Gold $2,325.31 0.53%
Silver $27.19 0.07%
Platinum $922.02 -0.79%
Palladium $958.36 -0.01%
McGruff Gold Dealers Minnesota

Buy Gold Online in Minnesota

Gold was first discovered in northern Minnesota in 1865, which led to the Vermilion Lake gold rush. However, only tiny amounts of gold were found, which led the prospectors to abandon the area. Then, in 1983, gold was discovered on Little American Island in Rainy Lake. The discovery attracted many miners to the northern region, where they settled.

Around 160 years after the discovery of gold in Minnesota, the gold spot price today suggests that the cost of gold has steadily increased over the years. However, before buying precious metals in Minnesota, make sure you are familiar with federal and state laws.

For instance, the IRS imposes a capital gains tax on gold purchases, and Minnesota has its own statewide sales tax. When you’re ready to invest in gold online, visit a reputable gold dealer’s website, browse their products, and choose the metals you want to invest in.

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Minnesota IRS Regulations

The IRS considers precious metal investments to be capital assets that are classified as collectibles. As a result, you will be subject to federal capital gains tax when you sell gold and other precious metals after holding them for at least one year.

The amount you are taxed depends on the profit you make from the transaction. Depending on your income, the tax rates are 0%, 15%, and 20%, or a maximum of 28%. The capital gains tax rates for 2023 are broken down as follows:

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 assets you can hold in a gold IRA. So, if you want to invest in silver and gold through an IRA, make sure that the assets meet the following requirements:

Gold products must be 99.5% pure, 99.9% for silver, and 99.95% for platinum and palladium.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer and meet minimum fineness requirements. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint.
Proof coins must be in excellent condition and encapsulated in complete, original mint packaging. A certificate of authenticity must also accompany them.
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

Investors are required to report their profits from selling gold or other precious metals to the IRS. To report income, sellers must complete Schedule D of Form 1040 on their annual tax return.

However, depending on the type of metal sold, they might be required to complete Form 1099-B instead. The latter is required 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

Minnesota Taxes on Gold

In addition to the capital gains tax, Minnesota residents are also required to pay sales tax when purchasing gold or other precious metals. When buying gold online, the sales tax will be added to the total.
According to Minnesota law, the sales tax is 6.875%. However, you may pay more depending on your city. For instance, the sales tax in the city of Minneapolis is 7.15%. Sales tax is due on the purchase of all precious metal products, such as bullion and numismatic coins. There are no exceptions.
Bullion
is classified as coins or other currency made of gold, silver, or other metals used as a form of exchange.
Numismatic coins
external value is worth more than the base value of the precious metal content. The external value is often due to the coin’s rarity, condition, and age.

Gold Prices

Several factors influence the gold spot price. These include the mint, fineness, rarity, condition, size, dealer, and demand. Typically, the higher the gold content and the larger the coin or the bar, the more it will cost. Nonetheless, the cost of gold has steadily increased over the years, making it a stable long-term investment.

Types of Gold Coins, Bars, and Bullion in Minnesota

Gold coins come in different sizes ranging from one-tenth ounce to one ounce. They also have varying qualities, with older minted coins containing 90% to 92% gold and newer coins containing 99.9% gold. You may also find alloyed gold coins, which are comprised of 91.7% gold, with the remainder being made up of silver or copper.

There are four types of gold coins:

Bullion
Bullion coins served as a form of currency. However, they are now collectible items and investments. Bullion coins are typically purchased 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. They are often produced in limited quantities by the U.S. Mint and come with a certificate of authenticity.
Numismatic
Numismatic coins are collectible or rare coins that are older. These coins are valued more for their historical and artistic significance and less for their fineness or gold content.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. They are valued based on their rarity, artistry, as well as finesses and purity.

Gold Bar Sizes

Gold bars come in various sizes ranging from a few grams to 10 ounces. Each bar is stamped with its weight in gold, fineness, and serial number. Gold bars have a minimum international purity standard of 99.5%. They come 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.

Precious Metals Buying Guide by State

Click on your state to learn more about purchasing gold or investing in a gold ira in your area.
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