Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $929.27 0.72%
Palladium $917.22 1.07%
McGruff Gold Dealers Idaho

Buy Gold Online in Idaho

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.

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Idaho IRS Regulations

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:

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

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 must have a purity of at least 99.5%.
Silver should meet a 99.9% purity standard.
Platinum and palladium must both have a purity of 99.95%.
Bars, rounds, and coins should be produced by a refiner, manufacturer, or assayer accredited by entities like NYMEX, COMEX, NYSE/Liffe, and others. They should also meet the minimum fineness requirements.
Proof coins need to be in their original mint packaging, in excellent condition, and accompanied by a certificate of authenticity.
Small bullion bars should adhere to exact weight specifications.
Non-proof bullion coins should be brilliant, uncirculated, and undamaged.

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
And for palladium, the IRS approves the Canadian Maple Leaf coin.

IRS Forms

When selling your precious metals, you must report the profits to the IRS. Use Schedule D of Form 1040 on your annual tax return. Depending on the type and quantity of metal sold, you might also need to file Form 1099-B. This form is required for:

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

Idaho Taxes on Gold

In Idaho, residents enjoy a tax advantage when purchasing gold and other precious metals. The state does not impose sales tax when you buy silver, gold, or other precious metals, making it more affordable for investors. This exemption applies whether you're buying gold bars, coins, or bullion.

Gold Prices

The price of gold is influenced by various factors, including its rarity, condition, and current market demand. Over the years, gold has proven to be a steady and reliable investment, with its price generally trending upwards.

Types of Gold Coins, Bars, and Bullion in Idaho

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:

Bullion
These coins were once used as currency but are now seen as investment pieces. Their value is often tied to their rarity and aesthetic appeal.
Proof
These are high-quality coins, often produced in limited numbers by the U.S. Mint. Each comes with a certificate of authenticity.
Numismatic
These are older, rarer coins valued more for their historical significance than their gold content.
Semi-numismatic
These coins blend elements of both bullion and numismatic coins, valued for their rarity, design, and gold content.

Gold Bar Sizes

Gold bars are available in various sizes, from a few grams to 10 ounces. Their price is typically based on their gold content and purity. Each bar is stamped with its weight, purity, and serial number. Gold bars can be:
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.

Gold Buying Guide by State

Click on your state to learn more about investing in gold, silver, and other precious metals in your area.
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McGruff.com is not an agent or representative of any gold company or institution, and does not make any decisions about gold. The precious metal market has inherent risks. You should consult with a financial advisor before making any decisions. Submitting your information on this website does not mean that you will be approved for gold exchange. McGruff.com does not endorse any specific company. You should research all available gold exchange options for your situation. For questions about your gold exchange, please contact the gold company directly.
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