Sales Tax on Gold and Silver in New Mexico
New Mexico has no deduction for investment bullion or coins, so gold and silver purchases are subject to gross receipts tax. SB 174 (2026) was not enacted.
Direct Answer
New Mexico does not offer a deduction for investment bullion or coins. Purchases of gold and silver are subject to the state’s gross receipts tax (GRT), which is imposed on sellers rather than as a classic sales tax. A bill that would have created a deduction for gold and silver coins and bullion, SB 174 (2026), was not enacted.
What Qualifies and What Does Not
New Mexico taxes the sale of coins, stamps, and documents that have a historic value or market value above their face value. Under 3.2.1.27 NMAC, such items are treated as tangible personal property. This means that gold and silver coins with a market value exceeding their face value fall within the taxable base. Investment bullion is not carved out by any deduction.
A narrow existing deduction applies to sales to jewelers for jewelry manufacturing under Section 7-9-74, capped per purchaser. That deduction is limited to those manufacturing inputs and does not extend to general investment purchases of bullion or coins.
Is There a Purchase Threshold?
New Mexico’s regulation does not set a dollar threshold for the taxation of coins or bullion. The rule turns on whether the item has a market value above its face value, not on the size of the transaction.
Do Local Taxes Apply?
Local gross receipts taxes apply in addition to the state GRT. The Legislative Finance Committee’s fiscal report on SB 174 projected revenue losses for both the general fund and local governments, which indicates that local GRT applies to these sales as well.
New Mexico gold and silver tax treatment at a glance
| Item | New Mexico Treatment |
|---|---|
| Gold and silver bullion | Taxable under GRT; no investment deduction |
| Coins with market value above face value | Tangible personal property; taxable |
| Sales to jewelers for jewelry manufacturing | Deduction under Section 7-9-74, capped per purchaser |
| Local gross receipts tax | Applies |
| SB 174 (2026) deduction for coins and bullion | Not enacted |
What Buyers Commonly Get Wrong
A common misunderstanding is that New Mexico has a sales tax with an investment bullion exemption like some other states. New Mexico instead uses a gross receipts tax on sellers and provides no deduction for investment bullion or coins. Another frequent error is assuming that SB 174 (2026) took effect on July 1, 2026. The Tax & Rev’s 2026 summary of signed legislation does not list it, so it was not enacted. Some buyers also believe that coins are treated differently from bullion, but the regulation treats coins with market value above face value as tangible personal property, which brings them into the taxable base. Finally, the small deduction for sales to jewelers for jewelry manufacturing is sometimes read as a general exemption for precious metals, which it is not; it is capped per purchaser and limited to that manufacturing use.
Official Sources
The rule was checked in October 2026 and can change with new legislation. Readers should confirm with the state before a large purchase.
- New Mexico Administrative Code 3.2.1.27 NMAC
- Tax & Rev 2026 summary of signed legislation
- Legislative Finance Committee fiscal report on SB 174
- SB 174 (2026) bill text
For general background on how gold is taxed federally, see sales tax on gold.
For your own situation, consult a tax professional or your own preparer.
Common questions
Does New Mexico charge sales tax on gold and silver bullion?
New Mexico imposes a gross receipts tax on sellers and provides no deduction for investment bullion or coins, so these purchases are subject to the tax.
Did SB 174 (2026) create a deduction for gold and silver in New Mexico?
No. SB 174 (2026) would have created a GRT deduction for gold and silver coins and bullion from July 1, 2026, but Tax & Rev's 2026 summary of signed legislation does not list it, so it was not enacted.
Are coins taxed differently from bullion in New Mexico?
Under 3.2.1.27 NMAC, coins with a market value above their face value are tangible personal property, which brings them into the taxable base. No investment deduction applies to bullion or coins.
Do local gross receipts taxes apply to gold and silver purchases in New Mexico?
Yes. The Legislative Finance Committee's fiscal report on SB 174 projected revenue losses for both the general fund and local governments, which indicates local GRT applies too.
Read next
- Sales Tax on Gold and Silver in New York New York exempts investment bullion and coins over $1,000 from sales tax when price limits are met. See the rules, thresholds and common mistakes.
- Sales Tax on Gold and Silver in New Jersey New Jersey exempts qualifying investment metal bullion from sales tax with no dollar threshold, but investment coins need a fair market value of at least $1,000.
- Sales Tax on Gold and Silver in New Hampshire New Hampshire has no general sales tax on goods, so buying gold or silver bullion and coins there does not add a state sales tax at checkout.
- How Silver Is Taxed: Rates, Rules, and Reporting Silver is taxed as a collectible, not as a stock. Learn the federal rates, reporting thresholds, and state sales tax rules for selling silver coins and bullion.
- Wash Sale Rules and Precious Metals: The Line Section 1091 reaches stocks and securities. Physical bullion is a collectible, but a gold ETF or a mining share is a security and does fall under it.