Idaho, known as the "Gem State," is rich in mineral resources, from silver to garnets. But gold has always held a special allure. From the early days of the Boise Basin gold rush in the 1860s to modern times, Idahoans have recognized the value of this precious metal as a stable investment.
That’s why many Idaho residents choose to invest in gold and buy precious metals for long-term growth. Many also invest in silver, platinum, and palladium to diversify their portfolios.
If you're an Idaho resident looking to diversify your portfolio, a convenient option is to buy gold online. But before you do, you should understand both federal and state regulations surrounding gold investing.
When you decide to sell gold or other precious metals, be prepared to pay federal capital gains tax. The IRS views these metals as collectibles, and if you've held onto them for more than a year, any profit from their sale will be subject to this tax.
The capital gains tax you'll pay is determined by your income bracket, with rates of 0%, 15%, or 20%. However, the maximum rate won't exceed 28%. 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 considering opening a precious metals IRA, you need to know which metals are IRS-approved. The IRS has set specific standards for metals to be included in these IRAs:
Gold coins can vary in weight, typically ranging from one to two ounces. Their quality can also differ, with newer coins having a gold content of 99.9% and older ones around 90% to 92%. Some gold sellers even offer alloyed gold coins, which are 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.
Gold coins can be categorized into: