Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $928.86 0.67%
Palladium $919.02 1.27%
McGruff Gold Dealers Illinois

Buy Gold Online in Illinois

One popular investment option that is growing in the U.S. is to buy precious metals to grow long-term wealth. Individuals chose to invest in silver, gold, platinum, and palladium as a way to diversify their portfolios.

Residents of Illinois find investing in precious metals like gold coins and bars a relatively stable form of investment. Throughout history, gold has served as a hedge against inflation, making gold a good investment that has preserved its value through economic downturns. However, before purchasing gold online in Illinois, make sure to familiarize yourself with federal and state laws.

If you’re ready to buy gold, visit a gold dealer’s website online to browse their products. Most dealers offer various assets to invest in, including gold, silver, platinum, and palladium coins and bars. In some cases, you may need to contact a representative to set up an account.

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Illinois IRS Regulations

If you sell your gold investments after a year, you will be subject to federal capital gains tax. This is because gold investing is considered a capital asset by the IRS.

When selling your gold assets, the capital gains tax on the profit you make will be equal to your marginal tax rate. Typically, capital gains tax is broken down into 0%, 15%, and 20%, but the rate can reach up to 28%. The capital gains tax you are charged will depend on your income and the value of the gold sale. Here is a 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

In case you have held your precious metals for less than a year, short-term capital gains will apply. Based on your income rate, it can range between 10% and 37%.

IRS-Approved Precious Metals

Many Illinois investors also opt to invest in gold IRAs for long-term retirement security. However, when choosing the gold assets that will be held in the account, keep in mind the IRS has strict regulations. The following requirements must be met when choosing your gold IRA precious metals:

There are minimum purity standards depending on the type of precious metal. Gold must be 99.5% pure, silver should be 99.9% pure, and platinum and palladium must be 99.95% pure.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint. Additionally, the producer must meet minimum fineness requirements.
Proof coins must be sealed in complete, original mint packaging. They must also be in excellent condition and include a certificate of authenticity.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must be in brilliant, uncirculated condition and free from all damage.

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

IRS Forms

You must report your gains to the IRS if you sell gold or other precious metals. To report the income, gold sellers must complete Schedule D of Form 1040 on their annual tax return.

However, you may also be required to complete Form 1099-B, depending on the type of metal sold. For example, form 1099-B is needed at the time of sale if you sell:

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

Illinois Taxes on Gold

In addition to the capital gains tax, Illinois residents must also pay sales tax when purchasing gold and other precious metals, adding to the price of gold. So, even if the gold is purchased online, Illinois sales tax will still be added to the total.
According to Illinois law, the sales tax is 6.25%, with an additional 1% to 3.75% added by local authorities. However, no sales tax will be applied to precious metals with a minimum purity of .980, such as bullions, coins, bars, rounds, and medallions, except for the South African Krugerrand.

Gold Prices

Gold’s price is influenced by various elements, including the mint, fineness, rarity, condition, size, dealer, and demand. Typically, the higher the gold content and the larger the gold coin or bar size, the more it will cost. Nonetheless, the cost of gold has steadily increased over the years, making it a reliable long-term investment.

Types of Gold Coins, Bars, and Bullion in Illinois

Gold coins come in a variety of sizes, such as one-ounce, one-half ounce, one-quarter ounce, and one-tenth ounce. They also vary in quality. For example, gold coins minted since the 1800s contain 90% to 92% gold. In comparison, newer coins minted after 2006 contain 99.9% gold. Some dealers also sell alloyed gold coins, which comprise 91.7% gold, with the remainder made of silver or copper to make it more durable.

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:

Bullion
Bullion coins were historically used as a form of currency. However, they are now collectible items and investments. These coins are typically purchased as a hedge against inflation and the stock market. The value of bullion coins is attributed to the rarity and aesthetic beauty of the item.
Proof
Proof coins are the highest quality gold investments and are often produced in limited quantities. These coins are produced by the U.S. mint and are accompanied by a certificate of authenticity.
Numismatic
Numismatic coins are collectible or rare coins that are typically older. These coins are valued more for their historical and artistic significance and less for their fineness or gold content.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. They are valued based on their rarity and artistry, as well as finesses and purity.

Gold Bar Sizes

Gold bars come in various sizes, ranging from a few grams to 10 ounces. Gold bars have a minimum international purity standard of 99.5%. Each gold bar is stamped with its weight in gold, fineness, and serial number. The gold bar price is most often based on purity, gold content, and size.
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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