Gold $2,622.97 1.17%
Silver $29.51 1.67%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Montana

Buy Gold Online in Montana

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.

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Montana IRS Regulations

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:

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

Remember, capital gains tax will apply only after you sell gold and it is finalized.

IRS-Approved Precious Metals

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 must meet a purity standard of 99.5%.
Silver should have a purity of 99.9%, while platinum and palladium must be 99.95% pure.
Bars, rounds, and coins should be produced by a refiner, manufacturer, or assayer accredited by institutions like NYMEX, COMEX, or a national government mint. They must also meet the minimum fineness requirements.
Proof coins need to be in their original mint packaging, in excellent condition, and come with a certificate of authenticity.
Small bullion bars should adhere to exact weight specifications.
Non-proof bullion coins should be brilliant, uncirculated, and free from 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

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

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

Montana Taxes on Gold

Montana stands out as one of the few U.S. states without a sales tax, and this exemption extends to all purchases, including precious metals. Whether you buy gold or invest in silver and other precious metals, you won't be subjected to any sales tax in Montana.

Gold Prices

The price of gold is influenced by various factors, including its mint, purity, rarity, condition, size, the gold sellers you're purchasing from, and overall demand. Generally, gold with higher content and larger size tends to cost more. Over the years, gold's price has consistently risen, making it a sought-after long-term investment.

Types of Gold Coins, Bars, and Bullion in Montana

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:

Bullion
These coins were primarily used as currency but are now considered collectible items and investments. Their value is often attributed to their rarity and aesthetic appeal.
Proof
These are high-quality gold investments produced in limited quantities by the U.S. Mint. Each comes with a certificate of authenticity.
Numismatic
These are collectible or rare coins, often older, valued more for their historical and artistic significance than their gold content.
Semi-numismatic
These coins combine elements of both bullion and numismatic coins. They are valued based on their rarity, artistry, purity, and fineness.

Gold Bar Sizes

Gold bars are available in various sizes, from a few grams to 10 ounces. Their price is primarily based on purity, gold content, and size. Gold bars must meet a minimum purity standard of 99.5%. Each bar is stamped with its weight, fineness, and serial number. They come in styles like:
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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