Utah Precious Metals Tax Information
The state of Utah requires the collection of sales taxes on certain products sold by APMEX and delivered to a Utah address.
Please note: The below is not a comprehensive description of sales tax laws and requirements in the state of Utah. 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 Utah that relate to the reader’s transactions with APMEX.
What Precious Metals Are Taxed?
Taxes must be collected on paper currency; any coins that do not constitute legal tender of any state, the United States, or any foreign country; Copper products; Palladium products; any bullion products made of Gold, Silver or Platinum if the Gold, Silver or Platinum content is less than 50%; accessory items and processed items. All other products sold by APMEX are exempt from these taxes.
Taxable Products in Utah
The following definitions apply to products on which these taxes must be collected in Utah:
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- Paper Currency. Legal tender no longer in circulation in the form of paper bills.
- Legal Tender. Money issued by a sovereign government as a medium of exchange.
- Certain Currency. Currency that is not designated as legal tender or does not circulate and is not customarily used and accepted as a medium of exchange in the country of issuance.
- 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 Utah Calculate Precious Metals Taxes?
Sales taxes in Utah are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in Utah set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Utah.APMEX began collecting sales taxes in Utah in January 2019.
