Gold has been within the information lots because it’s shot up over 50% in worth this yr to the lofty value of over $4,000 an oz..
It was already huge information when Costco began promoting gold just a few years in the past, the current run up in value has solely made it much more fashionable.
However one factor that is not mentioned practically as usually is the position of gross sales tax. Some states gather it on gold, others do not.
Within the nice state of Maryland, we now need to pay gross sales tax each time we purchase gold. Previous to July 1st, 2025, there was an exemption on valuable metals purchases over $1,000. That exemption was repealed by Home Invoice 352 and now we should pay a 6% state gross sales tax on all valuable metals purchases… except you purchase it on the Baltimore Conference Middle. 🤔
If gold is $4,000 an oz., I’ve to pay $4,240 to purchase what would price solely $4,000 in close by Delaware.
In some states, you might be exempt if the acquisition is for funding purchases, usually decided by the distinction within the sale value and the face worth of the steel or within the purity of the valuable steel being offered. In different states, all valuable metals and authorized tender cash are exempt from gross sales tax. After which, after all, there are these beautiful states that do not assess a gross sales tax in any respect ( you Alaska, Delaware, Montana, New Hampshire, and Oregon).
In the event you’re shopping for an oz. of gold from Costco (assuming it is 24kt which suggests it is 99.9%+ pure gold), here’s a record of states and whether or not you’ll have to pay gross sales tax in your buy (this desk was constructed off nice analysis by GR Reserve):
| State | Doubtless Taxed on 1 oz 99.9% Pure Gold Bar? | Notes on Exemptions / Avoidance | Official Supply Latest Modifications |
|---|---|---|---|
| Alabama | No | Totally exempt; 99.9% pure bars qualify for exemption | |
| Alaska | Potential native tax | No state gross sales tax; native taxes could apply | |
| Arizona | No | Totally exempt; 99.9% pure bars qualify | |
| Arkansas | No | Totally exempt; 99.9% pure bars qualify | |
| California | Perhaps | Exempt if buy > $2,000; 99.9% pure bars qualify for exemption | CA CDTFA Regulation 1599 |
| Colorado | No | Totally exempt; 99.9% pure bars qualify | |
| Connecticut | Perhaps | Exempt if buy > $1,000; 99.9% pure bars qualify | CPMEX Connecticut Tax Information |
| Delaware | No | No gross sales tax | |
| Florida | Perhaps | Exempt if buy > $500; 99.9% pure bars qualify | |
| Georgia | No | Totally exempt; 99.9% pure bars qualify | |
| Hawaii | Potential | Excise tax applies; no recognized exemption for valuable metals | |
| Idaho | No | Totally exempt; 99.9% pure bars qualify | |
| Illinois | Perhaps | Exemption is dependent upon purity & product kind; 99.9% bars probably qualify | |
| Indiana | No | Totally exempt; 99.9% pure bars qualify | |
| Iowa | No | Totally exempt; 99.9% pure bars qualify | |
| Kansas | No | Totally exempt; 99.9% pure bars qualify | |
| Kentucky | No | Totally exempt; 99.9% pure bars qualify | |
| Louisiana | No | Totally exempt; 99.9% pure bars qualify | |
| Maine | No | Totally exempt; 99.9% pure bars qualify | |
| Maryland | Sure | 6% gross sales tax after July 2025; no exemption besides Baltimore Conference Middle | Maryland Laws HB0357 |
| Massachusetts | No | Totally exempt; 99.9% pure bars qualify | |
| Michigan | No | Totally exempt; 99.9% pure bars qualify | |
| Minnesota | No | Totally exempt; 99.9% pure bars qualify | |
| Mississippi | No | Totally exempt; 99.9% pure bars qualify | |
| Missouri | No | Totally exempt; 99.9% pure bars qualify | |
| Montana | Potential native tax | No state tax; verify native jurisdictions | |
| Nebraska | No | Totally exempt; 99.9% pure bars qualify | |
| Nevada | Potential native tax | No state tax; verify native jurisdictions | |
| New Hampshire | No | No gross sales tax | |
| New Jersey | No | Exempt if qualifying funding bullion (99.9% bars qualify) | NJ Division of Taxation |
| New Mexico | No | Totally exempt; 99.9% pure bars qualify | |
| New York | Perhaps | Will depend on premium, purity, and product kind; 99.9% pure bars usually qualify | |
| North Carolina | No | Totally exempt; 99.9% pure bars qualify | |
| North Dakota | No | Totally exempt; 99.9% pure bars qualify | |
| Ohio | Perhaps | Exempt if meets purity requirements (99.9% bars qualify) | |
| Oklahola | No | Totally exempt; 99.9% pure bars qualify | |
| Oregon | No | No gross sales tax | |
| Pennsylvania | No | Totally exempt; 99.9% pure bars qualify | |
| Rhode Island | No | Totally exempt; 99.9% pure bars qualify | |
| South Carolina | No | Totally exempt; 99.9% pure bars qualify | |
| South Dakota | Potential native tax | No state tax; verify native jurisdictions | |
| Tennessee | No | Totally exempt; 99.9% pure bars qualify | |
| Texas | No | Totally exempt; 99.9% pure bars qualify | |
| Utah | No | Totally exempt; 99.9% pure bars qualify | |
| Vermont | No | Totally exempt; 99.9% pure bars qualify | |
| Virginia | No | Exemption prolonged by July 2026; 99.9% bars qualify | Virginia Tax Ruling 23-117 |
| Washington | Sure | Taxable beginning Jan 2026 (~10% complete tax); no exemptions for bullion bars | WA Division of Income Discover |
| West Virginia | No | Totally exempt; 99.9% pure bars qualify | |
| Wisconsin | No | Totally exempt; 99.9% pure bars qualify | |
| Wyoming | Potential native tax | No state tax; verify native jurisdictions |
⚠️ Residents of Washington who’re contemplating gold bullion, you’ve till January 2026 to keep away from paying a gross sales tax of 10%!
NOTE: As at all times, verify with an area knowledgeable or with native legal guidelines and ordinances on gross sales tax. There are too many jurisdictions for any single supply to be definitive, particularly given how legal guidelines and ordinances change, so verify with yours first.
