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As a result of the Supreme Court decision in June 2018 many online bullion retailers have begun to collect sales tax on orders being shipped to states that view bullion as a taxable item.
State Sales Tax on Silver and Gold bullion varies throughout the country. Some states see bullion as a collectible susceptible to tax, while others view it as an investment or cash alternative that is non-taxable.
Online bullion dealers such as APMEX and JM Bullion have already begun charging sales tax on some orders placed through their websites and eBay stores.
Below is a list states and whether or not they charge sales tax on Coins, Paper Money, and/or Precious Metals. Tax laws are constantly changing. The information below should be used as a guide. Confirm with the online precious metals, bullion or coin dealer prior to purchase to find out if they collect sales tax in your particular locale.
State Sales Tax
- Alabama
The State charges 4% on everything. Many local County & City add additional taxes between 4-5%. - Alaska
No state sales tax, though local governments may still tax. - Arizona
No sales tax collected on precious metals or coins. - Arkansas
Sales tax is collected on precious metals. - California
Precious metals and coin purchases are exempt if the amount is over $1,500. - Colorado
Sales Tax precious metals, bullion and coins varies by city. There is no state sales tax.. - Connecticut
Coins that are collectable are exempt from state sales tax. Precious metals purchases under $1,000 are charged sales tax. - Delaware
No sales tax precious metals and coins. - District of Colombia
Sales tax is collected precious metals and coins. - Florida
No sales tax on U.S. coins. Precious metals purchases greater than $500 are taxed. - Georgia
No sales tax on coins or precious metals. - Hawaii
Coins and precious metals purchases are charged excise tax. - Idaho
No sales tax on bullion or coin purchases. - Illinois
No sales tax on precious metals or coins. - Indiana
No sales tax on coins or bullion. - Iowa
No sales tax bullion or coins. - Kansas
Coin and precious metals purchases are subject to sales tax in Kansas. - Kentucky
Coin and precious metals purchases are subject to sales tax in Kentucky. - Louisiana
Coin and bullion purchases over $1,000 are exempt from sales tax. - Maine
Sales tax is collected on all bullion and coin purchases. - Maryland
Collectible coins and bullion are exempt on purchases over $1000. - Massachusetts
Coin and precious metals are exempt on purchases over $1000. - Michigan
No sales tax bullion or coins. - Minnesota
Coin and precious metals purchases are subject to sales tax in Minnesota. - Mississippi
Coin and precious metals purchases are subject to sales tax in Kentucky. - Missouri
No sales tax bullion or coins. - Montana
No sales tax bullion or coins by the state. Some communities charge a 3% provisional tax. - Nebraska
No sales tax bullion or coins. - Nevada
Sales tax is collected on coins that sell for more than 50% of Face Value. Private Mint Bars and Rounds are exempt. - New Hampshire
No sales tax bullion or coins. - New Jersey
Coin and precious metals purchases are subject to sales tax in New Jersey. - New Mexico
Coin and precious metals purchases are subject to sales tax in New Mexico. - New York
Coin and precious metals purchases are subject to sales tax in New York. Bullion purchases over $1,000 are exempt - North Carolina
Coin and precious metals purchases are subject to sales tax in North Carolina - North Dakota
No sales tax bullion or coins. - Ohio
Sales tax exempt on the sale of precious metal bullion and investment coins that are composed mainly of gold, silver, platinum, or palladium. - Oklahoma
State and local sales taxes can apply to precious metals and coin sales. - Oregon
No sales tax bullion or coins. - Pennsylvania
No sales tax bullion or coins. - Rhode Island
No sales tax bullion or coins. - South Carolina
No sales tax bullion or coins. - South Dakota
No sales tax bullion or coins. - Tennessee
No sales tax bullion or coins. - Texas
No sales tax bullion or coins. - Utah
No sales tax bullion or coins. - Vermont
No sales tax bullion or coins. - Virginia
No sales tax bullion or coins. - Washington State
No sales tax bullion or coins. - West Virginia
Coin and precious metals purchases are subject to sales tax in West Virginia. - Wisconsin
Coin and precious metals purchases are subject to sales tax in Wisconsin. - Wyoming
Precious metals purchases are subject to sales tax in Wyoming.
As with all tax related matters it is best to consult a qualified tax professional. Check with each dealer prior to purchase to determine if they will be charging sales taxes on your purchases.
