Gold $2,623.09 1.18%
Silver $29.51 1.68%
Platinum $928.86 0.67%
Palladium $919.02 1.27%
McGruff Gold Dealers Kansas

Buy Gold Online in Kansas

Known as the Sunflower State, Kansas is home to a fast-growing economy and many prominent aero structure companies. The largest city, Wichita, is also home to 400,000 people who have been increasingly looking to buy precious metals.

Residents of Kansas invest in gold for its relatively stable growth and intrinsic value. Gold serves as a hedge against inflation and can offer long-term growth opportunities. In addition to gold, residents also chose to invest in silver, platinum, and palladium as a way to diversify their portfolios.

Today, you can acquire gold online from gold dealers anywhere in the U.S. and get it delivered to your address in Kansas in a few days. If you want to know how to invest in gold, here's what you need to understand:

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Kansas IRS Regulations

All individuals in Kansas who sell gold products are subject to a federal capital gains tax. If you're planning to buy silver and gold or invest in platinum or palladium, this tax is applied to all precious metals that have been obtained at a lower price and later sold for profit. The capital gains tax can be 0%, 15%, or 20%, depending on the profit you make from the deal.

Here is a breakdown of the capital gains tax based on the seller’s profit and filing status:

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

In order to invest in a gold IRA, the gold items you buy have to be approved by the IRS. A gold IRA is a retirement account that works exactly like a traditional IRA but holds precious metal products instead of paper assets. The IRS has the following requirements for precious metals:

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, and ISO 900. Moreover, the manufacturer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be sold 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.

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 permitted palladium product is the Canadian Maple Leaf coin.

IRS Forms

According to federal regulations, the sale of precious metal items should be reported to the IRS. You should report the income from precious metal sales by filing Schedule D of Form 1040 on your annual tax return.

However, the IRS requires certain precious metal transactions to be reported immediately after it is completed. In this case, Form 1099-B should be filed instead:

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.

Kansas Taxes on Gold

Kansas is a great place to buy gold bars or invest in silver. In 2019, Legislative Session House Bill 2140 was passed and signed into law. This bill provided a sales tax exemption for gold and silver coins, as well as gold, silver, palladium, and platinum bullion. For other products, there is a sales tax of 6.15% in Kansas. However, some additional local taxes may also be applied. The Kansas sales tax applies to the following products:
Any coins that are not gold or silver
Copper products
Accessory items
Processed items

Gold Prices

Usually, the price of gold coins is determined based on their gold content and weight, which is considered their face value. However, some coins may be priced above their face value because of rarity, scarcity, artistry, and demand. This is especially true for older coins of historical significance that contain about 90% or 92% gold. Typically, newer coins are made of 99.9% gold.

On the other hand, gold bars for sale are priced solely based on their purity and size. They don’t represent any cultural or historical value and mostly contain 99.9% gold.

Types of Gold Coins, Bars, and Bullion in Kansas

Gold coins weigh between a few grams and a few ounces. 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 you can buy:

Bullion
Bullion coins are collectible items that are valued for their historical and aesthetic significance. They can be obtained from certified 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 are coins that take elements from both bullion and numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

Gold bars can weigh from one gram to 400 ounces. The gold bar price is most often based on purity, gold content, and size.

They all come with a certificate of authenticity and their purity and weight inscribed on them. Gold bars can also be of four types, including:

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.

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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