Indiana Precious Metal Sales Taxes

 

How Does Indiana Tax Precious Metals?

When it comes to sales taxes collected on bullion items, Indiana has one of the most complicated sets of regulations in the country. Nine distinct categories of taxable bullion products are described by the state’s Department of Revenue, which can be located online here. Both the category and the purity of a bullion product are essential factors in determining whether or not sales taxes are owed to the state of Indiana upon sale. 

Items made of copper, silver bullion products less pure than .999, gold bullion products with a purity of under 99.5%, platinum products with a purity below 99.95%, palladium products of a purity below 99.95%, coins issued by mints other than the United States Mint, numismatic coins, bullion accessories, and processed bullion items are taxable categories according to Indiana law.

Additionally, some bullion products eligible for IRA inclusion are tax-exempt in Indiana. Specifically, coins approved for use as legal tender by either the U.S. government or any state government are exempt from sales taxation in Indiana – regardless of their purity.  

These definitions might help further explain how Indiana’s tax laws apply to bullion purchases:

Taxable Product	Definition
Copper Products	Any product primarily made using copper bullion is taxed in Indiana.
Numismatic Bullion	If a product is valued for more than its melt value because of extrinsic factors like rarity or condition, it is considered numismatic bullion. Numismatic products are taxed in Indiana, unless they fall under one of the state’s bullion sales tax exemptions.
Accessories	Items used to maintain, store, or display precious metal products are accessories, which are subject to sales tax collection in Indiana.
Processed Bullion	Processed bullion refers to any precious metal product that has been processed by a third party to add value beyond its bullion content. Colorized coins, statues, and some rounds may fall into this category. Processed bullion is a taxable category in the state of Indiana.
Low Purity Bullion	Bullion products below certain purity requirements are taxable in Indiana. Silver items below .999 purity, gold below .995 purity, and platinum or palladium coins with a purity below .9995 are taxable in Indiana. An exception is made for U.S. Mint-produced bullion coins, such as the American Gold Eagle.

How Does Hero Bullion Calculate Sales Taxes in Indiana? 

Confused? Not to worry. Indiana’s laws on bullion product sales taxes can be complex, but we make it easy for you to buy all your favorite precious metals. We automatically add Indiana’s relevant sales taxes onto your order at checkout. 

We also recommend that curious bullion consumers carefully read Indiana’s Department of Revenue website for more specific information on the state’s taxation regulations. You can locate the Indiana Department of Revenue site here.