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.
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:
|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|
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:
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: