States That Do (and Don’t) Tax The Sale Of Gold & Silver Bullion
Some of you acquire physical silver and/or gold. If you’re new to it, you might wonder if your state has a tax on gold or silver. I put together an updated list of states with no tax on gold or silver. And, the states that do have tax on gold and silver bullion purchases / sales.
I found the information while visiting one of the many sites during my daily browsing activities. Actually, they listed the nine states (as of this post date) that still do have tax on these precious metals (though that number may drop soon). So I simply put a comparative list together (below).
Oh, the reason for the article was the fact that Ohio had just joined the other states with no tax on gold and silver.
“The Dominoes Continue To Fall – Ohio Removes Sales Tax on Gold and Silver Bullion”.
Kitco News – Gold and silver have taken another step forward to regain their former luster as monetary metals after Ohio became the 41st state to remove sales tax from bullion purchases.
Precious metals investors are purchasing precious metals to preserve their wealth against the damaging effects of inflation.
Inflation especially harms ‘the little guy’ – including pensioners, retirees on fixed incomes, wage-earners, and savers.
States That Tax Gold & Silver
The nine states that continue to tax gold and silver purchases include Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii; the District of Columbia also taxes physical gold and silver purchases.
However, of the nine holdout states, Hawaii, Maine, Mississippi, New Jersey, Tennessee, and Wisconsin have recently considered measures to remove the sales tax in their states.
Also, a bill has been introduced to remove taxes at the Federal level. In March, U.S. Representative Alex Mooney (R-WV) introduced the Monetary Metals Tax Neutrality Act (H.R. 2284) bill in the House. According to the bill, the proposed legislation would remove capital gains, losses, or any other type of federal income calculation on gold and silver bars and coins.
States That Don’t Tax Gold & Silver
Actually it’s a list (table) of both:
| NO TAX | TAX |
| Alabama | Hawaii |
| Alaska | Kentucky |
| Arizona | Maine |
| Arkansas | Mississippi |
| California | New Jersey |
| Colorado | New Mexico |
| Connecticut | Tennessee |
| Delaware | Vermont |
| Florida | Wisconsin |
| Georgia | |
| Idaho | |
| Illinois | |
| Indiana | |
| Iowa | |
| Kansas | |
| Louisiana | |
| Maryland | |
| Massachusetts | |
| Michigan | |
| Minnesota | |
| Missouri | |
| Montana | |
| Nebraska | |
| Nevada | |
| New Hampshire | |
| New York | |
| North Carolina | |
| North Dakota | |
| Ohio | |
| Oklahoma | |
| Oregon | |
| Pennsylvania | |
| Rhode Island | |
| South Carolina | |
| South Dakota | |
| Texas | |
| Utah | |
| Virginia | |
| Washington | |
| West Virginia | |
| Wyoming |
Silver & Gold and Preparedness
I know that some of you do acquire some silver bullion, and gold bullion, for various reasons.
From a financial preparedness standpoint, it is a hedge against inflation. History proves that physical gold and silver does preserve wealth. And during volatile times, it can even increase wealth in terms of the currency in use, as people, investors, and institutions suddenly jump in to the market (for various reasons) pushing the price higher.
Again, from a preparedness point-of-view, whenever I bring up the topic of precious metals, there are those who jump in and say something like “You can’t eat gold or silver, so what good is it…”. Well, yes, that’s right. However, physical precious metals are a consideration AFTER your other needs have been met. You would be pretty dumb to buy silver or gold if you can’t afford to set yourself up first with adequate preps of food, supplies, and whatever else…
Anyway, I thought I would bring up this topic again.
The smallest denomination of silver bullion would be “junk silver” coins of yesteryear. Probably pretty good for barter (if necessary)?
And then there’s 1-ounce silver eagles. What’s today’s price? About $26 an ounce as of this post date…
Live Silver Price Chart:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
Live Gold Price Chart:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
Gold, in terms of todays dollars, is 69 times more costly than silver (about $1800 an ounce as of this post date). It truly is a store of wealth packed into a shiny lustrous coin with a significant heft when you hold one in your hand.
The gold-silver ratio is the oldest continuously tracked exchange rate in history.
Historical Factoid: The Roman Empire officially set the ratio at 12:1.
Where To Buy Physical Gold or Silver
Buy gold or silver from a reputable precious metals dealer. A business that has been around for a long time, and therefore has an established reputation.
Some of you prefer your own “local” walk-in shop. Maybe you’ve established a relationship there, and all is good.
