Gold $2,622.97 1.17%
Silver $29.51 1.67%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Florida

Buy Gold Online in Florida

Florida, or the Sunshine State, is a top destination for beach tourism, golfing, and amusement parks. And while Florida hasn’t historically been a destination for gold mining, believe it or not, gold investing is popular in the state for growing long-term wealth.

Buying precious metals has always been a stable way of protecting against market collapses and inflation. If you want to invest in gold and silver, Florida has its own rules and regulations. It’s important to know these laws and consult with a professional before making investment decisions.

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Florida IRS Regulations

On the federal level, individuals who sell gold and other precious metals must pay capital gains tax. This tax is applied to assets that have appreciated during the time they’ve been held. It is applied to assets such as real estate, stocks, bonds, and precious metal collections.

The capital gains tax rate depends on the income you make from the transaction and grows as the transaction value increases. Sellers typically have to pay 0%, 15%, or 20% of the transaction value, but the tax rate cannot exceed 28% of the profit. The tax is included in the seller’s annual tax return only after the sale has been finalized. Below is a breakdown of rates based on the individual’s filing status:

Filing Status0%15%20%
SingleUp to $44,625$44,626 to $492,300Over $492,301
Head of householdUp to $59,750$59,751 to $523,050Over $523,051
Married filing jointlyUp to $89,250$89,251 to $553,850Over $553,851
Married filing separatelyUp to $44,625$44.626 to $276,900Over $276,901

Keep in mind that you will not be required to pay capital gains tax until the sale of your precious metals has been finalized.

IRS-Approved Precious Metals

For a while, the IRS only permitted holding American Eagle gold or silver coins in IRAs. The Taxpayer Relief Act of 1997 added a list of additional precious metal products. Today, the IRS has a list of approved precious metal products that you can include in your IRAs. The coins should match the following requirements to be approved by the IRS:

Gold has to be 99.5% pure, silver has to be 99.9% pure, and palladium and platinum both have to be 99.95% pure.
Bars, rounds, and coins must be manufactured by refiners, assayers, or a producer accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 900, or a national government mint. Moreover, the manufacturer should meet minimum fineness requirements.
Proof coins should be encapsulated in complete and original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced to exact weight specifications (except for 100-ounce gold, 400-ounce gold, 1000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated condition and free from damage.


That said, these are the types of precious metal products currently allowed by the IRS:

IRS-Approved Gold Products Include:

American Eagle bullion or proof coins
Australian Kangaroo or Nugget bullion coins
Australian Lunar Series coins
Austrian Philharmonic bullion coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Credit Suisse – PAMP Suisse bars
U.S. Buffalo bullion coins

IRS-Approved Silver Products Include:

American Eagle bullion or proof coins
America the Beautiful coins
Australian Kookaburra coins
Austrian Vienna Philharmonic coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Mexican Libertad bullion coins

IRS-Approved Platinum Products Include:

American Eagle bullion or proof coins
Australian Koala bullion coins
Canadian Maple Leaf bullion coins
Isle of Man Noble bullion coins
The Canadian Maple Leaf coin is currently the only IRS-approved palladium product available.

IRS Forms

Some additional paperwork is required when you sell precious metal bullion and coins. The IRS requires all citizens who sell precious metal products to complete Schedule D of Form 1040 on their annual tax return.

For the following type of transactions, you should report to the IRS using Form 1099-B:

90% silver U.S. dimes, quarters, or half dollars at a face value of $1,000
Twenty-five or more one-ounce gold Maple Leaf, Krugerrand, or Mexican Onza coins
One-kilogram or 1,000-troy-ounce gold and silver bars

Florida Taxes on Gold

In Florida, a 6% sales tax applies to gold and other precious metal transactions only if the total sale amount is below $500. Some local municipalities can also impose an additional 1% to 2% on the sales tax. For single transactions that are more than $500, the sales tax is not applied.

Gold and other precious metals that were used as legal tender in the U.S. are exempt from the sales tax. Coins produced by the U.S. Mint are usually considered to be legal tender. Coins that are legal tender in another country but are sold for their face value are also exempt from sales tax.

For example, if you purchase an American gold coin worth $200, a lump of silver for $100, and a foreign coin for $100 whose value is $10, you will pay a sales tax only on $200 for the silver and the foreign coin. The American coin is exempt from taxation as it is legal tender, the silver coin is taxable because it is less than $500, and the foreign coin is also subject to taxation as it is sold for more than its face value.

Gold Prices

Different factors influence the price of gold coins. Gold costs usually depend on its fineness, condition, size, rarity, dealer, and demand. Typically, the larger the size and the higher the gold content of a coin or bar, the more it costs.

Gold is considered one of the most stable investments. This is because gold prices have historically been rising, which makes it an attractive investment option for the long term.

Types of Gold Coins, Bars, and Bullion in Florida

Gold coins usually weigh one to two ounces, but you can also find coins that weigh half or a quarter of an ounce. Older coins may contain 90% to 92% gold, while newer coins typically contain 99.9% gold. It is also common for some gold dealers to sell alloyed gold coins that contain 91.7% gold, with the remainder made up of silver or copper.

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


There are four types of gold coins you can purchase and sell:

Bullion
Once used as currency in the past, today, bullion are collectibles that serve as a hedge against inflation and the volatility of the stock market. Bullion coins’ value is mainly in their aesthetic beauty and rarity.
Proof
These are high-quality coins that are usually produced in limited quantities. They are manufactured or minted by the U.S. Mint and come with their certificate of authenticity.
Numismatic
These are old collectible and rare coins that are valued higher than their spot price because of their historical and cultural significance.
Semi-numismatic
Semi-numismatic coins take attributes from both bullion and numismatic coins. They are valued based on their rarity, artistry, fineness, and purity.
Gold can also come in other forms, like bars. While coins are usually legal tender money, bars are produced for their merits as bullion. The gold bar price is most often based on purity, gold content, and size.

Gold Bar Sizes

All gold bars are stamped with their weight in gold, fineness, and serial number. There are different types of gold bars you can invest in, including:
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Cast bars
Showcases modern precision with clean lines and a uniform matte finish, optimized for easy storage.
Minted bars
Highly refined, featuring high-gloss finish, sharp edges and tamper-evident packaging for added security.

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