Mississippi, known for its rich history and the mighty Mississippi River, has always been a state that values stability and tradition. Just as the river has been a source of sustenance and trade for centuries, gold has been a trusted asset for Mississippians looking to secure their financial future.
That’s why many Mississippi residents choose to invest in gold and buy precious metals for long-term growth. Many also invest in silver, platinum, and palladium to diversify their portfolios.
If you're looking to invest in gold online, understand both federal and state-specific regulations. While the IRS has guidelines on capital gains tax for gold transactions, Mississippi has its own set of rules when it comes to sales tax on precious metal purchases.
When you decide to sell gold or other precious metals, be aware that the IRS will require you to pay capital gains tax on any profit. Precious metals are considered capital assets and are classified as collectibles. If you've held onto your gold for more than a year before selling, you'll be subject to this tax.
The capital gains tax rate can be 0%, 15%, or 20%, depending on your income bracket. Here's a detailed breakdown of the capital gains tax rates for 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|
If you're thinking of opening a precious metals IRA, you should know which assets are IRS-approved. The IRS has set specific standards for the types of metals permissible in an IRA:
In Mississippi, when you buy precious metals, you're subject to the state's sales tax. The state’s minimum is 7%, but local city and county taxes could raise the rate to 9%.
Efforts are being made to remove the sales tax on sound money purchases. Due to the changing legal landscape, it's always a good idea to consult with licensed gold dealers in Mississippi who can guide you through the state's sales tax regulations and any applicable exemptions.
Gold coins can vary in weight, typically ranging from one to two ounces. Their quality also differs, with newer coins having a gold content of 99.9% and older ones around 90% to 92%. Some reputable dealers even offer alloyed gold coins with a gold content of 91.7%, with the rest being silver or copper.
The gold coin price often depends on its size and gold content, but certain coins might cost more than the gold spot price due to their rarity, demand, and design.
Gold coins can be categorized into: