Buy Gold Online in Arkansas

When you decide to sell your gold or other precious metals, be prepared to face the federal capital gains tax imposed by the IRS. This is because the IRS views precious metal investments as capital assets, categorizing them as collectibles. If you've held onto your precious metals for over a year before selling, you'll be liable for this tax.

The capital gains tax aligns with your marginal tax rate, capping at 28%. Depending on your income bracket, the capital gains tax rates can be 0%, 15%, or 20%. Here's a detailed breakdown of the capital gains tax rates for 2023:

Upon selling gold or other precious metals, you must report the profits to the IRS. Sellers should complete Schedule D of Form 1040 of their yearly tax return.

Depending on the metal type sold, the IRS might also require Form 1099-B. This form is mandatory when selling:

Gold coins typically weigh one to two ounces; however, half-ounce and quarter-ounce coins may also be available at some dealers. They also come in varying qualities, with older minted coins containing 90% to 92% gold and newer coins containing 99.9% gold. Some reputable gold dealers also sell alloyed gold coins, which contain 91.7% gold, with the remainder made up of silver or copper.

The price of a gold coin is often based on its size and gold content. However, some coins can cost more than the gold spot price based on rarity, demand, and design elements.