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Iowa Precious Metals Tax Information
Iowa has an exemption from sales and use taxes for sales of coins, currency, or bullion.
Taxable Products in Iowa
The state sales tax rate in Iowa is 6%. However, most locations also have a local option sales tax of 1%, bringing the total sales tax rate to 7% in most areas.
- Bullion Products Made of Copper. Any bars, ingots, or commemorative medallions made of copper are subject to sales tax.
- Non-legal Tender Coins. Coins that are not, and have never been, used as legal tender are taxable. This includes many collectible coins.
- Processed Items. Products that have been altered or enhanced beyond their original precious metal content (e.g., colorized coins) are taxable.
- Accessory Items. Items like coin holders, tubes, flips, and similar accessories are subject to sales tax.
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 ITM TRADING. 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/.
