Florida does not charge sales tax on gold, silver, or platinum bullion. As of August 1, 2025, the Florida bullion sales tax exemption applies to every qualifying purchase regardless of price, replacing an older rule that only exempted transactions above $500.1Florida Department of Revenue. Exemption for Sales of Gold, Silver, or Platinum The exemption covers both sales tax and use tax, so a one-ounce silver round bought at a Miami coin shop and a gold bar shipped in from an online dealer are treated the same way: tax-free.
Under the prior rule, a single silver round at $35 was fully taxable at the state’s 6% rate plus any county surtax. That no longer happens. The legislature removed the dollar threshold entirely, which makes Florida one of the friendlier states in the country for buying investment metals.
What Qualifies as Exempt Bullion
To qualify, the metal must have gone through a smelting or refining process and be valued primarily on its metal content rather than its form or craftsmanship. That covers cast or minted bars, investment-grade rounds, and government-issued bullion coins like American Eagles, Canadian Maple Leafs, and Austrian Philharmonics.
Industry-standard purity for investment bullion is .999 fine (99.9% pure) for gold and silver, and .9995 for platinum. Some coins come in below those thresholds and still count as bullion because of their official status. American Gold Eagles are 91.67% gold (22 karat) but are recognized investment bullion from the U.S. Mint.
One important gap: the Florida exemption names gold, silver, and platinum only. Palladium is not included.1Florida Department of Revenue. Exemption for Sales of Gold, Silver, or Platinum If you buy palladium bars or coins in Florida, expect sales tax on the invoice.
What Remains Taxable
The exemption is for bullion, not for anything containing precious metal. Items that stay fully taxable include:
- Jewelry such as gold necklaces, silver rings, and platinum bracelets, regardless of metal purity.
- Numismatic coins valued for rarity, minting errors, or historical significance rather than metal content. A rare gold coin graded for condition and sold at a large premium over melt value can be treated as a collectible.
- Medals, tokens, and commemorative pieces that are not official government currency and not refined bullion bars or rounds.
- Palladium bullion in any form.
The line between bullion and collectible can blur. A standard American Silver Eagle sold near its melt value is bullion. The same coin in a certified MS-70 holder sold for three times melt starts to look like a collectible. The question dealers generally ask is whether the price reflects the metal or the rarity. Items at or near spot price are usually treated as bullion; items at significant premiums are usually treated as collectibles.
The Rate When Tax Does Apply
When your purchase doesn’t qualify for the exemption, Florida’s base sales tax rate is 6%.2Florida Department of Revenue. Florida Sales and Use Tax Most counties add a discretionary surtax of 0.5% to 1.5%, though some counties impose none.3Florida Department of Revenue. Discretionary Sales Surtax Combined rates run from 6% to 7.5%.
The surtax follows the county where the goods are delivered, not where the dealer sits.4Florida Legislature. Florida Code 212.054 – Discretionary Sales Surtax On a $2,000 taxable jewelry purchase delivered to a county with a 1% surtax, the total tax is $140.
Online and Out-of-State Purchases
Buying bullion from an online dealer outside Florida works the same way, because the exemption covers use tax as well as sales tax.1Florida Department of Revenue. Exemption for Sales of Gold, Silver, or Platinum Use tax is what Florida charges when you buy something out of state and bring it in, and it mirrors the sales tax rate. Qualifying gold, silver, or platinum bullion is exempt either way.
If you order taxable items like palladium or numismatic coins from an out-of-state seller, you may see Florida tax on the invoice if that dealer collects for the state. If they don’t, the use tax obligation falls on you as the buyer.
Keeping Documentation
Keep your receipts. A receipt that clearly identifies the items as gold, silver, or platinum bullion is enough to show the exemption was properly applied. On a mixed-item invoice, the exempt bullion and the taxable items should be broken out separately. This matters most on larger purchases and when you’re buying from a dealer you haven’t used before.
Federal Capital Gains When You Sell
Florida’s exemption covers the purchase. The IRS has its own rules when you sell. The federal government classifies precious metals as collectibles for capital gains purposes, and net long-term gains on collectibles are taxed at a maximum rate of 28%.5Internal Revenue Service. Topic No. 409, Capital Gains and Losses That’s higher than the 15% or 20% long-term rates on stocks.
Hold bullion less than a year and the gain is taxed as ordinary income at your marginal rate, which could be higher or lower than 28% depending on your bracket. Losses on bullion sales can offset other capital gains. Talk to a tax professional before relying on any specific treatment for your situation.
Federal Reporting Requirements
Two federal rules can touch a bullion transaction, and neither has anything to do with Florida sales tax.
Form 8300 for Cash Over $10,000
A dealer who receives more than $10,000 in cash in a single transaction or in related transactions must file IRS Form 8300 within 15 days.6Internal Revenue Service. Form 8300 and Reporting Cash Payments of Over $10,000 Cash here includes currency and, in some cases, cashier’s checks or money orders. The rule is anti-money-laundering, not tax collection, but the IRS receives the filing.
Form 1099-B When You Sell
Dealers may need to file Form 1099-B when you sell bullion back, but only for metals in forms and quantities that match the minimums for CFTC-approved regulated futures contracts. A single gold coin or a few silver rounds usually won’t trigger a filing. The IRS instructions give the example that if the approved gold-coin contract calls for delivery of at least 25 coins, selling one coin generates no 1099-B.7Internal Revenue Service. Instructions for Form 1099-B (2026) Dealers must aggregate sales from the same customer within a 24-hour period and can’t help you structure sales to stay below reporting thresholds.
Bullion in a Self-Directed IRA
Federal law allows physical precious metals inside a self-directed IRA, with strict rules under IRC Section 408(m). Minimum fineness is 99.5% for gold (American Gold Eagles are allowed at 91.67%), 99.9% for silver, and 99.95% for platinum and palladium.8Office of the Law Revision Counsel. 26 USC 408 – Individual Retirement Accounts
You can’t store IRA-owned bullion yourself. The metal must be held by a bank or an IRS-approved nonbank trustee in a secure depository. Home safes and personal safe deposit boxes are off-limits and would trigger a taxable distribution. Your custodian will usually work with an approved depository that provides insured storage and auditing.
The Florida exemption helps here too. When your custodian buys bullion on your behalf from a Florida dealer, the purchase qualifies, so you avoid a 6% to 7.5% drag on the investment at the start.