Montana, known as the "Treasure State," boasts a rich history of mining, from gold to sapphires. Today, residents of Montana continue to invest in gold, not just as a nod to their state's history but as a sound financial decision.
Before diving into the world of gold investments, understand both federal and state-specific regulations. While the IRS has its guidelines concerning gold and other precious metals, Montana has its unique stance, especially when it comes to taxes.
If you want to buy gold online, you can explore various gold dealers’ websites to view their offerings. From these platforms, you can select gold, silver, and other precious metals in the form of coins and bars. In some cases, you might need to reach out to a representative to set up an account and finalize your purchase.
When you decide to sell gold or other precious metals, be aware that the IRS will impose a capital gains tax. Precious metals are viewed as capital assets and are categorized as collectibles. If you've held onto your precious metals for over a year before selling, you'll be subject to this tax.
The capital gains tax aligns with your marginal tax rate, capping at 28%. Depending on your income, the capital gains tax rates can be 0%, 15%, or 20%. 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 about opening a precious metals IRA, you should know which assets are IRS-approved. The IRS has set clear guidelines on the types of precious metals permissible in an IRA:
Gold coins usually weigh between one to two ounces, but some dealers might offer half-ounce and quarter-ounce coins. The gold content in coins can vary, with older ones containing 90% to 92% gold and newer ones boasting a 99.9% gold content. Some reputable dealers might also offer alloyed gold coins, which consist of 91.7% gold, 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: