Taxes On Bullion Purchases By State

Making the Case For Bullion Storage at the Texas Bullion Depository

Many states charge tax for the sale or purchase of precious metals. Learn how each state matches up, and understand the added security & potential saving state sponsored depository storage through the Texas Bullion Depository can offer over local storage.

Buying and Storing Precious Metals in Texas Yields Tax Benefits

Precious metal investors and enthusiasts across the nation now have another reason to buy and store their gold, silver, and platinum in Texas.

The recent U.S. Supreme Court decision in South Dakota vs. Wayfair, Inc. makes Texas attractive to investors who live in states that – unlike Texas – tax purchases of precious metals. That’s because businesses may now be required to collect sales taxes for those states even if they don’t have a physical presence there. The ruling in South Dakota vs. Wayfair, Inc. paved the way for states to require out-of-state sellers to collect use tax on items delivered into their state.

By buying and keeping their precious metals in Texas, investors can avoid paying a sales tax on the purchases.

Texas is one of many states that does not tax the sale of numismatic coins or gold, silver or platinum bullion. That means buyers do not have to pay the tax if the precious metals are purchased from a Texas precious metals dealer – either through the internet or over the phone – and not shipped to a state that has a sales tax. In this situation, sales tax is not applicable as the precious metals did not leave the State of Texas.

Adding to the Lone Star State’s allure is the Texas Bullion Depository, which accepts precious metals purchased here or elsewhere.

Using the state-of-the-art depository is not a requirement for getting the sales tax break, provided the ultimate delivery location is within Texas. But as a storage solution, the Texas Bullion Depository provides many advantages over purely private vaults.

The Texas Bullion Depository includes the highest-rated Class 3 vaulting, multilayered security measures and technology allowing owners to keep tabs on their assets. All Depository Account Holder assets are fully insured through the Lloyd’s of London insurance marketplace. And as the first state-owned depository in the country, the Texas Bullion Depository provides the added security of governmental oversight for your assets, including regularly scheduled audits by the State of Texas and a third party accounting firm approved by the Texas Comptroller.

Buy it here. Keep it here. Protect your assets.

Open an account today at the Texas Bullion Depository.

State/Local Sales Tax Applies to Bullion
  • Arkansas: Bullion and numismatic coins are subject to sales tax.
  • Hawaii: Bullion and numismatic coins are subject to General Excise tax.
  • Indiana: Bullion and numismatic coins are subject to sales tax.
  • Kansas: Bullion and numismatic coins are subject to sales tax.
  • Kentucky: Bullion and numismatic coins are subject to sales tax.
  • Maine: Bullion and numismatic coins are subject to sales tax.
  • Mississippi: Bullion and numismatic coins are subject to sales tax.
  • New Jersey: Bullion and numismatic coins are subject to sales tax.
  • New Mexico: No state tax exists on bullion or numismatic coins, but a gross receipts tax (on sellers) is imposed.
  • Tennessee: Bullion and numismatic coins are subject to sales tax.
  • Vermont: Bullion and numismatic coins are subject to sales tax.
  • West Virginia: Bullion and numismatic coins are subject to sales tax.
  • Wisconsin: Bullion and numismatic coins are subject to sales tax.
  • District of Columbia: Bullion and numismatic coins are subject to sales tax.
Bullion Exempt upon Certain Conditions
  • California: Monetized bullion and numismatic coins exceeding $1,500 have a bulk sales tax exemption.
  • Connecticut: Bullion and numismatic coins are exempt from sales tax if sale exceeds $1,000.
  • Florida: Bullion and numismatic coins are exempt from sales tax if sale exceeds $500.
  • Maryland: Bullion and numismatic coins are exempt from sales tax if sale exceeds $1,000.
  • Massachusetts: Bullion and numismatic coins are exempt from sales tax if sale exceeds $1,000.
  • New York: No sales tax is imposed on precious metal bullion or numismatic coin transactions over $1,000. However, the consideration may not exceed the value of the precious metal content of 140% for silver, 120% for gold and 115% for other precious metals. Also, there is a sales tax on precious metal bullion that has been manufactured, processed, assembled, fabricated or used for an industrial, aesthetic or artistic purposes.
  • Virginia: Bullion and numismatic coins are exempt from sales tax if sale exceeds $1,000. (No requirement that the precious metals be of the same type.)
  • Wyoming: Gold and silver used as legal tender are exempt.
Bullion is NOT Taxable (Exempt)
  • Alabama: Bullion and numismatic coins are exempt from sales tax.
  • Arizona: Bullion and numismatic coins are exempt from sales tax.
  • Colorado: Bullion is exempt. Not all numismatic pieces are exempt. Jewelry and commemoratives are taxable.
  • Georgia: Bullion and numismatic coins are exempt from sales tax. Proper documentation is needed.
  • Idaho: Bullion and numismatic coins are exempt from sales tax.
  • Illinois: Bullion and numismatic coins are exempt from sales tax.
  • Iowa: Bullion and numismatic coins are exempt from sales tax.
  • Louisiana: Bullion is exempt.
  • Michigan: Bullion and numismatic coins are exempt from sales tax.
  • Minnesota: Bullion and numismatic coins are exempt from sales tax.
  • Missouri: Bullion and numismatic coins are exempt from sales tax.
  • Nebraska: Bullion and numismatic coins are exempt from sales tax.
  • Nevada: Bullion is exempt. It is taxable if the sales price exceeds the face value of numismatic coins by 50 percent.
  • North Carolina: Bullion and numismatic coins are exempt from sales tax.
  • North Dakota: Bullion and numismatic coins are exempt from sales tax.
  • Ohio: Bullion and numismatic coins are exempt from sales tax.
  • Oklahoma: Bullion and numismatic coins are exempt from sales tax. Fabricated metals that are processed or manufactured for artistic use or as jewelry are taxable.
  • Pennsylvania: Bullion and numismatic coins are exempt from sales tax.
  • Rhode Island: Bullion and numismatic coins are exempt from sales tax. Fabricated precious metal that has been processed or manufactured for one or more specific and customary industrial, professional or artistic uses is not exempt.
  • South Carolina: Bullion and numismatic coins are exempt from sales tax.
  • South Dakota: Bullion and numismatic coins are exempt from sales tax.
  • Texas: Bullion and numismatic coins are exempt from sales tax.
  • Utah: Bullion and numismatic coins are exempt from sales tax.
  • Washington: Bullion and numismatic coins are exempt from sales tax.
No State Sales Tax
  • Alaska: Bullion and numismatic coins are exempt from sales tax.
  • Delaware: No State Sales Tax (Bullion and numismatic coins are exempt).
  • Montana: Bullion and numismatic coins are exempt from sales tax.
  • New Hampshire: No State Sales Tax (Bullion and numismatic coins are exempt).
  • Oregon: No state sales tax, Bullion and numismatic coins are exempt.

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