Do You Have to Pay Tax on Precious Metals?

Find out if you need to pay sales tax on your precious metals purchases. Learn about the long-term capital gain rate applied by the IRS and the rules and regulations of each state regarding collecting sales tax on precious metals.

Ruthie Cacibauda08/08/20230 minutes 29, seconds read0 Comment

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The Internal Revenue Service (IRS) classifies gold and other precious metals as “collectibles” that are subject to a long-term capital gain rate of 28%. This rate is higher than the 15% or 20% rate applied to most other assets held for more than one year. When it comes to sales tax, precious metals are exempt in many states. However, each state in the U.

S. has its own rules and regulations regarding collecting sales tax on precious metals. To find out if you'll need to pay sales tax on your order, check the status of your shipping address.

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Ruthie Cacibauda

Passionate creator. Freelance coffee geek. Unapologetic tv trailblazer. Professional internet junkie. Wannabe music lover. Hipster-friendly beer geek.