Buying gold in Washington
Washington charges sales tax on gold bullion and coins as well as on jewelry: 6.5% state rate plus any local tax.
Gold has one national spot price in US dollars: the prices on this page are the same as on the gold price in the United States page. What differs in Washington is tax, explained below.
Sales tax on gold in Washington
Since Jan 1, 2026 (ESSB 5794), sales of precious metal bullion and monetized bullion (coins) are subject to retail sales tax: 6.5% state plus local, about 8% to 10.55%. A 2026 bill to restore the exemption (SB 5894) did not advance. Jewelry is taxed at the 6.5% state rate plus any local sales tax.
Tax when you sell gold in Washington
No wage income tax, but the capital gains excise tax (7%, rising to 9.9% above $1M) applies to long-term gains above about $270,000 (indexed) and has no bullion carve-out. A separate 9.9% tax on income over $1M (ESSB 6346, 2026) is slated to start in 2028 and faces legal and ballot challenges. At the federal level, the IRS treats bullion and most gold coins as collectibles: long-term gains (assets held more than a year) are taxed at your ordinary rate, capped at 28%, and short-term gains as ordinary income.
Buying and selling rules in Washington
Dealers report a customer's sale to the IRS on Form 1099-B only for certain forms and quantities, such as 1-kilo gold bars, 1,000 ounces of silver bars or 25 or more Krugerrands or Maple Leafs; American Eagles and smaller lots are generally not reported. Any business that receives more than $10,000 in cash in one transaction or related transactions files IRS Form 8300. Bring a photo ID when you sell.
What you pay over spot
Dealers sell Gold Eagles, Buffaloes, bars and rounds at a premium over the spot price shown here, which covers minting, shipping and the dealer's margin; small coins carry the biggest premiums. Jewelry adds design and labour. When you sell, dealers usually pay a little under spot for common bullion and the melt value, less a margin, for scrap.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.