Gold $2,331.02 0.29%
Silver $27.19 0.04%
Platinum $919.13 -0.48%
Palladium $952.64 0.58%
McGruff Gold Dealers Mississippi

Buy Gold Online in Mississippi

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.

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Mississippi IRS Regulations

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:

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

Keep in mind that you will not be required to pay capital gains tax until the sale of your precious metals has been finalized.

IRS-Approved Precious Metals

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:

Gold must have a purity of at least 99.5%.
Silver should meet a purity standard of 99.9%.
Both platinum and palladium need to have a purity of 99.95%.
The metal, whether in the form of bars, rounds, or coins, should be produced by a recognized refiner, manufacturer, or assayer. They must be accredited by institutions like NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint and should meet the minimum fineness requirements.
Proof coins should be in their original mint packaging, in pristine condition, and accompanied by a certificate of authenticity.
Small bullion bars should adhere to exact weight specifications.
Non-proof bullion coins should be brilliant, uncirculated, and free from any damage.

IRS-Approve 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-Approve 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-Approve 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

When you sell gold or other precious metals, it's mandatory to report the profits to the IRS. Gold sellers should complete Schedule D of Form 1040 for their annual tax return. Depending on the type of metal sold, you might also need Form 1099-B. This form is necessary when selling:

90% silver U.S. dimes, quarters, or half dollars with 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

Mississippi Taxes on Gold

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 Prices

The price of gold is influenced by various factors, including its purity, rarity, demand, and global economic conditions. Historically, gold has been a reliable investment, with its value steadily increasing over the years.

Types of Gold Coins, Bars, and Bullion in Mississippi

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:

Bullion
These coins were primarily used as currency but are now seen as investment pieces. Their value is often tied to their rarity and aesthetic appeal.
Proof
These are high-quality coins, often produced in limited quantities by the U.S. Mint, and come with a certificate of authenticity.
Numismatic
These are older, collectible coins valued more for their historical significance than their gold content.
Semi-numismatic
These coins blend elements of both bullion and numismatic coins, being valued for their rarity, design, and gold content.

Gold Bar Sizes

Gold bars are available in various sizes, from a few grams to 10 ounces. Their price is primarily based on their gold content, purity, and size. All gold bars should have a purity of at least 99.5% and will have their weight, purity, and manufacturer details stamped on them. Gold bars can be:
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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