Gold $2,660.06 -0.89
Silver $31.20 0.3
Platinum $968.66 0.88
Palladium $1,030.46 0.43
McGruff Gold Dealers Maine

Buy Gold Online in Maine

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.

Ready to Invest in Gold?

Fill out our short form to learn more.

Thank you for reaching out.
We'll be in contact.

In the meantime, please use our site to compare your options.

🙁
Something went wrong.
Try refreshing the page and submitting the form again.

Maine IRS Regulations

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:

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

Keep in mind that you will not be required to pay capital gains tax until the sale of your precious metals has been finalized.

IRS-Approved Precious Metals

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:

Gold products must have a purity of at least 99.5%.
Silver products should meet a purity standard of 99.9%.
Platinum and palladium products need to have a purity of 99.95%.
All bars, rounds, and coins should be produced by a refiner, manufacturer, or assayer that's accredited or certified by recognized institutions like NYMEX, COMEX, and others. They should also meet the minimum fineness requirements.
Proof coins must be encapsulated in complete, original mint packaging. They must also be in excellent condition and include a certificate of authenticity.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must be in brilliant, uncirculated condition and free from all damage.

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

When selling your gold or other precious metals, it's mandatory to report the profits to the IRS. Sellers should complete Schedule D of Form 1040 on their yearly tax return. Additionally, for specific types of metals sold, the IRS requires Form 1099-B. This form is necessary when selling:

90% silver U.S. dimes, quarters, or half dollars at a face value of $1,000
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

Maine Taxes on Gold

In Maine, investors are charged a statewide 5% sales tax when they buy precious metals of any kind. In some cities and counties, the sales can be higher. In some cases, investors who buy silver and gold may be subject to a higher sales tax.

Gold Prices

The price of gold is influenced by various factors, including its rarity, condition, size, and demand. Generally, the more gold content and the larger the size of the gold coin or bar, the higher its price. Over the years, gold has proven to be a consistent and stable long-term investment, with its price steadily increasing.

Types of Gold Coins, Bars, and Bullion in Maine

Gold coins can weigh anywhere from one to two ounces, but some dealers might also offer half-ounce and quarter-ounce coins. The gold coin price is often determined by its size and gold content. However, certain coins might be priced higher than the gold spot price due to their rarity, demand, or unique design elements. There are four types of gold coins:
Bullion
These coins were primarily used as currency but are now seen as collectibles and investments. Their value is often attributed to their rarity and aesthetic appeal.
Proof
These are high-quality gold coins, often produced in limited quantities by the U.S. Mint. Each comes with a certificate of authenticity.
Numismatic
These are collectible or rare coins, often valued more for their historical significance than their gold content.
Semi-numismatic
These coins combine elements of both bullion and numismatic coins, valued for their rarity, design, and purity.

Gold Bar Sizes

Gold bars are available in a range of sizes, from a few grams to 10 ounces. Their price is primarily based on their purity, gold content, and size. All gold bars should have a minimum purity of 99.5% and will typically be stamped with details like weight, fineness, and serial number. Gold bars can be categorized into:
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
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.

Gold Buying Guide by State

Click on your state to learn more about investing in gold, silver, and other precious metals in your area.
US Map

Best Gold Dealers Near Me

★★★★★

American Hartford Gold

Visit Site Read Review
★★★★★

Augusta Precious Metals

Visit Site Read Review
★★★★★

Birch Gold Group

Visit Site Read Review
★★★★★

Goldco

Visit Site Read Review
Compare Dealers

Recent Blog Posts

How to Invest in Gold Like a Pro

Nov 9, 2023

Brass vs. Gold

Jan 15, 2024

What Is the Density of Gold?

Feb 26, 2024
Visit Blog
Advertiser Disclosure: McGruff.com is a for-profit advertising network and professional review site that receives compensation from companies it reviews and for leads it generates and provides to third-parties.

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.
Copyright © 2024 McGruff. All Rights Reserved. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission.