Laws Pertaining to Purchasing or Selling
Gold Bullion and Silver Bullion in the United States

Here is the latest information regarding State and Federal Coin Laws and Tax Reporting Obligations

Federal Reporting Requirements

Do I Have To Report Purchases and Sales of Gold Bullion, Silver Bullion, or Rare Coins to the Federal Government?

While almost all transactions are reporting free, our business is subject to the anti-money laundering provisions in the “Patriot Act,” enacted in 2001. Many dealers report more customer transactions than the law actually requires. We follow the law and have examined it carefully to be sure of our obligations. There is no requirement to report your purchase of precious metals with rare exception. For a disclosure requirement to be triggered, BOTH of the following conditions have to be met:

  • The transaction is (or related transactions are) larger than $10,000 in size, AND
  • Payment is made using actual cash (i.e. Federal Reserve notes and U.S. coins) or with two or more cash instruments (defined as money orders, cashier’s checks, or traveler’s checks) which, individually, are $10,000 or less but when totaled together equal more than $10,000. Personal checks, debits, bank wires, and credit card payments are NOT considered cash or cash instruments, and, therefore, purchases using them do not trigger disclosure by a dealer regardless of their amount(s).

IRS Form 8300 disclosure is applicable to all cash transactions in the United States economy meeting the aforementioned conditions – not just precious metals transactions.

In regards to purchases we are required to report the SALE of your precious metals only in some rare circumstances: IRS regulations dictate that only those items and quantities that can be used to fulfill a regulated Futures Contract (RFC) trigger the 1099B reporting requirement. Items are as follows below:

Sales of 50 oz. platinum (purity requirement of .9995) in bar sizes of 10 oz. or larger trigger a 1099B.
Sales of 100 oz. of palladium (purity requirement of .9995) in bar sizes of 10 oz. or larger trigger a 1099B.
Sales of 100 oz. of gold (purity requirement of .995) in not less than one 100 oz. bar, one kilo bar (32.15 oz), or ten 10 oz. bars require a 1099B.
Sales of 5,000 oz. of silver (purity requirement of .999) in not less than five 1,000 oz. bars or sales of 1,000 oz. in multiples of five require a 1099B.
Sales of silver bullion rounds, silver coins, 1, 5, 10, kilo, and 100 oz. silver bars, or any gold coins or rounds do not require a Form 1099B filing.

Note that individual taxpayers have their own reporting obligations as to their own tax returns. The IRS currently considers precious metals to be property, not money, it expects investors/owners to accurately report any capital gains or loss is measured in fiat dollars when the bullion is liquidated. You are urged to comply with this. Personal reporting is not required when the metals are purchased and not while the metal remains in your ownership. A capital gain or loss that would generally be included in your income tax obligation at the state level, as applicable.

 

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Alabama

Sales Tax Law: 
Sales tax exemption for gold, silver, and platinum bullion in the state of Alabama.

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: 
Alaska currently does not have a sales and use tax; however, some local jurisdictions impose local sales taxes.

Capital Gains Tax:
Alaska does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.

Sales Tax Law: 
The sale of precious metal bullion and monetized bullion to the ultimate consumer is exempt from sales taxation in the state of Arizona.

“Monetized bullion” is defined as “coins and other forms of money that are manufactured from gold, silver, or other metals and that have been or are used as a medium of exchange in this or another state, the United States or a foreign nation.”

“Precious metal bullion” is defined as “precious metal including gold, silver, platinum, rhodium, and palladium, that has been smelted or refined so that its value depends on its contents and not on its form.

Capital Gains Tax: 
Gold and silver are not subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Arkansas

Sales Tax Law: 
Arkansas law currently levies a sales tax on precious metals purchases in the state of Arkansas.

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: 
Article 7, Regulation 1599. California enacted a sales tax exemption in 2009 for purchases of $1,500 or more.

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:
Retail sales of coins and precious metal bullion are exempt from sales tax. This exemption applies to state, Regional Transportation District/Scientific and Cultural Facilities District, county and state-collected local taxes.

“Coins” is defined as “monetized bullion or other forms of money manufactured from gold, silver, platinum, palladium, or other such metals now, in the future, or heretofore designated as a medium of exchange under the laws of this state, the United States, or any foreign nation.”

“Precious metal bullion” is defined as “any precious metal, including but not limited to gold, silver, platinum, and palladium, that has been put through a process of refining and is in such a state or condition that its value depends upon its precious metal content and not its form.”

The Colorado statute continues, “not all numismatic pieces are exempt. Precious metal bullion and coins that are or were at one time used as currency or medium of exchange in the United States or a foreign country (such as quarters, dimes, nickels and pennies) are exempt. However, numismatic pieces such as paper money, tokens, checks, wampum and similar items not specifically exempt from taxation do not fall under this exemption. Transactions involving the sale of jewelry and commemoratives continue to be taxable.”

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 12-412-45 of the Connecticut Sales and Use Taxes Chapter, “sales or and the storage or use of rare or antique coins, gold or silver bullion and gold or silver legal tender of any nation, traded according to its value as precious metal, provided such exemption shall not be applicable with respect to any such sale, storage or use in which the total value of such bullion or legal tender sold by the retailer is less than one thousand dollars.

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Delaware

Sales Tax Law:
Delaware does not impose a state or local sales tax, but does impose a gross receipts tax on the seller of goods or provider of services in the state.

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:
Rule 12A-1.0371 of the Florida Administrative Code, “the sale of gold, silver, or platinum bullion, or any combination thereof, in a single transaction, is exempt when the total sales price of such bullion exceeds $500.”

Capital Gains Tax:
Florida does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.

Sales Tax Law:
§ 48-8-3 of the Georgia Code, “sales of gold, silver, or platinum bullion or any combination of such bullion” is exempt from sales taxation.

The statute continues, “sales of coins or currency or a combination of coins and currency” are also exempt from sales taxation.

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:
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.

Indiana

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.

Iowa

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.

Kentucky

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.

Louisiana

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.

Maine

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.

Massachusetts

Sales Tax Law:
Chapter 64H, Section 6 of the Massachusetts General Laws, Massachusetts enacted a sales tax exemption on “sales of one thousand dollars or more of (i) rare coins of numismatic value; (ii) gold or silver bullion or coins; or (iii) gold or silver tender of any nation traded and sold according to its value as precious metal.”

The law notes that “bullion” does not include “fabricated precious metal which has been processed or manufactured for industrial, professional, or artistic uses.”

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Michigan

Sales Tax Law:
General Sales Tax Act, Section 205.54s, “a sale of investment coins and bullion is exempt from the [sales] tax.”

The law defines bullion as “gold, silver, or platinum in a bulk state, where its value depends on its content rather than its form, with a purity of not less than 900 parts per 1,000.” “Investment coins” is defined as “numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and issued by the United States government or a foreign government with a fair market value greater than the face value of the coins.”

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:
Bill H.F. No. 1 into law. Section 17 of H.F. No. 1 provides a sales tax exemption for precious metals bullion.

“Precious metal bullion” is defined as “bars or rounds that are at least 99.9% gold, silver, or platinum by weight, and are marked for weight, purity, and content. Jewelry, works of art, and scrap metal are not exempt.”

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Mississippi

Sales Tax Law:
Mississippi levies a 7% 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.

Missouri

Sales Tax Law:
Section 144.815.1, bullion and investment coins are “specifically exempted from all local sales taxes.”.

The Missouri statute defines bullion as “gold, silver, platinum, or palladium in a bulk state, where its value depends on its content rather than its form, with a purity of not less than nine hundred parts per one thousand.” “Investment coins” is defined as “numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium or metals with a fair market value greater than the face value of the coins.”

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Montana

Sales Tax Law:
Montana is one of a few states in the United States that does not levy a 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 Laws:
Legislative Bill 867. Nebraska rolled back its policy on pillaging its people in the form of sales taxation on precious metals purchases. LB 867 states that “sales and use taxes shall not be imposed on the gross receipts from the sale, lease, or rental of and the storage, use, or other consumption in this state of currency or bullion.”

Bullion is defined as “bars, ingots, or commemorative medallions of gold, silver, platinum, or palladium, or a combination of these for which the value of the metals depends on its content and not the form.”

Currency is defined as “a coin or currency made of gold, silver, or other metal or paper which has been used as legal tender.”

Capital Gains 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:
Nevada has started the process of freeing gold and silver from bureaucratic shackles.

Chapter 372 of the Nevada Administrative Code, Nevada enacted a sales tax exemption for coins, “even [if] sold at a premium price, if the purpose of the use of the coins…is as a medium of exchange.”.

Capital Gains Tax:
Nevada does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.

New Hampshire

Sales Tax Law:
New Hampshire is one of a few states in the United States that does not levy a 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:
New Jersey has a state wide sales tax of 6.875%. In 2000, the Sales and Use Tax Review Commission said that a sales tax exemption on precious metals purchases “exempt[s] from tax a portion of the collectibles economy, with no policy reason appearing for preferring that portion over another.” New Jersey lawmakers fail to understand that gold and silver are money, not collectibles.

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:
New Mexico does not have a sales tax. Instead, it has a “gross receipts tax.” This is a tax levied on the business rather than the consumer, like in most states. However, the business often passes the tax onto the consumer by adding it to the selling price. The rate of this tax varies from 5.125% to 8.8675% depending on where the business is located within the state.

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 Laws:
While normally known for heavy levels of taxation, New York has created an exemption for sales and use taxes on most precious metals.

According to TSB-M-89 (20)S, “Effective September 1, 1989, precious metal bullion sold for investment is exempt from state and local sales and…use taxes imposed under section 1115(a)(27) of the Tax Law.”

For this exemption to apply, the precious metal bullion must be sold for more than one thousand dollars, “the receipt of consideration given or contracted to be given for the bullion must depend only on the value of the metal content of the bullion; and if applicable, the retailer must be registered as a broker or dealer with the New York Department of State pursuant to the provisions of section 359-e of the General Business Law.”

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 Laws:
North Carolina passed a sales tax exemption on precious metals. House Bill 434 exempts “sales of non-coin currency, investment metal bullion, and other investment coins.”

Investment coins is defined as “numismatic coins or other forms of money and legal tender manufactured of the metal under the laws of the United States or any foreign nation with a fair market value greater than any statutory of nominal value of such coins.”

Investment metal bullion is defined as “any elementary precious metal that has been put through a process of smelting or refining and that is in such state or condition that its value depends upon its content and not upon its form.” The statute says that “investment metal bullion does not include fabricated precious metal that has been processed or manufactured for one or more specific and customary industrial, professional, or artistic uses.”

Non-coin currency is defined as “forms of money and legal tender manufactured of a material other than metal under the laws of the United States or any foreign nation with a fair market value greater than any statutory or nominal value of such currency.”

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

North Dakota

Sales Tax Laws:
North Dakota has started the process of freeing gold and silver from bureaucratic shackles.

57-39.2-04 (31), “gross receipts from the sale of money, including all legal tender coins and currency, and from the sale of precious metal bullion that has been refined to a purity of not less than nine hundred ninety-nine parts per one thousand and is in such form or condition that its value depends upon its precious metal content and not its form” are not subject to 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.

Ohio

Sales Tax Laws:
Ohio  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.

Oklahoma

Sales Tax Laws:
Senate Bill 862, “sales of gold, silver, platinum, palladium or other bullion items such as coins and bars and legal tender of any nation, which legal tender is sold according to its value as precious metal or as an investment” are exempt from sales taxation.

“Bullion” is defined as “any precious metal, including, but not limited to, gold, silver, platinum and palladium, that is in such a state or condition that its value depends upon its precious metal content and not 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.

State Sales Tax Laws:
Oregon does not have a general sales tax or a use/transaction 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.

State Sales Tax Laws:
According to the Pennsylvania Department of Revenue, bullion and investment metal is not taxed.

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Rhode Island

State Sales Tax Laws:
§ 44-18-30, there is a sales tax exemption “from the sale and from the storage, use, or other consumption in this state of precious metal bullion.”

“Precious metal bullion” is defined as any elementary precious metal that has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, rhodium, and chromium, and that is in a state or condition that its value depends upon its content and not upon 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.

South Carolina

Sales Tax Laws:
Title 12, Chapter 36 of the South Carolina Code of Laws, there is a sales tax exemption for “(a) gold, silver, or platinum bullion, or any combination of this bullion; (b) coins that are or have been legal tender in the United States or other jurisdiction; and (c) currency.”

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

South Dakota

Sales Tax Laws:
Statute 10-45-110 of the South Dakota Codified Laws, there is an “exemption for sales of coins, currency, or bullion.”

