Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $928.86 0.67%
Palladium $919.02 1.27%
McGruff Gold Dealers Massachusetts

Buy Gold Online in Massachusetts

Gold in Massachusetts is rare, and almost all the gold found in the state is very fine and small. Nevertheless, gold and other precious metals remain attractive investment options for those looking to buy gold to grow their wealth long-term.

Massachusetts residents looking to buy precious metals can invest in silver, buy gold, and invest in platinum and palladium.

Before starting your gold investing process online in Massachusetts, ensure you're familiar with federal and state laws. Notably, the IRS imposes capital gains tax on gold purchases, and Massachusetts has its statewide sales tax. Then, when you're ready to start your investment, consider visiting a precious metal dealer's website to browse their products.

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Massachusetts IRS Regulations

As is the case across the entire United States, the IRS will subject you to federal capital gains tax when selling physical gold or other precious metals. How much you owe depends on your personal income and the value of the gold sale. Nonetheless, the maximum rate is 28%, and capital gains are owed if the precious metals are sold after being held for at least one year.

The following is a 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

IRS-Approved Precious Metals

The IRS has strict regulations regarding the types of precious metals you can hold in a gold IRA. Here is what you need to know when choosing your precious metals:

Gold products must have a minimum purity standard of 99.5%, silver products must be 99.9% pure, and platinum and palladium products must be 99.95% pure.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint. Additionally, they must satisfy minimum fineness requirements.
Proof coins must be in excellent condition, sealed in their original mint packaging, including 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

If you are planning to sell gold, investors are required to report the profits to the IRS. To report the income, you must complete Schedule D of Form 1040 on your annual tax return.

However, depending on the type of metal sold, the IRS can also require Form 1099-B. Form 1099-B is required at the time of sale if you sell:

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

Massachusetts Taxes on Gold

In addition to capital tax gains, Massachusetts residents must also pay sales tax when purchasing gold and other precious metals. According to state law, no sales tax will be applied to rare coins of numismatic value, gold or silver bullion, and gold or silver legal tender if the total for a single transaction is $1,000 or more.
However, sales tax will be applied for transactions less than $1,000, and the sales tax rate is currently 6.25%. Additionally, platinum and palladium products are not exempt and are also subject to sales tax upon purchase.

Gold Prices

Several factors influence the cost of gold, including the mint, fineness, rarity, condition, size, dealer, and demand. Typically, the higher the gold content and the larger the size of the gold coin or bar, the more it will cost. Nevertheless, the cost of gold has steadily risen over the decades as it is seen as a relatively stable long-term investment.

Types of Gold Coins, Bars, and Bullion in Massachusetts

Gold is sold in different denominations, including one-ounce, half-ounce, quarter-ounce, and tenth-ounce coins. Gold coins also come in varying qualities, with older coins holding 90% to 92% gold and newer ones carrying 99.9% gold. Some gold dealers also sell alloyed gold coins, which are made up of 91.7% gold and the rest of silver or copper.

The gold coin price will vary depending on the gold content and size. However, some coins may be worth more than the gold spot price due to demand, rarity, and design elements. There are four types of gold coins for sale:

Bullion
Bullion coins were primarily used as a form of currency. However, due to their high purity levels, they are now used for investment and collectible purposes. Usually, these coins are used as a stock market and inflation hedge. Bullion coins are valued because of their scarcity and visual appeal.
Proof
Proof coins are the highest quality gold investments. They are often produced in limited quantities. These coins are produced by U.S. Mints and come with a certificate of authenticity.
Numismatic
Numismatic coins are rare and collectible coins. They are valued more for their historical and artistic worth than their fineness or gold content.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. They are appraised for their rarity, artistry, as well as finesses, and purity.

Gold Bar Sizes

Gold bars are also available in various sizes, ranging from a few grams to 10 ounces. Typically, the gold bar price is based on the size and gold content. Regardless of the size, the minimum international purity standard for gold bars is 99.5%, and each bar is stamped with its weight in gold, fineness, and serial number. In addition, these bars are available in several styles, including:
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.

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