Washington State is Coming for Your Gold (The Triplex Tax in 2026)

Washington State’s New Gold Tax: What It Means for Precious Metal Holders

Washington State just made a major shift in how it treats precious metals, and if you own gold, silver, or other bullion, you need to pay attention. A new set of taxes is rolling in, and by January 1, 2026, the rules of the game change completely. What used to be a protected store of value is now being treated like a taxable commodity.

This is not about politics. It is about protecting your money and understanding how a triple tax hit can reshape your returns, your strategy, and maybe even where you buy and sell.

Let’s break down what changed, what taxes are coming, and how to respond before the deadline.

The First Tax: Sales Tax on Gold and Silver

For decades, Washington State had an exemption in place. Going back to 1985, bullion was treated more like a financial instrument, similar to a stock. That exemption is now gone.

Starting January 1, 2026, gold, silver, copper, and other precious metals will be subject to the statewide sales tax, currently around 6.5 percent, plus local sales taxes. In many areas, that pushes the total tax burden close to 10 percent.

That means if you sell $10,000 worth of gold, you could lose about $1,000 immediately to sales tax alone. This is instant friction against your investment. It changes your cost basis and forces you to think differently about what real return you are actually getting.

The Second Tax: B and O Tax Hit to Dealers

The new rules do not stop with sales tax. Washington also repealed the Business and Occupation tax exemption for bullion dealers.

Dealers pay B and O tax on gross receipts, meaning the tax hits revenue at the top line, not profit. When dealer margins get squeezed, the impact flows straight to you. Prices widen, spreads get worse, and your buy and sell costs rise further.

Put together, the sales tax and B and O tax create an estimated 7 to 10 percent friction cost for anyone buying or selling precious metals inside Washington.

This also creates a likely side effect: buyers start looking across state lines. If neighboring states like Oregon or Idaho keep their bullion exemptions, Washington dealers risk losing business, which hurts the local market and makes pricing here even less competitive.

The Third Tax: Capital Gains on Bullion

Here is where things get brutal for long-term holders.

Bullion held over a year is treated as a long-term capital asset. Washington’s capital gains tax applies at 7 percent on gains over $250,000 annually after deductions. But the new legislation adds a top tier rate of 9.9 percent on gains above $1 million.

So the tax stack looks like this:

• Up to 10 percent sales tax on the principal when you sell
  
  
• B and O pressure passing through wider spreads
  
  
• Up to 9.9 percent capital gains tax if your profits cross the top threshold
  
  

Even if you are not sitting on a million dollars today, gold has been climbing fast. Over a long enough timeline, many investors could hit that threshold, especially through inheritance or steady accumulation. A policy like this punishes the very reason people hold metals in the first place: to preserve wealth safely over time.

Why Is Washington Targeting Gold?

This gold tax is not a standalone move. It is part of a bigger tax package, ESSB 5794, tied to what is being described as the largest tax increase in state history, estimated to raise roughly $9.4 billion in new revenue.

Gold is getting swept up alongside other areas the state has been tightening, including gas taxes, B and O increases, and expanding capital gains reach. The state is searching for revenue anywhere it can find it, and precious metals are now on that list.

The state expects only about $55 to $60 million in revenue from the bullion change. That is not a massive windfall for them, but it is a massive penalty for the people who hold these assets.

Your Best Moves Before 2026

If you own or plan to own precious metals, you still have time to act.

1. Buy before January 1, 2026

The simplest legal move is to accelerate purchases now so you avoid the sales tax hit entirely. If bullion is part of your long-term plan, buying ahead of the deadline locks in your position without the new friction cost.

2. Consider jurisdiction arbitrage

Bullion is fungible and priced nationally or globally. If Oregon and Idaho remain tax free on bullion, buying out of state could save you 7 to 10 percent per transaction. On a large purchase, that savings can outweigh the time and travel cost easily.

3. Plan your selling strategy early

For higher net worth holders, the smartest approach is to realize gains gradually. Use the $250,000 annual threshold strategically by selling in chunks over multiple years, so you avoid stepping into the 9.9 percent tier.

This also pushes some investors toward generational transfers, holding metals for legacy planning rather than selling in-state under punitive tax layering.

Bottom Line

Washington State has fundamentally changed how precious metals function inside the state. Gold and silver are now treated like taxable consumption goods, even though they have always been a hedge against government risk and inflation.

By 2026, anyone buying or selling bullion here faces a triple hit: sales tax, dealer pass-through from B and O, and capital gains taxation. If you want to protect your returns, you need a plan now, not later.

Buy early. Buy smart. Think across borders. And if you plan to sell in the future, structure it like a long-term strategy, not a one-time event.