Bullion is defined as “any bar, ingot, or commemorative medallion of gold, silver, platinum, palladium, or a combination of these metals where the value of the metal depends on its content and not the form.”

 

Coins and currency is defined as “any coins or currency made of gold, silver, or other metal or paper which is or has been used as legal tender.”

Capital Gains Tax:
South Dakota does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.

Tennessee

Sales Tax Law:
Tennessee 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:
Texas does not charge sales tax on precious metals purchases of any amount.

Capital Gains Tax:
Texas does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.

Utah

Sales Tax Laws:
Utah law has a product-based exemption for sales and use tax. This exemption covers “sales of an ingot, bar, medallion or decorative coin containing at least 50 percent gold, silver or platinum that is not legal tender of any nation.”

Capital Gains Tax:
Gold and silver are not subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions in the state of Utah. The passage of HB 317 in 2011 includes “a nonrefundable credit established for any capital gains incurred from the exchange of gold and silver coin issued by the federal government for another form of legal tender.”

Vermont

Sales Tax Laws:
Precious metals purchases are subject to a 6% sales tax in the state of Vermont.

Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Virginia

Sales Tax Laws:
February 2017, the Governor of Virginia signed a bill into law that creates a sales tax exemption on precious metals purchases. House Bill 1668 reads “the tax imposed shall not apply to the following…effective through June 30, 2022, gold, silver or platinum bullion or legal tender coins whose sales price exceeds $1,000. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000.”

“Gold, silver, or platinum bullion” is defined as gold, silver, or platinum, and any combination thereof, that has gone through a refining process and is in a state or condition such that its value depends on its mass and purity and not on its form, numismatic value, or other value.”

“Legal tender coins” is defined as “coins of any metal content issued by a government as a medium of exchange of payment of debts.”

Neither “gold, silver, or platinum bullion” and “legal tender coins” include 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 Laws:
Effective July 1985, the Washington Administrative Code 458-20-248 states that “amounts derived from sales of precious metal bullion and monetized bullion as defined herein, are not subject to business and occupation tax under either the wholesaling or retailing classification or to retail sales tax.”

“Precious metal bullion” is defined as “any precious metal which has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, rhodium, and palladium, 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 “coin 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 does not include coins or money sold to be manufactured into jewelry or works of art.”

Capital Gains Tax:
Washington does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.

West Virginia

Sales Tax Laws:
March 2019, Governor Jim Justice signed Senate Bill 502 into law. SB 502 exempts investment metal bullion or investment coins from consumer sales and service tax.

“Investment metal bullion” is defined as any elementary precious metal which has been put through a process of smelting or refining, including gold, silver, platinum, and palladium, and which is in such a state that its value depends upon its content and not its form. This definition does not include precious metal which has been assembled, fabricated, manufactured, or processed in one or more industrial, professional, aesthetic, or artistic uses.

“Investment coins” is defined as numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, and palladium, or other metal and of the United States or any foreign nation with a fair market value greater than any nominal value of such coins. This definition does not include jewelry or works of art made of coins, nor does it include commemorative medallions.

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 Laws:
Tax Statute 11.78, “silver bullion and gold bullion” fall under the umbrella of types of tangible property and items subject to sales taxation.

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 Laws:
2018, Wyoming passed House Bill 103, the Wyoming Legal Tender Act. House Bill 103 says that “no specie or specie legal tender shall be characterized as personal property for the purposes of property taxation,” “the exchange of one type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability of any kind,” and, “the purchase, sale, or exchange of any type or form of specie or specie legal tender shall not give rise to any tax liability of any kind.”

House Bill 103 defines specie as “coin having gold or silver content; or refined gold or silver bullion which is coined, stamped or imprinted with its weight and purity and valued primarily based on its metal content and not its form.”

House Bill 103 defines specie legal tender as “specie coin issued by the United States government at any time; specie coin issued by any foreign government at any time; any other specie that a federal court of competent jurisdiction, by final and unappealable order, rules to be within state authority to make or designate as legal tender. No court of the state of Wyoming shall be deemed to be a court of competent jurisdiction for purposes of this paragraph.”

Capital Gains Tax:
Wyoming does not impose a state income tax on its citizens, so there is no taxation on capital gains on precious metals.

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