In the United States, each state decides the tax on purchases, and the federal government taxes the gain on a sale under a rule of its own for precious metals. This is what applies to a private individual.
When buying
There is no federal sales tax in the United States. Sales tax is set by each state, and each state decides whether or not to exempt precious metals.
- No general sales tax. Five states do not have one, Alaska, Delaware, Montana, New Hampshire and Oregon.
- Unconditional exemption. More than twenty-five states exempt purchases of investment gold and silver bars and coins, among them Texas, Florida, Ohio, Pennsylvania, Michigan and North Carolina.
- Conditional exemption. Another group requires a minimum purchase or a level of purity. California asks for $2,000 per transaction and purity of 90% or more, Illinois requires minimum purity of 98%, and New York, Massachusetts and New Jersey set thresholds of $1,000 per transaction or per piece.
- No exemption. Hawaii, Maine, Maryland, New Mexico, Rhode Island, Vermont, Washington and the District of Columbia apply their general sales tax to the purchase.
When selling
The federal government treats physical gold, silver, platinum and palladium as collectibles under section 408 of the Internal Revenue Code.
- Sold after more than one year. The gain is taxed at a maximum rate of 28%, higher than the usual long-term capital gains rate on stocks or other assets.
- Sold after one year or less. The gain is added to ordinary income and taxed at the taxpayer's marginal bracket, up to 37%.
Reporting and limits
When a private individual sells physical metal to a dealer, the dealer may be required to issue Form 1099-B depending on the product and the quantity. For example, in these cases.
- Gold bars of at least .995 fine and 1 kilogram or more.
- Krugerrand, Maple Leaf or Mexican Onza coins in quantities above 25 pieces.
- Silver bars of at least .999 fine and 1,000 troy ounces or more.
- 90% US silver coins with a face value above $1,000.
- Platinum bars of at least .9995 fine and 25 troy ounces or more.
- Palladium bars of at least .9995 fine and 100 troy ounces or more.
Separately, any business must file Form 8300 when it receives more than $10,000 in cash in one transaction or in related transactions, within 15 days of receipt.
When importing
Unwrought gold and silver bars enter the United States at zero duty under headings 7108 and 7106 of the Harmonized System, whether they come from the European Union or any other country. Importing bullion as merchandise is declared to customs in the usual way, and sales tax is not applied at the border, because it is a retail sales tax within each state and not an import tax.
FinCEN Form 105, with a $10,000 threshold, is designed for legal tender and bearer negotiable instruments, not for investment bars or coins transported as merchandise.
Other zones
- European Union ·
/en/inversion/fiscalidad/union-europea - United Kingdom ·
/en/inversion/fiscalidad/reino-unido - Switzerland ·
/en/inversion/fiscalidad/suiza - Canada ·
/en/inversion/fiscalidad/canada - Australia ·
/en/inversion/fiscalidad/australia - Asia ·
/en/inversion/fiscalidad/asia
Consulted on September 27, 2026.
- Find Bullion Prices, Bullion Sales Tax by State, 2026.
- Kiplinger, How Collectibles Are Taxed, 2025.
- JM Bullion, Bullion Transactions That Require a 1099-B Form, 2026.
- IRS, Form 8300 and Reporting Cash Payments of Over 10,000, 2026.
- USA Customs Clearance, Importing Gold Into The U.S., 2026.
This is general information, not a tax service. Consult a tax professional in your country. Figures reviewed on September 27, 2026.