Buying silver in Fort Wayne, IN
Indiana does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 7% state rate plus any local tax. The combined state and local sales tax rate in Fort Wayne is about 7%.
Silver has one national spot price in US dollars: the prices on this page are the same as on the silver price in the United States page. What differs in Fort Wayne is tax, explained below and on the Indiana page.
Sales tax on silver in Fort Wayne
Not on investment bullion. Only IRA-eligible items are exempt: American Eagles and other coins permitted under IRC 408(m), all U.S. legal tender, and bullion meeting minimum fineness (gold 99.5%, silver 99.9%, platinum and palladium 99.95%). Non-IRA collectible coins such as Krugerrands, lower-purity bullion and foreign currency are taxed at 7%. Jewelry is taxed like other goods at the 7% state rate plus any local tax. The combined state and local rate is about 7% here.
Full state rules: silver price and tax in Indiana.
Tax when you sell silver in Indiana
Profits on silver are generally taxed by Indiana like other investment gains, under its income tax rules. At the federal level, the IRS treats bullion and most silver 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 silver or silver jewelry to a dealer in Indiana
- License: Businesses that buy used jewelry or articles containing gold, silver or platinum from the public register with the Indiana Secretary of State as precious metal dealers on State Form 57547 (statutory authority IC 24-4-19), with a $100 fee. Some towns also require local registration and daily reports to police (for example Culver Ord. 2014-001, citing IC 24-4-19-13).
- Hold period: Not confirmed. The state registration form mentions a hold of at least five days only for valuable metal (scrap) dealers under IC 25-37.5. A 2011 bill (HB 1498) that would have required precious metal dealers to hold items at least seven business days died in committee; the hold rule, if any, in the IC 24-4-19 chapter as later enacted was not confirmed.
- What the dealer records: Retail jewelers keep records of used jewelry they buy (IC 24-4-13). Local ordinances may require daily reports to police (Culver). Detailed record contents under IC 24-4-19 were not confirmed.
- Who is exempt: The registration form screens separately for businesses that mainly sell jewelry and keep used jewelry records under IC 24-4-13, valuable metal or scrap dealers, licensed pawnbrokers, and businesses mainly trading investment coins, which suggests these groups are treated differently; the exact exemptions in IC 24-4-19 were not confirmed. The failed 2011 bill would have excluded licensed pawnbrokers.
- Jewelers: Businesses that mainly sell jewelry to the public must keep records of used jewelry they buy (IC 24-4-13).
- The law: Indiana Code 24-4-19, Precious metal dealers. Related: IC 24-4-13 (jewelers' records of used jewelry purchases), IC 25-37.5-1 (valuable metal dealers), IC 28-7-5 (pawnbrokers).
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.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.