Idaho Tax Regulations for Precious Metals
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Idaho Sales Tax for Precious Metals

By Gainesville Coins
Published April 23, 2020

As defined in state Administrative Code 35.10.02.039, the following bullion and numismatic items are EXEMPT from sales tax when shipped by Gainesville Coins to an Idaho address:

EXEMPT

  1. Refined gold, silver, platinum, rhodium or chromium bullion bars, sold according to its precious metal content and not form;
  2. Monetized bullion coins of gold, silver, or other metals that are, or have been, mediums of exchange in the U.S. or foreign countries;
  3. Specifically, South African krugerrands are exempt;
  4. Official Idaho silver commemorative medallions sold by the state.

All other bullion or numismatic items and accessories sold by Gainesville Coins are subject to Idaho state sales tax.

Our Permit Number is 005092993-08. Out-of-State Retail Seller's Permit effective 08/01/2019.

Idaho Tax Code - Sales Tax Exemptions For Precious Metals

35.01.02 – IDAHO SALES AND USE TAX ADMINISTRATIVE RULES

039.) BULLION, COINS, OR OTHER CURRENCY (RULE 039). Sections 63-3612, 63-3613, 63-3622V, Idaho Code

01. Sales and Purchases of Bullion.
Sales and purchases of precious metal bullion and monetized bullion are exempt from sales tax. (7-1-93)

a. Precious metal bullion is an elementary precious metal, such as gold, silver, platinum, rhodium and chromium which has been processed by smelting or refining and where the value of the metal depends upon the content and not upon its form. (7-1-93)

b. Monetized bullion is a coin made of gold, silver or other metals which has been, is or will be used as a medium of exchange under the laws of this state, the United States or any foreign nation. (7-1-93)


02. Jewelry or Other Works of Art.
The exemption does not extend to coins or money sold to create jewelry or other works of art. The exemption also does not extend to sales of coins whose values may be determined by their form, and which are not minted or manufactured as currency. (3-20-04)

a. Sales of medallions, tokens or other coins created to commemorate a historical event are taxable. However, sales of Idaho commemorative medallions through the Office of the Treasurer of the state of Idaho or its agents are exempt pursuant to Section 63-3622PP, Idaho Code. (3-20-04)

b. Sales of precious metal ingots are exempt from sales tax. Sales of jewelry items, such as belt buckles, bracelets or necklaces, containing silver dollars or other legal tender or ingots are taxable. (3-20-04)

c. Sales of coins, such as Krugerands the one (1) ounce gold coins of the Republic of South Africa, are exempt, unless incorporated into a jewelry item or other decoration. (3-20-04)

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