Collectible / Gold and Silver State Sales Taxes in Minnesota
Minnesota Laws and Regulations
The State of Minnesota requires the collection of sales taxes on certain products sold by Silver.com and delivered to a Minnesota address. These taxes must be collected on copper products; all coins; precious metal bullion that does not meet certain purity requirements; accessory items; and processed items. All other products sold by Silver.com are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Minnesota:
- Precious Metal Bullion. Any precious metal bullions which does not meet the definition of Precious Metal Bullion. Precious Metal Bullion is defined as “bars or rounds that consist of 99.9 percent or more by weight of either gold, silver, platinum, or palladium and are marked with weight, purity, and content.”
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Sales taxes in Minnesota are calculated at checkout on the Silver.com website based on (1) the taxability of products sold by Silver.com in Minnesota set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Minnesota.
Silver.com began collecting sales taxes in Minnesota on October 1, 2018. Our sales tax license number in Minnesota is 5811670.
Please note: The above is not a comprehensive description of sales tax laws and requirements in the State of Minnesota. It is only intended to provide the reader with a brief overview of those sales tax laws and requirements currently in effect in the State of Minnesota that relate to the reader’s transactions with Silver.com. If you would like to research the sales tax laws and requirements in the State of Minnesota, we suggest you visit the Minnesota Department of Revenue located at http://www.revenue.state.mn.us/Pages/default.aspx.