Bullion Dealers Begin Charging Sales Tax for Online Orders

Bullion Dealers Begin Charging Sales Tax for Online Orders

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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.