On the other hand, some of you don’t have that luxury (no local precious metals dealer nearby). I’ve been in that situation a number of times depending on where I have lived.
So, I researched gold and silver dealers who also sell online. I’ve used several over the years. Never had a problem. I was sure to only choose those who have been around for a long time!
Okay, full disclosure, the following gold and silver bullion dealer is one of our sponsors here. However, they’re highly reputable, a family business since 1974:
Oh, and there’s no counterparty risk to physical gold or silver. None. Zero.
Before I go, I can’t help but recall the following saying…
“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”
[ Read: Dollar Currency In Terms Of Gold Has Lost 98-Percent In ~100 Years ]
[ Read: Why Should I Own Gold? ]
I am a vendor at our local market. I sell sterling silver jewelry ( buy and sell). I have kept several 4 ounce chains for myself. If bartering ever happens I can break the links and start trading. Advice from you would be welcome before I order more.
Virginia taxes anything under $1000.00. Above that and you are ok.
California has a cutoff too, no tax after $1500.
Great article!
Here in the uk gold is untaxed but silver is subject to vat (value added tax ) at a whooping 20 percent !
“Gold and Silver.” One of my favorite topics.Yes, make sure you have your other preps in order before indulging in Gold or Silver, or you may find yourself coming up short in the things you need the most if and when the time arises. I simply love “Junk” Silver, Mercury dimes and walking liberty halves, both of which are 90% silver, and of course, pre ’64 quarters. Beautiful coins. You must remember when buying Silver Eagles that you are going to pay a premium for each coin. Possibly from 2 to 5 dollars a coin. But, on the plus side, they are accepted and known around the world, and they hold their valve very well. Another coin you should consider, is the Canadian Maple Leaf. another beautiful coin, plus they are 99.999pure. One of the purist coins around. All of these are a store of value, and will always be worth something, even if the Dollar crashes and becomes worthless. It would be prudent to at least tuck a little away, it doesn’t have to be a lot.
I’ve been pleased with Silver dot com, which was recommended to me years ago. If you’re going to buy locally (or even from well-known companies), it wouldn’t hurt to invest in something that can help you know you’re getting the real deal. The Fisch dot com sells coin checkers. It costs a pretty penny, but could save you the full amount if it kept you from buying one fake gold coin. There are probably companies that sell similar things–this is what I have, so it’s what I’m familiar with. No, I don’t have any connection to either of these companies.
Are Bullion Sales Taxed in Arkansas?bullion sale tax
Arkansas places a 6% sales tax on bullion bars and coins with no exemption for quantity
In addition local cities and counties can levy a further tax of up to 5%.
Arkansas’ state tax laws here, make Arkansas a poor choice when it comes to buying precious metals for investment as investors will immediately be at a disadvantage to the tune of up to 11% against investors in zero-tax states.
MVB – 11% plus the sales premium = around 20% disadvantage. Come on out to California and meet my friends. They don’t check your ID unless you are selling and they sure as heck aren’t collecting sales tax for Arkansas. Dang ‘ol sales tax on real money, what will they think of next?
Starting October 1, 2021 “Senate Bill 336 will allow Arkansas investors, savers, and small businesses to acquire precious metals without being slapped with sales and use taxes” per https://apnews.com/press-release/accesswire/arkansas-business-lifestyle-sales-taxes-49b408b0fd8cd76adf44aeb0b0779131
gotMorris
That is good for that state, which others have already done. There are state(s)that see pm’s as a currency in its own right. Read an article a few years back regarding this change in certain state(s) statue on what was considered money.
What states are precious metals considered currency
Berry,
For that info: https://www.soundmoneydefense.org/
I find your chart of tax and no tax misleading. Some states that you have under no tax, tax under a certain amount. And copper is starting to come into play. Tax or no tax?
wrong, MN taxes gold and silver
I just recently purchased a 1 ounce gold Buffalo from a U.S. GOLD BUREAU in Texas, they charged me 6% Michigan sales tax.
California taxes gold and silver. I shouldn’t have to buy a certain amount to not be taxed. Tax rate for Cali is 9.75%. 🤬🤬
Lilly Fields –
The limit is $1,500. Above that, no California sales tax. Just keep it below $10,000 per visit to avoid other hassles.
Lilly Fields
You have to purchase a set amount to receive it tax free. How do I know, many years ago when dh was alive he would purchase said items for x amount of dollars that they would not charge taxes on.
You need to ask whom ever you are dealing with, what it the price point for no taxes regarding these commodities.