Delaware, known as the "First State" since it was the first to ratify the U.S. Constitution, has a rich history intertwined with the foundation of America. Today, residents of Delaware continue to be pioneers, not just in history but also in securing their financial futures by investing in gold.
Many Delaware residents choose to invest in gold and buy precious metals for long-term growth. They also invest in silver, platinum, and palladium to diversify their portfolios.
If you want to buy silver or gold, you should understand both federal and state regulations. While the IRS has its guidelines on gold investments, Delaware offers unique advantages for those looking to buy gold online.
When you decide to sell gold or other precious metals, be aware that the IRS will require you to pay capital gains tax on any profit. Precious metals are considered capital assets and are classified as collectibles. If you've held onto your gold for more than a year before selling, you'll be subject to this tax.
The capital gains tax aligns with your marginal tax rate, but it won't exceed 28%. Depending on your income, the rates are set at 0%, 15%, or 20%. Here's a detailed breakdown of the capital gains tax rates for 2023:
|Single||Up to $44,625||$44,626 to $492,300||Over $492,301|
|Head of household||Up to $59,750||$59,751 to $523,050||Over $523,051|
|Married filing jointly||Up to $89,250||$89,251 to $553,850||Over $553,851|
|Married filing separately||Up to $44,625||$44.626 to $276,900||Over $276,901|
If you're thinking about opening a precious metals IRA, you must know which assets are IRS-approved. The IRS has set specific standards for the types of precious metals permissible in an IRA:
Gold coins can vary in weight, typically ranging from one to two ounces. Their quality also differs, with newer coins having a gold content of 99.9%. Some gold sellers might offer alloyed gold coins, which consist of 91.7% gold, with the rest being silver or copper.
The gold coin price often depends on its size and gold content, but certain coins might cost more than the gold spot price due to their rarity, demand, and design.
There are four primary types of gold coins: