Tax Rules for Selling Platinum
Platinum, like gold and silver, counts as a collectible under IRS rules. This means special tax rates apply when you sell it for a profit. The key taxes come from capital gains at the federal level, plus possible state sales taxes depending on where you live or sell.
Federal capital gains taxes hit first. If you hold platinum for less than one year before selling, it counts as a short-term gain. You pay tax on that profit at your regular income tax rate, which could be anywhere from 10% to 37% based on your total income. Hold it for more than one year, and it becomes a long-term gain. For collectibles such as platinum, the top rate caps at 28%, even if your normal long-term rate would be just 15% or 20%. This higher rate applies because the IRS groups precious metals with things like art, coins, and antiques. For example, if you bought platinum bars at 0.995 fineness or higher and sell them after a year, report the gain on Schedule D of your Form 1040 tax return. Dealers might file Form 1099-B for big sales, like over 25 coins or 1 kilogram of bars, but you must report all profits anyway, no matter the size.
State rules add another layer, mostly on the buy side but they matter for selling too. Some states charge sales tax when you buy platinum bullion at 90% purity or higher, and that can affect your overall cost basis for gains. For instance, Michigan skips sales tax on such purchases. Maine exempted precious metals in 2023 with Senate Bill 1051. Maryland added a 6% tax in 2025 via House Bill 352. New York charges 4% on buys under $1,000 but not over that. North Carolina exempts bullion where value ties to metal content, expanding to coins and foil in 2025. Washington started a 6.5% state tax plus local ones as of October 2025. Check your state, as local taxes often pile on. These buy-side taxes lower your net profit when selling, since your cost basis includes what you paid including tax.
Reporting stays simple. Track your purchase price, called the cost basis, and subtract it from the sale price to find your gain or loss. Losses can offset other gains. Taxes come due with your regular income tax bill, not right at sale. Gifting platinum shifts the basis to the receiver, who pays gains later based on your original cost, which helps if they have a lower tax rate. Limits apply, like $19,000 per person in 2026 without extra forms.
Ways to manage taxes include holding over a year for the 28% cap instead of higher short-term rates. Or sell in a year when your income drops to hit a lower bracket. Always keep records of buys and sells.
Sources
https://blog.swissamerica.com/sales-tax-on-gold-and-silver-by-state/
https://investingnews.com/daily/resource-investing/precious-metals-investing/gold-investing/tax-on-gold-silver-investments/
https://smartasset.com/taxes/avoid-capital-gains-tax-on-gold
https://www.bankrate.com/investing/long-term-capital-gains-tax/
https://www.duanemorris.com/alerts/2025_year_end_tax_planning_guide_1225.html
https://shopglobalcoin.com/blogs/blog/tax-implications-when-you-sell-gold-bullion-in-different-states
https://www.hrblock.com/tax-center/filing/tax-law-changes/