Gold $2,329.26 0.36%
Silver $27.16 0.16%
Platinum $922.35 -0.82%
Palladium $950.42 0.82%
McGruff Gold Dealers Kentucky

Buy Gold Online in Kentucky

Kentucky produces some of the country’s most popular cars and is home to various large companies. Apart from that, Kentucky is also home to 4.5 million people, many of whom are eager to buy precious metals to build their wealth.

Particularly, residents invest in gold as a way to build long-term wealth, given gold’s stability and resistance to volatility. In addition to gold, residents also chose to invest in silver, platinum, and palladium as a way to diversify their portfolios.

Gold investing can help you protect against market volatility and dollar devaluation. Now, investing in gold is even easier. Kentucky investors can buy gold from brick-and-mortar gold dealers or online for added convenience. Here’s a guide to buying gold online in Kentucky:

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Kentucky IRS Regulations

Gold investing is subject to tax. All individuals looking to sell gold are subject to a federal capital gains tax. This tax applies to gold sellers who are selling precious metals at a higher price than they were originally purchased. The tax rate depends on the profit you make from the sale. This rate ranges between 0%, 15%, or 20% of the total selling price. However, the rate cannot exceed 28% of the price of gold.

Here is a breakdown of the tax rate based on the seller’s income 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

A gold IRA is a retirement account that lets you invest in gold and other precious metals and build wealth for your retirement. In order to open a gold IRA, the precious metals have to meet the following IRS criteria:

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

IRS Forms

The income earned from the sale of precious metals has to be reported to the IRS through your annual tax return. For the majority of products, you need to file Schedule D of Form 1040. However, some transactions need to be reported immediately. Instead, Form 1099-B must be used to report the sale of the following precious metal 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.

Kentucky Taxes on Gold

The state of Kentucky charges a 6% sales tax on the purchase of all gold and other precious metal bullion and numismatics. The tax applies to all types of coins, bars, legal tender, and collectible precious metals.

Gold Prices

The price of gold products typically depends on their weight and the amount of gold they contain. A precious metal’s face value is determined by its weight and gold contents. For example, most gold bars contain about 99.9% gold and are solely priced on the amount of gold they contain and their weight. Similarly, newly produced coins also hold 99.9% gold and are priced based on the same factors.

However, older coins dating back to the 19th century may contain 90% or 92% gold. Nevertheless, these coins may be worth more than their face value. This is because they may have cultural and historical significance due to their rarity, scarcity, and artistry.

Types of Gold Coins, Bars, and Bullion in Kentucky

Gold coins are issued by coin mints and 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 purchase:

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 are also manufactured by official mints and can weigh from one gram to 400 ounces. The gold bar price is most often based on purity, gold content, and size.

There are also four types of bars you can invest in, 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.

Precious Metals Buying Guide by State

Click on your state to learn more about purchasing gold or investing in a gold ira 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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