invoice.
• A 1099-B covers only certain products in futures-contract quantities; Form 8300 covers cash payments over $10,000.
• IRAs can hold only certain coins and high-purity bullion kept by the trustee.

Next steps: how to sell silver and gold, how to buy gold bars, and melt values for what your metal is worth today.

Sources

Federal: IRS Topic 409; IRS Pub. 550; IRS Pub. 551; Instructions for Form 1099-B; 26 CFR 1.6045-1; IRS Form 8300 reference guide; 26 U.S.C. §408; 31 U.S.C. §5112; IRS, investments in collectibles; CME Group rulebooks (ch. 113, ch. 112, ch. 105, ch. 106). State sources are linked in each table row. All checked Nov 1, 2026.

Not tax advice. Rules change; confirm with your state revenue department or a tax professional. Spotted an error or a rule that changed? Email hello@bullionpricecheck.com.

FAQ

Is there sales tax on gold?

It depends on your state. As of Nov 1, 2026, most states exempt investment gold and silver bullion, several exempt it only above a dollar amount, and a few tax it, including Washington, Nevada, Hawaii, Maine, Vermont and the District of Columbia. Sources: each state's statute or revenue department, linked in the table above.

Do you pay taxes when you sell gold?

Yes, on any gain. The IRS treats gold, silver and platinum bullion as collectibles. Net gains on metal held more than one year are taxed at a maximum 28% rate, and gains on metal held one year or less are taxed as ordinary income. Sources: IRS Topic 409 and IRS Publication 550, checked Nov 1, 2026.

What is the collectibles tax rate?

The maximum federal rate on net long-term gains from collectibles, including bullion, is 28%. Your actual rate depends on your income. Source: IRS Topic 409, checked Nov 1, 2026.

Will a dealer send me a 1099-B when I sell bullion?

Only for some sales. The IRS 1099-B instructions say a precious-metals sale is reportable only if the form of metal is approved for a regulated futures contract and the quantity meets that contract's minimum. Sales in a 24-hour period are combined. Your gain is taxable either way. Source: IRS Instructions for Form 1099-B, checked Nov 1, 2026.

Does buying gold with cash get reported?

If a business receives more than $10,000 in cash in one transaction or related transactions, it must file Form 8300 within 15 days. Cashier's checks and money orders of $10,000 or less can count as cash in a retail sale of collectibles such as coins or metal. Source: IRS Form 8300 reference guide, checked Nov 1, 2026.

What gold can go in an IRA?

IRC 408(m) allows the U.S. gold coins in 31 U.S.C. 5112(a)(7)-(10), the 1 oz silver coin in 5112(e), platinum coins under 5112(k), state-issued coins, and bullion at least as fine as futures delivery requires (gold 99.5%, silver 99.9%, platinum and palladium 99.95%) if the IRA trustee holds it. Sources: 26 U.S.C. 408(m) and CME Group rulebooks, checked Nov 1, 2026.

Does sales tax I paid on bullion reduce my taxable gain?

Yes. IRS Publication 551 says your cost basis includes sales tax and freight you paid, so they lower your gain when you sell. Source: IRS Publication 551, checked Nov 1, 2026.