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 Michigan

Buy Gold Online in Michigan

Although gold was first discovered in Michigan in 1844, it was 36 years later that the first gold mine in Michigan was established. The Ropes Gold Mine ran for 14 years and produced around $645,792 in gold and silver. In the following years, prospectors discovered more than 75 gold mines and prospects in the state's Upper Peninsula.

To this day, gold is a popular investment option for Michigan residents looking to buy precious metals for long-term and relatively stable growth. However, before you start to invest in gold, make sure you're familiar with federal laws. When ready to buy gold online, visit a dealer's website to browse IRS-approved precious metals.

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Michigan IRS Regulations

All profits from the sale of precious metals are subject to federal capital gains tax. Capital gains tax is due if the precious metals are sold after being kept for at least a year. The gold seller will be taxed on the profit made from the transaction.

The amount you owe in federal capital gains depends on your income. The rates are 0%, 15%, or 20% but can reach up to 28%. Here 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 when it comes to investing in a gold IRA. For example, not all types of precious can be held in a retirement account. Here is a list of the requirements to consider when choosing your precious metals:

The minimum purity standards are as follows: 99.5% for gold, 99.9% for silver, and 99.95% for platinum and palladium.
Bars, rounds, and coins must be manufactured 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 encapsulated in their original mint packaging, in excellent condition, and accompanied by 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

You must report your gains to the IRS if you sell gold or other precious metals. To report the income, the seller must complete Schedule D of Form 1040 on their annual tax return. Keep in mind that Form 1040 can be submitted with your annual tax return.

However, some transactions must be reported immediately after the sale is complete. Form 1099-B is required at the time of sale when 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

Michigan Taxes on Gold

Additionally, some states also levy a tax when investors purchase precious metals. According to Michigan law, gold, silver, and platinum investment coins and bullions are exempt from sales tax. However, sales taxes apply on certain items such as copper and palladium products; gold that is less than 90% pure; silver or platinum bullion products; accessory items; and processed items. These regulations must be considered when you invest in silver and gold or other precious metals.

Accessory items include holders, tubes, and coin flips. On the other hand, processed items are classified as precious metals that third parties process into items that are valued for more than their precious metal content, such as colorized coins.

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 Michigan

A standard gold coin weighs between one and two ounces. Nonetheless, you may find smaller gold coins, such as half-ounce, quarter-ounce, and tenth-ounce coins on display at some dealers. In addition, gold coins vary in quality. For instance, earlier coins were made of 90% to 92% gold, whereas contemporary ones are 99.9% pure. On the other hand, alloyed gold coins are made of 91.7% gold, with the remainder made of silver or copper.

There are four types of gold coins:

Bullion
Bullion coins primarily served as a form of currency. Today, they are considered collectible and investment items because of their high purity levels. Bullion coins are also used as a hedge against inflation and the stock market. Their value is attributed to the rarity and aesthetic beauty of the item.
Proof
Proof coins are the highest quality gold investments and are often produced in limited quantities by the U.S. Mint. They come with a certificate of authenticity to ensure legitimacy.
Numismatic
Numismatic coins are rare and collectible coins. They are valued for their historical and artistic worth and less for their fineness or gold content.
Semi-numismatic
Semi-numismatic coins share the characteristics of both bullion and numismatic coins. They are appraised for their rarity, artistry, as well as finesses, and purity.

Gold Bar Sizes

Investment-grade gold bars have a minimum international purity standard of 99.5% and come in various sizes. For example, you can buy gold bars that weigh a few grams to 10 ounces. Each gold bar is stamped with its weight in gold, fineness, and serial number. 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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