Selling gold or silver isn’t just a financial decision—it’s a moment that carries weight. Whether you’re in Jacksonville, Ponte Vedra, or anywhere in Northeast Florida and the United States, it’s natural to wonder what the IRS expects when you cash in.
The truth is, taxes can apply—but they shouldn’t catch you off guard. At First and Best Precious Metals, we walk beside you with honesty and clarity, helping you understand what’s required, what’s not, and how to move forward with confidence.
Do I Pay for Taxes When I Sell Gold or Silver in Florida?
Florida does not impose a state income tax, so you won’t owe state capital gains taxes when selling gold or silver. However, at the federal level, profits from selling precious metals are considered capital gains and may be taxable. The IRS treats gold and silver as collectibles, which can be taxed at rates up to 28%.
At First and Best Precious Metals, we help you understand how these rules apply to your specific situation, offering guidance every step of the way.
Precious Metals Tax Rules
Selling or investing in precious metals isn’t just a transaction—it’s a financial move that deserves clarity and confidence. Whether you’re dealing in gold, silver, platinum, or palladium, understanding how taxes apply is part of good stewardship.
At First and Best Precious Metals, we make sure our clients are never left guessing. With honest guidance and deep experience, we help you stay informed and prepared.
In Florida
Florida is one of the most tax-friendly states for precious metals buyers.
- Starting August 1, 2025, Florida exempts all gold, silver, and platinum bullion sales from state sales tax—no minimums, no fine print.
- Before this update, only purchases over $500 were exempt. Now, every investor benefits.
- Palladium and processed or decorative metals may still be taxable under certain classifications.
- Florida has no state income tax, which means you won’t owe capital gains taxes to the state when you sell.
For clients in areas like Amelia Island, Orange Park, and throughout Northeast Florida, we break down these rules in plain language—so you can buy and sell knowing exactly where you stand.
In the United States
Across the country, precious metals continue to stand out as a smart, tangible asset—especially for those looking to diversify with purpose. While the IRS does treat gold, silver, platinum, and palladium as “collectibles,” the tax structure shouldn’t discourage well-informed investing.
- If you hold your metals for over a year, gains may be taxed at a maximum rate of 28%.
- For assets held a year or less, gains are taxed at your ordinary income rate.
- Your cost basis—including the original price, dealer premiums, storage, or appraisal costs—plays a key role in determining what’s actually taxable.
- Even if a broker doesn’t issue a tax form, your sale should be reported using Form 8949 and Schedule D.
These federal guidelines are real—but they’re manageable when you know what to expect. That’s where we come in. At First and Best, we help clients even across the United States navigate the tax side of precious metals with clear, practical advice.
When you invest with understanding, you invest with confidence—and that’s what we’re here to deliver.
How to Manage Your Taxes When Selling Gold or Silver in Northeast Florida
Selling gold, silver, platinum, or palladium is a smart move—but it also comes with responsibility. At First and Best Precious Metals, we believe good stewardship includes understanding what’s owed. As Mark 12:17 (NLT) says, “Give to Caesar what belongs to Caesar, and give to God what belongs to God.”
That’s why we guide you through the tax process with honesty, clarity, and purpose—whether you’re here in Northeast Florida or anywhere across the U.S.
What Taxes Apply When You Sell?
In Florida, you’re already a step ahead—there’s no state income tax. But federal tax rules still apply, and they vary depending on how long you’ve held your metals.
- Florida does not tax capital gains—no state-level income tax to worry about.
- At the federal level, metals are treated as “collectibles” by the IRS.
- Gains on metals held over one year may be taxed up to 28%.
- If held a year or less, gains are taxed at your regular income rate.
We’ll help you understand where you stand—and how to stay compliant.
What Should You Track and Report?
Staying organized makes everything easier come tax time. We make sure you know exactly what matters and how to document it.
- Report all sales on IRS Form 8949 and Schedule D.
- Keep clear records of your cost basis—what you paid, plus premiums, storage, and fees.
- Even if you don’t receive a tax form from a broker, you’re still responsible for reporting.
We take the guesswork out, so you can focus on the bigger picture.
Stewardship Isn’t Just Financial—It’s Biblical
We believe honoring tax responsibilities isn’t just smart—it’s the right thing to do.
- Tax guidance is part of our core service, not an afterthought.
- We explain the “why” behind every step, so you can move forward with confidence.
- Our values come first—just like yours.
It’s not about fear or complexity. It’s about clarity, purpose, and doing what’s right.
Wherever You Are, We’re With You
We serve clients throughout Northeast Florida—Jacksonville, Nocatee, Southside, even St. Simons Island—and across the United States. Even if you’re miles away, you still have direct access to the same trusted guidance.
- Remote consultations available nationwide
- Free call with founder Matt Malleo available to all clients
- Concierge-level service
Text or call 904‑624‑1231 to start a conversation that’s honest, helpful, and built on trust.
Final Thoughts
Taxes shouldn’t hold you back from doing what’s wise with your wealth. With the right guidance, selling your gold or silver can be both compliant and confidence-filled.
At First and Best Precious Metals, we walk with you—locally or nationwide—to help you honor what’s required and keep your focus on what matters most.
Have questions about your next steps? Text or call 904‑624‑1231 and get the assistance you need wherever you are.
FAQs on Precious Metals Taxation (Updated for 2025)
What happens if I inherit gold or silver—do I owe taxes?
If you inherit precious metals, you generally receive a “step-up” in cost basis to the fair market value at the time of inheritance. That means if you sell shortly after, there may be little to no taxable gain. At First and Best, we help families understand how to handle inherited metals with care and proper documentation.
Are all gold and silver coins taxable when sold?
Not all coins are treated the same. Some coins—especially those considered collectibles—may be taxed differently than standard bullion. Others may not trigger broker reporting but are still subject to capital gains rules. First and Best explains these nuances so you know exactly what applies to your situation.
Does selling jewelry made of gold or silver trigger taxes?
Yes, selling gold or silver jewelry can result in a taxable gain if the item is sold for more than its adjusted basis. The IRS still considers it a capital asset. First and Best evaluates each item honestly—bullion, coins, or jewelry—so you understand how the sale may affect your taxes.
How do I document the sale of my precious metals?
You should keep detailed records of the date of purchase, amount paid (including premiums), the date of sale, and the price received. Even for private transactions, documentation matters. At First and Best, we help clients stay organized so reporting is simple and stress-free.
Will I be taxed if I exchange one type of metal for another?
Yes. Swapping gold for silver, or any other metal exchange, is considered a taxable event by the IRS. The gain is calculated based on the value of what you gave up. First and Best helps you evaluate these exchanges before you commit—so you don’t get surprised later.
Built on Purpose. Driven by Trust.
At First and Best Precious Metals, every interaction is rooted in integrity and guided by conviction. We combine deep industry knowledge with timeless values to help you make informed, confident decisions—whether you’re investing, selling, or simply seeking honest guidance.
