Buying gold in Massachusetts
Massachusetts exempts some gold bullion and coin purchases from sales tax, but not all. Jewelry is taxed at the 6.25% 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 Massachusetts is tax, explained below.
Sales tax on gold in Massachusetts
Sales of $1,000 or more are exempt for gold and silver bullion and coins, collectible coins, and foreign gold or silver legal tender sold at metal value (M.G.L. c. 64H 6(ll)). Smaller sales, fabricated metal and jewelry are taxed at 6.25%. Sources disagree on whether the $1,000 test applies per sale or per item.
Tax when you sell gold in Massachusetts
Profits on gold are generally taxed by Massachusetts like other investment gains, under its income tax rules. 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.
Selling gold or gold jewelry to a dealer in Massachusetts
- License: No state-issued license. Dealers in junk, old metals and secondhand articles (which towns apply to gold, silver and jewelry buyers) are licensed by the city or town, usually the select board, under M.G.L. c. 140, sections 54-56 and 202-205. Licenses are typically yearly with local fees; for example Halifax charges $50 and licenses expire May 1. Dartmouth ties a dealer license to one fixed storefront.
- Hold period: No statewide hold period was confirmed; holds are set locally. Example: Dartmouth bars selling, removing from town, altering or breaking down items until more than 30 days after purchase, unless the police chief approves in writing.
- What the dealer records: Set by local bylaw. Example (Dartmouth): computerized English records with the seller's name, address and date of birth from a photo ID (copy kept), a detailed item description and photo, date and price, a matching tag on each item, a photo of the seller, daily electronic reports to the police chief, and two-year retention.
- What sellers need: Local example (Dartmouth): seller shows a government photo ID with name, address and date of birth at every sale and is photographed; no purchases from anyone under 18.
- Who is exempt: Local examples (Dartmouth): registered charities and licensed junk removal firms are exempt from the collector license; collectors may not take jewelry, precious metals or stones.
- The law: M.G.L. Chapter 140, Sections 54-56 (secondhand dealers and collectors) and Sections 202-205 (junk, old metal and secondhand dealer licenses), plus local bylaws, for example Dartmouth General Bylaws Chapter 220 and Halifax By-Laws Chapter 112.
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.