Sales Tax Law:
According to 59-12-104 of the Utah Code, sales of currency or coins that constitute legal tender of a state, the United States, or a foreign nation are exempt from sales & use tax. Gold, silver, or platinum ingots, bars, medallions, and decorative coins are also exempt if (1), the item does not constitute legal tender of a state, the United States, or a foreign nation; and (2), the item has a gold, silver, or platinum content of 50% or more.
NPMEX is required to collect tax on some items shipping to Utah, however sales tax will not be charged for Gold, Silver, or Platinum bullion items we sell as they are exempt from sales tax when shipping to a Utah address.
The State of Utah requires the collection of taxes on certain products sold by NPMEX and delivered to a Utah address. These taxes must be collected on (1) copper or palladium products; (2) bullion products made of gold, silver, or platinum if the gold, silver, or platinum content of such product is less than 50%; (3) numismatic coins unless such numismatic coins are also used as legal tender; (4) accessory items; and (5) processed items. All other products sold by NPMEX are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Utah:
- Legal Tender: Coins that must be accepted if offered in payment of a debt.
- Bullion: Precious metal that is valued solely upon its precious metal content, whether in coin or bar form.
- Numismatic Coins: Coins which have an external value above and beyond the base value of the underlying precious metal, due to the item’s rarity, condition, age, or other external factor.
- 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
Sales taxes in Utah are calculated at checkout on the NPMEX website based on
(1) the taxability of products sold by NPMEX in Utah set forth above, and
(2) the specific tax rates established by the taxing jurisdiction of the delivery address in Utah.
Capital Gains Tax:
Under current law, gold and silver are not subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions in the state of Utah. The passage of HB 317 in 2011 includes “a nonrefundable credit established for any capital gains incurred from the exchange of gold and silver coin issued by the federal government for another form of legal tender.”
Please Note: The above 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 NPMEX. if you would like to research the sales tax laws and requirements in the state of Utah, we suggest you visit the Utah department of revenue located at https://tax.utah.gov/.
Buying Gold and Silver in Utah
Buying precious metals from online dealer NPMEX has some major advantages. Though NPMEX is physically located in Erie Colorado, we ship all over the United States, every day.
NPMEX offers a huge selection of coin and bullion products for Utah residents to choose from. Buyers can shop by metal type or by form such as coin, round or bar. In addition to potential cost savings, shopping online at NPMEX is convenient and can be done from the comfort of your own home or office. Simply pick the coin or bullion products you want to buy, complete the simple checkout process, and your metals will be quickly shipped to your home or other destination of choice. Your
precious metals purchases are fully insured and tracked while in transit.
Benefits to buying gold & silver online at NPMEX.COM:
- Gold and silver shipped directly to your door
- Lower prices than most physical coin stores
- Wide selection
- 24/7 online ordering 365 days a year
- Friendly & knowledgeable customer service
Because online precious metals dealer NPMEX may have lower overhead than brick and mortar coin shops, we are able to pass savings on to our customers. NPMEX offers some of the lowest prices available for precious metals.
NPMEX is proud to serve the residents of Utah and offers a great value and buying experience.