Maine, known for its picturesque landscapes and rich maritime history, has always been a state that values stability and long-term investments. That’s why many Maine residents choose to invest in gold and buy precious metals for long-term growth. Many also invest in silver, platinum, and palladium to diversify their portfolios.
If you're a resident of Maine and want to buy gold online, you should be well-informed about both federal and state regulations. While the IRS has its stipulations regarding gold purchases, Maine also has specific tax rules that you should be aware of before making an investment.
When you decide to sell gold or other precious metals, be prepared to pay federal capital gains tax as mandated by the IRS. Precious metals are regarded as capital assets and are categorized as collectibles. If you’ve held onto your precious metals for over a year before selling, you’ll be subject to this tax.
The capital gains tax aligns with your marginal tax rate, but it won’t exceed 28%. Depending on your income, the capital gains tax rates can be 0%, 15%, or 20%. Here’s a detailed breakdown of the capital gains tax rates for 2023:
|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|
If you're thinking of opening a precious metals IRA, it's vital to know which assets are IRS-approved. The IRS has set clear guidelines on the types of precious metals permissible in an IRA: