How US sales tax on bullion works across Texas, California, New York and Florida

What to take away

• US sales tax on bullion is set by state law, so the same gold coin can be tax-free in Texas and partly taxable in California.
• Texas exempts all precious metals from sales tax under Tax Code 151.336, and the Texas comptroller treats bullion as exempt.
• California gives a partial exemption only when a single transaction reaches $2,000, under Revenue and Taxation Code 6355.
• New York exempts investment metal coins and bars sold for $1,000 or more, under Tax Law 1115(a)(27).
• Florida exempts bullion only at 99.9 percent purity or higher, under Florida Statutes 212.02(15)(f).
• Dealers must collect, document and remit tax on mixed orders, and interstate delivery can trigger use tax in the buyer's state.

How state sales tax on bullion is structured in the United States

Sales tax on bullion is a state and local matter, not a federal one. The federal government does not impose a national sales tax on gold or silver coins. States decide whether bullion is tangible personal property, an investment, or a separate category with its own exemption.

That is why two buyers in the same country can pay different totals for the same coin.

State legislatures write the exemptions. State tax agencies, often called comptrollers, departments of revenue or departments of taxation, publish guidance that tells dealers and buyers how to apply the statute. Local jurisdictions may add their own sales tax on top of the state rate, and some states let cities and counties tax bullion even when the state exempts it.

A state's authority over sales tax comes from its own taxing power, not from Washington. The federal government handles income tax, reporting and money regulation. To see how the two levels of government split authority, the branches of government guide from USAGov explains which body makes which rules.

That split is why a bullion purchase can be free of sales tax under state law while still creating a federal income tax event.

Federal rules still matter for dealers and large transactions. The Federal Register money section collects the notices and rules that affect bullion sales, including requirements tied to currency and precious metals. Dealers who want to track federal changes should follow it.

Rule changes can appear at any time, so the current Federal Register issue is the fastest way to see what has just been published.

For buyers, the practical result is a patchwork. Some states exempt all precious metals. Some exempt only coins, only bars, or only transactions above a dollar threshold. Some tax everything.

Texas, California, New York and Florida cover the main patterns you will meet in the US market. Understanding each one helps you compare the real cost of a purchase before you pay.

Texas: exemption thresholds and comptroller guidance on precious metals

Texas exempts precious metals from sales tax. The rule sits in Texas Tax Code Section 151.336, which covers the sale of gold, silver, platinum and palladium in the form of coins, bars or rounds. There is no minimum purchase amount and no purity test in the statute.

A single one-ounce silver round and a one-ounce gold coin are treated the same way for sales tax purposes.

The Texas comptroller is the state agency that administers the tax and publishes guidance for dealers. Comptroller guidance confirms that the exemption applies to precious metal bullion and to coins that meet the statutory definition. It also explains that the exemption is not limited to investment-grade metal.

Legal tender coins and bullion coins both qualify when they are made of the listed metals.

Texas has no state income tax, so the sales tax exemption is the main state-level tax question for bullion buyers there. Local sales tax does not apply to exempt bullion, because the local tax is added to the state tax base.

If the sale is exempt from state tax, there is no state base for the local rate to attach to. That makes Texas one of the simplest states for a bullion purchase.

Dealers in Texas still have duties. They must keep records that show why a sale was exempt, usually by describing the metal and the form sold. If a dealer sells a mix of exempt bullion and taxable items, the invoice must separate the two.

A dealer that cannot show the exempt character of the metal may be assessed tax later.

Buyers should keep their own invoices as well, since the burden of proof can fall on either side during an audit. A Texas buyer comparing dealers should treat the exemption as one less variable in the total cost.

The remaining variables are covered in the spot, premium, spread guide, which explains how dealers set the price above the metal's market value. A dealer with a low premium and no sales tax will usually beat a dealer with a low premium and tax, but only if the metal and delivery terms are the same.

California: partial exemptions, thresholds and dealer collection rules

California does not exempt all bullion sales. The state gives a partial exemption for the sale of gold and silver coins and bullion, and the exemption applies only when the transaction reaches a dollar threshold.

The relevant statute is California Revenue and Taxation Code Section 6355, which sets the threshold at $2,000 for a single transaction. Below that amount, the sale is generally taxable.

The threshold is measured per transaction, not per item. A buyer who purchases $1,500 of silver in one order pays tax on the full amount. A buyer who purchases $2,500 of gold in one order pays no sales tax on that order.

Dealers sometimes split orders to stay under the threshold, but the law looks at the substance of the sale, so artificial splitting can be challenged.

California also limits which metals qualify. The partial exemption is written for gold and silver, and it does not cover every platinum or palladium product in the same way. Coins that are legal tender and bullion coins can qualify, but the dealer must apply the threshold correctly.

A dealer that charges tax on a qualifying $2,000 sale, or fails to charge tax on a $1,900 sale, creates a problem for both sides.

Local district taxes matter in California. The state sales tax rate is combined with local and district taxes, and those local taxes can apply to taxable bullion sales. When a sale is exempt under Section 6355, the local tax does not attach.

When a sale is taxable, the buyer pays the combined rate. That combined rate can vary by city and county, so the same coin can cost more in one California city than another.

Dealers in California must collect and remit tax on taxable sales. They must also document exempt sales with records that show the transaction amount and the metal sold. A buyer who plans a large purchase should ask the dealer how the threshold will be applied before the order is placed.

The physical precious metals guide covers the questions to ask, including how tax is shown on the final invoice.

New York: the $1,000 investment metal exemption and NYC rules

New York exempts investment metal coins and bars when the sale price is $1,000 or more. The exemption is in New York Tax Law Section 1115(a)(27). It covers gold, silver, platinum and palladium in the form of coins or bars that meet the statutory definition of investment metal. Sales below $1,000 are generally taxable.

The $1,000 threshold works like California's threshold in one way and differs in another. It is measured by the sale price of the investment metal, and a single transaction that reaches $1,000 qualifies. A transaction below $1,000 does not.

Unlike California, New York's exemption is written for investment metal, so the form of the metal and the definition in the statute matter as much as the dollar amount.

New York City adds its own local sales tax on top of the state rate. The city rate applies to taxable sales of tangible personal property, including bullion that does not qualify for the state exemption.

A buyer in Manhattan who buys $900 of gold pays the combined state and city rate. A buyer who buys $1,100 of the same gold pays no sales tax on that purchase. The difference is the threshold, not the metal.

Dealers in New York must collect the combined rate on taxable sales and remit it to the state. They must also keep records that show why a sale was exempt, including the price and the type of investment metal sold.

New York's Department of Taxation and Finance publishes guidance on the exemption, and dealers are expected to follow it. Buyers who buy from out-of-state dealers should check whether the dealer collects New York tax on delivery into the state.

For a buyer in New York, the threshold creates a planning point. A purchase just under $1,000 is fully taxable, while a purchase just over $1,000 is exempt. That step can make a larger order cheaper per ounce than a smaller one.

The all-in bullion price calculation shows how to compare the true cost per ounce after tax, shipping and premiums.

Florida: the 99.9 percent purity standard and dealer obligations

Florida exempts bullion only when it meets a purity standard. The rule is in Florida Statutes Section 212.02(15)(f), which defines bullion as a bar, ingot, or coin that is at least 99.9 percent pure gold, silver, platinum or palladium. Metal below that purity is treated as tangible personal property and is generally taxable.

The purity test is the key difference between Florida and the other states in this comparison. A 90 percent silver coin, such as a pre-1965 US silver coin, does not meet the 99.9 percent standard and is taxable in Florida. A 99.99 percent silver bar meets the standard and is exempt.

A 22-karat gold coin, which is about 91.7 percent gold, does not meet the standard, while a 99.99 percent gold bar does.

Florida dealers must apply the purity test at the point of sale. They must know the fineness of each product they sell and classify it correctly. A dealer that treats a lower-purity coin as exempt creates a tax liability. A dealer that charges tax on a qualifying 99.9 percent bar overcharges the buyer.

Florida also has local discretionary sales surtaxes. These local taxes apply to taxable sales in many counties, and they can add to the cost of non-exempt bullion. When bullion meets the 99.9 percent standard, the exemption removes the state and local tax. When it does not, the buyer pays the combined rate for the county where the sale occurs.

Dealers in Florida must collect and remit tax on taxable sales and keep records that support exempt sales. The records should show the purity of the metal sold. Buyers should ask for the fineness on the invoice, especially for coins that fall near the purity line.

The precious metals buying mistakes guide explains how to keep those documents organized for later use.

How dealers collect, document and remit tax on mixed orders

A mixed order contains both exempt and taxable bullion. The dealer must apply the exemption product by product, not to the order as a whole. If a Florida buyer purchases a 99.99 percent silver bar and a 90 percent silver coin in one order, the bar is exempt and the coin is taxable.

The invoice must show both lines and the tax on the taxable line only.

The same rule applies in California and New York, where the threshold is measured per transaction. A mixed order that reaches the threshold may still contain taxable items if those items fall outside the exemption.

The dealer must decide which items qualify and which do not, then charge tax on the taxable portion. The buyer should be able to see that split on the invoice.

Dealers collect tax at the point of sale and hold it in trust for the state. They remit it on a schedule set by the state tax agency, usually monthly, quarterly or annually depending on volume.

The IRS businesses hub explains the federal obligations that can apply to a dealer's taxable transactions, including income tax and information reporting. Sales tax and income tax are separate systems, and a dealer must handle both.

Documentation is the dealer's defense in an audit. A clean file shows the invoice, the payment record, the metal and purity sold, and the exemption claimed. For exempt sales, the file should show why the sale qualified, whether by statute, threshold or purity.

For taxable sales, the file should show the tax collected and the rate applied. Missing records can turn an exempt sale into a taxable one after the fact.

