Information regarding State and Federal
Coin Laws and Tax Reporting Obligations
Hawaii - Maryland
Sales Tax Law:
Hawaii does not have a sales tax, but rather a GET, or a General Excise Tax. A sales tax is a tax on customers whereas a GET tax is a tax on businesses. Regardless, there is no General Excise Tax exemption for precious metals purchases in the state of Hawaii.
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
Idaho Statute 63-3622V, “the sale of precious metal bullion or the sale of monetized bullion,” is exempt from sales taxation.
The statute defines “precious metal bullion” as “any elementary precious metal which has been put through a process of smelting or refining including, but not limited to, gold, silver, platinum, rhodium, and chromium, and which is in such state or condition that its value depends upon its contents and not upon its form.”
“Monetized bullion” is defined as “coins or other forms of money manufactured from gold, silver, or other metals and heretofore, now, or hereafter used as a medium of exchange under the laws of this state, the United States, or any foreign nation, but shall not include coins or money sold to be manufactured into jewelry or works of art.”
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
Section 2-5 (18), “Legal tender, currency, medallions, or gold or silver coinage issued by the State of Illinois, the government of the United States of America, or the government of any foreign country, and bullion” are exempt from sales tax.
“Legal tender” is defined as “currency, gold coins, silver coins, and any other item accepted as money in the country in which it is issued.
“Medallions” are defined as “coins, other than legal tender, which are issued by a government body, usually as a memorial.”
“Bullion” is defined as “gold, silver, or platinum in a bulk state with a purity of not less than 980 parts per 1,000.”
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
Indiana Department of Revenue, “transactions involving the sale of or the lease or rental of storage for certain coins, bullion, or legal tender are exempt from sales tax.”
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
Iowa Department of Revenue, “the sales price from sales of coins, currency, or bullion is exempt from tax.”
“Bullion” is defined as “bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination of these where the value of the metal depends on its content and not the form.”
“Coins” or “currency” is defined as “a coin or currency made of gold, silver, or other metal or paper which is or has been used as legal tender.”
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
HB 2140, effective July 1, 2019. HB 2140 exempts “all sales of gold or silver coins; and palladium, platinum, gold or silver bullion.”
The measure continues, “For the purposes of this subsection, “bullion” means bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination thereof, for which the value of the metal depends on its content and not the form.”
Capital Gains Tax:
Under current law, gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
Kentucky law currently levies a sales tax on precious metals purchases.
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
HB 396 into law. The bill impacts purchases of platinum, gold, or silver bullion that is valued solely upon its precious metal content, whether in coin or ingot form. It also impacts numismatic coins that have a sales price of no more than one thousand dollars ($1,000) and numismatic coins that are sold at a national, statewide, or multi-parish numismatic trade show.
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
Law currently levies a sales tax on precious metals purchases.
Maine Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Sales Tax Law:
Section 11-214.1 of the Maryland Tax Code, “sales and use tax does not apply to a sale of precious metal bullion or coins if the sale price is greater than $1,000.
“Precious metals bullion or coins” is defined as “any precious metal that has gone through a refining process and is in a state or condition such that its value depends on its precious metal content and not on its form.”
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
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