Gold $2,657.76 -0.81
Silver $31.18 0.38
Platinum $967.32 1.02
Palladium $1,030.29 0.44
McGruff Gold Dealers Nebraska

Buy Gold Online in Nebraska

The first non-native settlers in Nebraska appeared after the California Gold Rush in the 19th century, with the hopes of finding equal amounts of gold as in California. And even though the soil of Nebraska wasn’t as rich in gold as California, the state grew to be a prosperous one.

Nebraska has one of the most lenient gold regulations in the country for investing in gold. People continue to invest in gold as it helps them protect against market volatility. This guide will help you find out everything you need to know about buying gold online in Nebraska.

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Nebraska IRS Regulations

According to federal guidelines, investors are charged a federal capital gains tax on the sale of precious metal products. This tax is applied to assets that have been held by the seller for at least a year and sold at a higher price. The tax rate depends on the profit made from the transaction and is due after the transaction is finalized. It can be either 0%, 15%, or 20%. However, the total cannot exceed 28% of the transaction value. Here is a breakdown of the tax rate based on income and filing status:
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

If you decide to liquidate some of your gold assets, you may need to locate reliable gold sellers. This is especially relevant if you wish to capitalize on the favorable gold market conditions, ensuring you receive a good price for your valuables.

IRS-Approved Precious Metals

If you want to invest in a gold IRA, which is a retirement account made of precious metal products, you need to check with the IRS to determine which precious are allowed. The IRS has a few requirements that need to be met in order to be approved for a gold IRS. Those requirements are:

Purity standards should be 99.5% for gold products, 99.95% for silver products, and 99.95% for platinum and palladium products.
Bars, rounds, and coins must be issued and distributed by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, and ISO 900. Moreover, the producer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be distributed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to specific weight specifications (except for 100-ounce gold, 400-ounce gold, 1,000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated, and undamaged condition.

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

Everyone who sells precious metal products for a profit needs to report the sale to the IRS in their annual tax return. Schedule D of Form 1040 should be used to report most types of precious metals. However, for some types of precious metals, Form 1099-B should be used instead. Those precious metals include:

90% silver U.S. dimes, quarters, or half dollars at a $1,000 face value
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.

Nebraska Taxes on Gold

When buying gold online in Nebraska, staying updated with the current gold spot price and silver spot price, as well as the local tax regulations, will offer more clarity. All precious metals are exempt from sales tax in Nebraska. This includes all forms of bullion coins and bars, as well as medallions, tokens, and numismatic coins. The transaction value also does not impact the sales tax. This makes Nebraska one of the best states to buy and sell gold online.

Gold Prices

The primary determinants of the price of gold products are their content of gold and weight. The higher the gold content and the heavier the bullion, the more it usually costs. This is almost always the case with bars. Gold bars can weigh between one gram to 400 ounces and contain 99.9% gold. All gold bars have their purity, weight, and manufacturer’s name inscribed on them.

Most gold coins produced in recent decades also contain 99.9% gold and weigh between a few grams and a few ounces. However, older coins from the 19th century may contain 90% or 92% gold, but you can usually find them being sold above their face value. This is because these coins usually have cultural and historical importance due to their unique design elements, rarity, and high demand.

Types of Gold Coins, Bars, and Bullion in Nebraska

If you want to purchase gold coins, there are four different types you can consider:
Bullion
Bullion coins are collectible items that are valued for their historical and aesthetic significance. They can be obtained from certified dealers in physical stores or online and come with a certificate of authenticity.
Proof
Proof coins are high-quality coins with high purity standards that are issued in very limited quantities. They are produced by the U.S. Mint and also come with a certificate of authenticity.
Numismatic
These are old, collectible, and rare coins that are valued higher than their face value because of their scarcity and design elements.
Semi-numismatic
Semi-numismatic coins take elements from both bullion and numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

Gold bars also come in the following four types:
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.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.

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