Buying silver in Wichita, KS
Kansas does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 6.5% state rate plus any local tax. The combined state and local sales tax rate in Wichita is about 7.5%.
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 Wichita is tax, explained below and on the Kansas page.
Sales tax on silver in Wichita
Not on investment bullion. Since July 1, 2019, gold and silver coins and gold, silver, platinum and palladium bullion (bars, ingots, commemorative medallions valued by content) are exempt (K.S.A. 79-3606(mmmm)). Jewelry is taxed like other goods at the 6.5% state rate plus any local tax. The combined state and local rate is about 7.5% here.
Full state rules: silver price and tax in Kansas.
Tax when you sell silver in Kansas
Profits on silver are generally taxed by Kansas 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 Kansas
- License: Pawnbrokers and precious metal dealers are licensed locally; for example, Leawood's City Clerk issues a yearly license on an application form approved by the Kansas Attorney General, with a fee set by the city. Licensees in Leawood must be at least 21.
- Hold period: 10 days. Precious metal dealers must keep purchased metal unaltered for 10 days from when the police chief or sheriff receives the report. If there is probable cause to believe it is stolen, police can require 15 more days by written notice (K.S.A. 16-715(d)).
- What the dealer records: By each Tuesday, report all property pledged or bought in the previous calendar week to the police chief (in first- and second-class cities) or the county sheriff (elsewhere), also following any local ordinance. No report is needed for property bought from another licensed dealer that already reported it. Reports are confidential to law enforcement. Leawood requires an electronic copy and records of the seller's name, date of birth, address and driver's license number, kept one year.
- What sellers need: Leawood ordinance: seller must show ID and sign a statement that they own the metal (or are an authorized agent) and how and when it was acquired; no purchases from anyone under 18.
- Who is exempt: Leawood ordinance: numismatic coins valued for collectibility and industrial residue or ingots bought from manufacturers are not 'precious metals'; pawnbrokers supervised by state financial regulators are excluded from its pawnbroker rules.
- The law: Kansas pawnbroker and precious metal dealer act in K.S.A. Chapter 16, Article 7 (reporting and hold rules in K.S.A. 16-715). Local ordinances such as Leawood Code Chapter V, Article 1B.
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.