Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $929.27 0.72%
Palladium $917.22 1.07%
McGruff Gold Dealers Maryland

Buy Gold Online in Maryland

Known as one of the richest states in the U.S., Maryland offers numerous options to buy precious metals. These precious metals are popular among investors in Maryland because of their relatively stable long-term growth.

Residents choose to invest in gold due to its relative stability and steady price increases. In addition to gold, residents also chose to invest in silver, platinum, and palladium as a way to diversify their portfolios.

If you live in Maryland, you can buy precious metals online or in-store from reputable gold dealers. But before you start investing in gold, it would be better to familiarize yourself with the rules and regulations on buying and selling gold in your home state.

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Maryland IRS Regulations

The federal capital gains tax is applied to the profit earned from selling any precious metal.

The price of gold will affect the tax rate, which can be 0%, 15%, or 20%, based on the profit you make and your filing status. However, the total rate cannot be more than 28% of the transaction value. Here’s a table that summarizes the tax rate in 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

IRS-Approved Precious Metals

For those looking to open a gold IRA, the IRS has a list of permitted products. A gold IRA is a retirement account that works like a traditional IRA but lets you hold precious metals instead of paper assets. To be included in a gold IRA, the precious metals have to meet the following requirements set by the IRS:

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 issued and distributed by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, and ISO 900. Moreover, the producer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be distributed 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

When selling gold products for profit, the gold seller must report their income to the IRS using Schedule D of Form 1040. The form should be filed on the annual tax return. For certain types of precious metal transactions, you should report using Form 1099-B instead. Those products include:

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.

Maryland Taxes on Gold

The state of Maryland doesn’t charge a sales tax on gold, silver, platinum, and palladium items if the total amount of the transaction is less than $1,000. However, a sales tax of 6% is applied to copper products; gold, silver, platinum, and palladium products sold for more than $1,000; numismatic coins worth less than $1,000; coins that are not legal tender in the U.S. or internationally; and accessory or processed items.

Gold Prices

The price of gold coins is usually equal to their face value, which is based on their weight and gold content. However, some coins may be priced above their face value due to their rarity, scarcity, design elements, and demand. On the other hand, gold bars are only priced at their face value. Most gold bars and new coins contain more than 99.9% gold, while older coins can contain 90% or 92% gold.

Types of Gold Coins, Bars, and Bullion in Maryland

Gold coins are issued by coin mints and weigh between a few grams and a few ounces. The gold bar price is most often based on purity, gold content, and size. 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 issued 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. You can buy gold bars in four different 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

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