Nontaxable Sales

The rental of a safe deposit box is a rental of real property and not subject to Minnesota Sales or Use Tax.

The bank or other financial institutions must pay sales tax on all purchases to maintain the system.

Sales of precious metal bullion are exempt from sales tax.

Precious metal bullion is a bar or round at least 99.9% (by weight) of the following metals:

• Gold
• Silver
• Platinum
• Palladium

The bars or rounds must be marked with weight, purity, and content to qualify for the exemption.

Note: This exemption does not apply to sales of coins, jewelry, works of art, and scrap metal.