Gold was first discovered in Georgia in 1828 in present-day Lumpkin County, Dahlonega. The mines in the Georgia Gold Belt continued to produce gold for years, making gold investing a popular long-term investment opportunity for residents.
While it was popular to invest in gold, residents also chose to invest in silver, platinum, and palladium as a way to diversify their portfolios.
Today, Georgians buy precious metals as a long-term growth opportunity. However, before you invest in silver and gold, ensure you are up to date with federal and state laws and taxes. When you’re ready to buy gold online in Georgia, visit a gold dealer’s website to browse their products and choose gold coins and bars to invest in.
When selling physical gold and other precious metals, you will be subject to federal capital gains tax by the IRS. This is because the IRS considers precious metal investments to be capital assets that are classified as collectibles. As a result, if you sell gold after holding it for at least one year, you will be subject to a tax on the profit you make.
The capital gains tax is equal to your marginal tax rate. The rates are 0%, 15%, or 20%, depending on your income, but can reach a maximum of 28%. Here are 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 are considering opening a precious metals IRA, you should be careful about the types of assets you invest in. This is because the IRS has restrictions on the types of precious metals allowed in the IRA. The restrictions are as follows:
Most gold coins for sale come in four denominations ranging from one-quarter to one ounce. They also come in varying qualities. For instance, older coins minted in the 1800s contain 90% to 92% gold. In comparison, newer coins minted after 2006 are made of 99.9% gold. In addition, you may find alloyed gold coins that are comprised of 91.7% gold, with the remainder made 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: