Iowa Precious Metal Sales Taxes

 

How Does Iowa Tax Precious Metals?

The state of Iowa requires bullion dealers to collect taxes on certain precious metals products. Hero Bullion is committed to making the tax collection process as transparent as possible for our consumers, so we’ve put together this guide to help you better understand how taxation applies to your bullion orders with us. 

What bullion items are taxed in the state of Iowa? The short answer is that certain non-tender currency items, accessories, and processed bullion products are all taxed when they are shipped to an Iowa address. Additionally, all copper products must be taxed when we ship them to Iowa addresses. 

Here’s a more detailed explanation of how these taxable items are defined:

Taxable Product	Definition
Copper Products	Any product composed primarily of copper bullion is taxable in Iowa.
Non-Tender Currency	Coins produced by foreign mints can’t be used as legal tender in the United States. These products, as well as all currency that cannot be used as legal tender, are subject to sales taxation in the state of Iowa.
Accessories	Accessories are pretty easy to understand. An accessory is any product used to maintain, store, or display precious metals. Common examples include coin cleaners, coin flips, and tubes. When we sell a precious metal accessory to an Iowa resident, we’re obligated to collect sales tax on it.
Processed Bullion	If your precious metal product has been produced directly by a mint and then sold to you in its original condition, it’s not considered processed. But when this mint ships the item to another manufacturer in order to add additional value to its base precious metal content, it becomes processed and is then subject to taxation.

How Does Hero Bullion Calculate Sales Taxes in Iowa? 

It can be hard to understand how sales taxes work in Iowa. Luckily, we’re trying to make the purchasing process as easy as possible for all of our customers. We automatically calculate sales tax on your order upon checkout, so you don’t need to guess about the total cost of your bullion products. 

If you have any questions about how we calculate our sales taxes, contact our customer service team. 

Specific questions about sales taxed in Iowa should be directed to the Iowa Department of Revenue.