Iowa Sales Tax on Gold & Silver Bullion / Coins
The State of Iowa requires the collection of sales taxes on certain products sold by BGASC and delivered to an Iowa address. These taxes must be collected on (1) any bullion products made of copper; (2) any coins that currently are not, or were not previously, used as legal tender; (3) accessory items; and (4) processed items.
The following definitions apply to products on which taxes must be collected in Iowa:
- Bullion. Bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination of these where the value of the metal depends on its content and not its form.
- Coins. A coin made of gold, silver, or other metal which is or has been used as legal tender.
- 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 Iowa are calculated at checkout on the BGASC website based on (1) the taxability of products sold by BGASC in Iowa set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Iowa. Our sales tax license number in Iowa is 100000434.
If you are an Iowa-based reseller and wish to file a Reseller Certificate with BGASC, please download the Iowa Reseller Certificate form here. Once you have filled out this form, either email it to customerservice@BGASC.com; or mail it to Buy Gold and Silver Corp, 6125 Luther Lane #474, Dallas, TX 75225. Once we receive your completed Reseller Certificate, we will enter it into our system, and you will not be charged sales taxes on future orders as long as your Reseller Certificate remains valid and in force.
Please note: The above is not a comprehensive description of sales tax laws and requirements in the State of Iowa. 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 Iowa that relate to the reader’s transactions with BGASC. If you would like to research the sales tax laws and requirements in the State of Iowa, we suggest you visit the Iowa Department of Revenue located at https://tax.iowa.gov/.