Buying gold in New Mexico
New Mexico charges sales tax on gold bullion and coins as well as on jewelry: 4.875% 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 New Mexico is tax, explained below.
Sales tax on gold in New Mexico
Gross receipts tax applies to coin and bullion sales at 4.875% state plus local rates, roughly 5.1% to 9%. Exemption bills, such as SB 174 in 2026, have not passed. Jewelry is taxed at the 4.875% state rate plus any local sales tax.
Tax when you sell gold in New Mexico
Profits on gold are generally taxed by New Mexico 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 New Mexico
- License: No statewide license for gold, silver or jewelry buyers was found; bills to create one (the 'Precious Metal Buyers Act', HB 160 in 2013 and HB 198 in 2014) were introduced but no enactment was found. Cities license these dealers. Albuquerque's Pawnbroker, Precious Material Dealer, Secondhand Retailer and Automated Kiosk Ordinance (City Code chapter 13, article 6, as rewritten by Council Bill F/S O-20-28 in 2020) requires a city permit for each place of business before buying jewelry, precious metals or precious stones from the public for resale or melting: $250 a year (adjusted for inflation), expiring 1 July, with background checks.
- Hold period: 15 days. Albuquerque: covered secondhand goods, including jewelry and precious metals and stones, may not be sold, altered or removed from the premises within 15 days of receipt; police can also place holds on suspected stolen property (the bill text says 'thirty (90) days', so the length is unclear). No state hold period. (The failed 2013 state bill would also have set 15 days.)
- What the dealer records: Albuquerque: record each transaction in a police-approved digital database and upload it to APD's LeadsOnline system by noon the next business day; include transaction number, date, time, item description with make, model and serial number, a photo of the item and seller details; keep 2 years.
- What sellers need: Albuquerque: name, address and date of birth from a valid government photo ID (with ID type, issuer and number), plus a full-face color photo of the seller at every transaction. No dealings with anyone under 18, anyone under the influence, or anyone who has sold stolen property to the business before.
- Payment: Albuquerque: no payment-method rules found.
- Who is exempt: Albuquerque: charitable thrift stores and charities, consignment stores, businesses dealing only in rare or valuable coins, businesses operating only as estate buyers or resellers, and precious material dealers that do not resell to the public and are covered by federal anti-money laundering rules. Bullion and retail jewelers are not exempted by name.
- The law: No statewide statute aimed at gold, silver or jewelry buyers found. Pawnbrokers fall under the state Pawnbrokers Act (NMSA 1978 56-12); scrap dealers under the Sale of Recycled Metals Act (NMSA 1978 57-30), which lists scrap metals such as copper, brass and catalytic converters, not precious metal jewelry. Example local law: Albuquerque City Code 13-6-1 and following (F/S O-20-28).
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.