Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Indiana

Buy Gold Online in Indiana

The Midwest state of Indiana, also known as the Hoosier State, has an enormous economy compared to its size and population. This is mainly due to its diverse economy, from machinery and transportation production to pharmaceuticals.

The state is also known for its investment opportunities, with residents choosing to buy precious metals for long-term growth. In Indiana, residents invest in gold, silver, platinum, and palladium as a way to diversify their portfolios.

Gold is one of the safest investments you can make because its price is relatively stable and negatively correlated with the U.S. Dollar. If you live in Indiana, you can buy gold online, such as gold coins and bars, and have them delivered directly to you.

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Indiana IRS Regulations

As everywhere in the United States, residents of Indiana looking to invest in gold have to pay a federal capital gains tax on the sale of precious metals. This tax is levied on profits made from the sale of capital assets, such as stocks, bonds, precious metals, and jewelry.

The federal capital gains tax depends on the profit you make from a particular transaction. The amount you are taxed is either 0%, 15%, or 20%. However, the tax rate cannot exceed 28% of the profit you make from the deal.

Precious metal sellers will be taxed based on their filing status and income.

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

If you are planning to invest in gold, the IRS has specific requirements for investment-grade precious metals. As a result, coins, bars, and bullion have to be approved by the IRS. These criteria must be met by reputable gold dealers and gold sellers:

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 produced and distributed by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 900, or a national government mint. Moreover, the producer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be enclosed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to exact 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.


This is the list of IRS-approved precious metal coins:

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 have to report your income from the sale of precious metals to the IRS using Schedule D of Form 1040. You don’t have to do this immediately after the transaction is complete but must submit the form in your annual tax return.

For some types of deals, you must report the transaction to the IRS immediately after the sale is complete using Form 1099-B. This applies to the sale of the following products:

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.

Indiana Taxes on Gold

The state of Indiana doesn’t charge a sales tax on the sale of U.S. legal tender coins. These are coins that are recognized by law as valid to cover debts or financial obligations. The majority of coins produced by the U.S. mints are considered legal tender.
Indiana also doesn’t impose a sales tax on gold items with more than 99.5% purity, silver items with more than 99.9% purity, and platinum and palladium items with more than 99.95% purity. Gold dealers must adhere to these regulations. All other gold and other precious metal products are subject to sales tax with a flat rate of 7%.

Gold Prices

The price of gold coins is determined by their gold content and weight. For example, a one-ounce coin with 99.9% purity will generally cost more than a one-gram coin with 92% purity. However, if the coin has historical significance, is hard to find, and is in high demand, it may sell at a higher price than its face value.

Gold bars, on the other hand, hold more than 99.9% gold and are solely priced based on their gold content and weight. The higher the gold content and the heavier the bar, the more it typically costs. Most gold bars do not have historical or artistic significance.

Types of Gold Coins, Bars, and Bullion in Indiana

Gold coins come in different shapes and sizes. 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.

You can usually find four types of gold coins sold by dealers:

Bullion
These are collectible items that are valued higher than the spot price due to artistic and historical elements. They can be obtained from certified dealers and come with a certificate of authenticity.
Proof
Proof coins are high-quality coins that are usually produced in very limited quantities. They are manufactured by any of the four U.S. mints and also come with a certificate of authenticity.
Numismatic
These are old, collectible, and very rare coins that are valued higher than their face value because of their historical significance and scarcity.
Semi-numismatic
Semi-numismatic coins take qualities from both bullion and numismatic coins. They are valued based on their rarity, artistry, scarcity, and purity.

Gold Bar Sizes

Gold bars produced by any of the U.S. mints have their weight, manufacturer’s name and fineness engraved on them and come with a certificate of authenticity. The gold bar price is most often based on purity, gold content, and size.

There are also four different types of bars you can purchase:

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.

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