Buyers should treat the invoice as part of the purchase. A dealer that cannot explain the tax treatment in writing is a risk. The first bullion purchase guide covers the due-diligence steps that apply before money changes hands, including checking how the dealer handles tax and documentation.

A dealer with a clear process is easier to audit and easier to trust.

Interstate purchases, delivery location and use-tax exposure

Interstate bullion sales raise a simple question: which state's tax applies? The general rule is that the sale is taxed where the buyer takes delivery, not where the dealer is located. If a Texas dealer ships gold to a California buyer, California tax rules apply to the delivery.

If the same dealer ships to a Texas buyer, the Texas exemption applies.

Use tax is the backstop. If a buyer owes sales tax in their state but the dealer did not collect it, the buyer may owe use tax on the purchase. Many states require the buyer to report use tax on an annual return.

A buyer who purchases bullion from an out-of-state dealer and pays no tax should check whether their state expects a use-tax report.

Delivery location is not always obvious. A buyer who uses a mailbox service, a freight forwarder or a third-party storage vault may take delivery in a state other than their home state. The tax result follows the delivery point, so the buyer should know where the metal is first delivered.

A dealer should document the shipping address and keep it with the sale record.

Some buyers use a storage arrangement where the metal never enters their home state, so the tax analysis can change and the buyer should get advice for their situation. State tax agencies publish guidance on delivery and use tax, and the rules can differ for coins, bars and pooled storage.

The money and credit page from USAGov explains consumer payment protections that can matter when a bullion deal goes wrong.

Buyers should not assume that buying out of state avoids tax. It can shift the collection duty, but it does not erase the obligation. The safest approach is to ask the dealer where tax will be collected, then confirm the rule with the state tax agency if the amount is large.

Records, invoices and audit trails for taxable and exempt bullion

A good record starts with the invoice. The invoice should show the dealer's name, the buyer's name, the date and the metal sold. It should also list the form, the weight, the purity and the price.

For exempt sales, it should show the basis for the exemption, such as the statute or the threshold. For taxable sales, it should show the tax rate and the tax amount.

The table below compares the four states at a glance. Rates and local taxes can change, so confirm the current rule with the state tax agency before a large purchase.

State	Main rule	Threshold or test	Key citation
Texas	Full exemption for precious metals	No minimum	Texas Tax Code 151.336
California	Partial exemption for gold and silver	$2,000 per transaction	California Revenue and Taxation Code 6355
New York	Investment metal exemption	$1,000 per transaction	New York Tax Law 1115(a)(27)
Florida	Bullion exemption with purity test	99.9 percent purity	Florida Statutes 212.02(15)(f)

A worked example shows how the rules interact. Suppose a buyer in each state purchases one 1-ounce gold coin at $2,400 and one 90 percent silver coin at $20.

1. In Texas, both coins are exempt under Tax Code 151.336, so the buyer pays no sales tax on the $2,420 order.
2. In California, the gold coin is part of a transaction over $2,000, so the gold is exempt under Section 6355, but the silver coin may still be taxable depending on how the dealer applies the rules.
3. In New York, the gold coin is investment metal over $1,000, so it is exempt under Tax Law 1115(a)(27), while the silver coin below the threshold is taxable.
4. In Florida, the gold coin meets the 99.9 percent purity standard and is exempt under Section 212.02(15)(f), while the 90 percent silver coin is taxable.

The example shows why the invoice matters. The same order produces four different tax results, and the dealer must document each line. A buyer who keeps the invoice can compare the tax charged with the rule in their state.

• Confirm the state where delivery will occur.
• Check the exemption threshold or purity test for that state.
• Ask the dealer to show tax treatment on the invoice.
• Keep the invoice, payment record and shipping record together.
• Report use tax if the state requires it and no tax was collected.
• Review the records before selling or transferring the metal.

Records also matter at sale or inheritance. A buyer who sells bullion later needs the original cost and the tax paid to compute gain or loss. An estate needs the same records to value the metal. Good records at purchase save time and money at sale.

Common questions

Does Texas charge sales tax on gold and silver bullion? No. Texas Tax Code 151.336 exempts precious metals, including gold, silver, platinum and palladium coins and bars, with no minimum purchase amount.

What is the California bullion tax threshold? California Revenue and Taxation Code 6355 provides a partial exemption when a single transaction reaches $2,000. Sales below that amount are generally taxable.

What is the New York investment metal exemption? New York Tax Law 1115(a)(27) exempts investment metal coins and bars sold for $1,000 or more. Sales below $1,000 are generally taxable.

Why does Florida use a purity standard for bullion? Florida Statutes 212.02(15)(f) defines bullion as metal that is at least 99.9 percent pure. Coins or bars below that fineness are taxable.

Who collects sales tax on a bullion purchase? The dealer collects tax at the point of sale and remits it to the state. The buyer may owe use tax if the dealer did not collect tax on a taxable delivery.

Where can I check federal rules that affect bullion sales? The Federal Register publishes current rules and notices, and the IRS businesses hub covers federal obligations for dealers with taxable transactions.