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.
The short answer
New York does not charge state or local sales tax on qualifying precious metal bullion and coins sold for investment, but only when the sale is for more than $1,000 and the price stays within set premium limits. Sales of $1,000 or less, and sales priced above those limits, are taxable.
What qualifies
The exemption covers bars, ingots and coins of gold, silver, platinum, palladium, rhodium, ruthenium or iridium. Three conditions must all be met:
- Sold for investment. The total sale on a single invoice must be more than $1,000, and the purchaser must hold the metal in the same form as when it was bought. The Tax Department memo states: “Precious metal bullion shall be deemed to be sold for investment when it is sold for more than one thousand dollars and the purchaser or user or agent of either of them holds it in the same form as when it was purchased.”
- Price tied to metal content. The price may be no more than 140% of the greater of the daily closing bullion price or face value for silver coins, no more than 120% for gold coins of 1/4 oz or less, no more than 115% for other coins, and no more than 115% of the bullion price for bars and ingots.
- Registered dealer. The dealer must be registered under General Business Law §359-e if required.
Items made for industrial, professional, esthetic or artistic use are excluded from the exemption.
What does not qualify
- Sales of $1,000 or less.
- Sales priced above the premium limits for the relevant metal or coin size.
- Items made for industrial, professional, esthetic or artistic use.
The rule has been in effect since September 1, 1989. The current statute still contains §1115(a)(27), with no repeal or sunset.
Local sales tax
The Tax Department memo states the exemption covers both state and local sales and compensating use taxes.
New York gold and silver tax treatment at a glance
| Question | Answer |
|---|---|
| Is bullion taxed? | Exempt if sold for investment over $1,000 and within price limits |
| Purchase threshold | More than $1,000 on a single invoice |
| Metals covered | Gold, silver, platinum, palladium, rhodium, ruthenium, iridium |
| Local tax | Exemption covers state and local taxes |
| Effective date | September 1, 1989 |
What buyers commonly get wrong
A frequent mistake is assuming any gold or silver purchase is exempt. The $1,000 threshold applies to the total sale on a single invoice, so a purchase at or below that amount is taxable. Another common error is ignoring the premium limits: a coin priced above 140% (silver), 120% (gold coins of 1/4 oz or less) or 115% (other coins) of the greater of the daily closing bullion price or face value does not qualify, and bars or ingots priced above 115% of the bullion price do not qualify either. Buyers also sometimes overlook that the metal must be held in the same form as purchased, and that items made for industrial, professional, esthetic or artistic use are excluded.
For general background on how precious metals are taxed federally, see sales tax on gold.
The rule was checked in October 2026 and can change with new legislation. Confirm with the state before a large purchase. For your own situation, consult a tax professional or your own preparer.
Official sources: New York Tax Law §1115 and Tax Department memo TSB-M-89(20)S.
Common questions
Is gold bullion taxable in New York?
Gold bullion is exempt from New York state and local sales tax when it is sold for investment for more than $1,000, the price is no more than 115% of the bullion price for bars and ingots, and the dealer is registered under General Business Law §359-e if required. Sales of $1,000 or less are taxable.
Does New York charge sales tax on silver coins?
Silver coins are exempt when the total sale on a single invoice is more than $1,000 and the price is no more than 140% of the greater of the daily closing bullion price or face value. Coins priced above that limit, or sales of $1,000 or less, are taxable.
What is the $1,000 threshold for precious metals in New York?
The exemption applies when the total sale on a single invoice is more than $1,000 and the purchaser holds the metal in the same form as when it was purchased. A sale of $1,000 or less does not qualify.
Do local sales taxes apply to bullion in New York?
No. The Tax Department memo states the exemption covers both state and local sales and compensating use taxes for qualifying investment bullion and coins.
Read next
- 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.
- 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.
- Why Gold Is Taxed Differently from Stocks Understand why gold is taxed as a collectible at a higher rate than stocks, how the gain is calculated, and what records matter.
- Gold ETF Tax Treatment: How the IRS Views Bullion Funds Learn how gold ETFs are taxed. A fund holding bullion is taxed like the metal itself, not like a stock. Collectibles rates apply. See the rules and exceptions.