In Idaho, the sale of precious metal bullion and monetized bullion is exempt from sales tax. This includes common precious metals like gold, silver, platinum, rhodium, and chromium, as long as their value is derived from their metal content and not their form. However there are some exceptions:
- Numismatic Products. Medallions, tokens, or other coins created to commemorate a historical event are not exempt.
- Accessory Items. Holders, tubes, coin flips, and similar items are subject to sales tax.
- Processed Items. Precious metals that have been processed by third parties into items valued on more than their precious metal content, like jewelry, statues, or colorized coins, are subject to sales tax.
Additionally, while there is no state sales tax on precious metals in Idaho, there may be federal capital gains tax on profits made from the sale of precious metals. For further clarification on specific coins, you can consult resources such as:
- Idaho Statutes: Section 63-3622V defines bullion and monetized bullion exemptions.
- Idaho State Tax Commission: They can provide guidance on specific taxability questions. The state sales tax rate in Idaho is 6%. However, local jurisdictions (cities and counties) may impose an additional sales tax of up to 3%, bringing the maximum possible sales tax rate in some areas to 9%.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF IDAHO. 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 IDAHO 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 IDAHO, WE SUGGEST YOU VISIT THE IDAHO STATE TAX COMMISSION LOCATED AT https://tax.idaho.gov/.