Minnesota Precious Metals Tax Information
The state of Minnesota requires the collection of sales taxes on certain products sold by APMEX and delivered to a Minnesota address.
Please note: The below 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 APMEX.
What Precious Metals Are Taxed?
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 APMEX are exempt from these taxes.
Taxable Products in Minnesota
The following definitions apply to products on which these taxes must be collected in Minnesota:
-
- Precious Metal Bullion. Any bullion that does not meet the definition of Precious Metal Bullion, which 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 or coin flips.
- Processed Items. Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.
How Does Minnesota Calculate Precious Metals Taxes?
Sales taxes in Minnesota are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in Minnesota set forth above and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Minnesota.APMEX began collecting sales taxes in Minnesota in October 2018.
