Gold $2,334.81 0.13%
Silver $27.30 -0.36%
Platinum $924.90 -1.1%
Palladium $964.79 -0.69%
McGruff Gold Dealers Hawaii

Buy Gold Online in Hawaii

The economy of Hawaii largely depends on tourism and recreational activities. However, residents also buy precious metals as a way to grow long-term wealth.

Hawaii residents invest in silver, gold, platinum, and palladium as a way to diversify their portfolios.

Gold investing can be the answer to building wealth for your retirement, and the sooner you start investing, the more money you can accumulate for your future. The price of gold has been growing steadily over several decades, helping protect against inflation, dollar depreciation, and market volatility.

If you want to invest in gold, Hawaii has specific rules and regulations concerning buying and selling precious metals. It’s important to get to know these nuances before you start investing. This guide will provide you with all the information you need to buy gold online in Hawaii.

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Hawaii IRS Regulations

According to the federal government, investors who sell gold at a profit must pay capital gains tax. This tax applies to all precious metals classified as “collectibles,” meaning they have been purchased more than a year ago and sold later at a higher price for a profit. The tax is only applied after the sale is finalized. The tax rate can be 0%, 15%, or 20% based on the profit and filing status. However, the total tax rate cannot exceed 28% of the transaction value.
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

IRS-Approved Precious Metals

Want to invest in gold, silver, platinum, or palladium? In order for investments to be eligible for a gold IRA, the precious metals have to meet the following criteria set by the IRS:

Purity standards should be 99.5% for gold products, 99.95% for silver products, and 99.95% for platinum and palladium products.
Bars, rounds, and coins must be issued and distributed by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, and ISO 900. Moreover, the producer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be distributed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to specific weight specifications (except for 100-ounce gold, 400-ounce gold, 1,000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated, and undamaged condition.

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
Currently, the only IRS-approved palladium product is the Canadian Maple Leaf coin.

IRS Forms

All precious metal sales should be reported to the IRS. This is usually done by filing Schedule D of Form 1040 on your annual tax return. However, for some types of precious metals, you should file Form 1099-B instead. This includes the following precious metals:

90% silver U.S. dimes, quarters, or half dollars at a $1,000 face value
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.

Hawaii Taxes on Gold

The state of Hawaii doesn’t impose a sales tax when purchasing precious metals, including when you buy gold or silver. However, it does have a General Excise tax, which is equivalent to the sales tax in other states. The tax rate is 4% in Hawaii and is only paid by the gold seller but can be offset by the selling price of the commodity. In some communities, an additional 1% to 2% may be added to the principal tax rate.

Gold Prices

Most gold products are sold at their face value, which is defined by their purity and weight. Gold bars are always priced based on their face value as they don’t have historical or cultural value. They can weigh between one gram and 400 ounces and contain 99.9% gold. All bars have their purity, weight, and manufacturer’s name imprinted on them.

New gold coins also contain 99.9% gold and weigh between a few grams and a few ounces. Older coins contain 90% or 92% gold instead but may be priced higher as they carry an artistic significance. Attributes such as rarity, scarcity, and demand affect the selling price of a gold coin.

Types of Gold Coins, Bars, and Bullion in Hawaii

There are four types of gold coins you can acquire:
Bullion
Bullion coins are collectible items that are valued for their historical and aesthetic significance. They can be obtained from certified gold dealers in physical stores or online and come with a certificate of authenticity.
Proof
Proof coins are high-quality coins with high purity standards that are issued in very limited quantities. They are produced by the U.S. Mint and also come with a certificate of authenticity.
Numismatic
These are old, collectible, and rare coins that are valued higher than their face value because of their scarcity and design elements.
Semi-numismatic
Semi-numismatic coins take elements from both bullion and numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

Gold bars also come in four different types:
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.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.

Precious Metals Buying Guide by State

Click on your state to learn more about purchasing gold or investing in a gold ira in your area.
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