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:
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:
|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|
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:
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:
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.
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:
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: