Nevada is known as “the Silver State.” Nonetheless, the state is the largest source of gold in the U.S. and produces nearly two-thirds of its gold. From the first discovery of gold in Nevada in 1849 to 2017, the total production of gold totals 205,931,000 troy ounces, worth US$322.6 billion at 2020 values. However, before deciding to invest in gold and other precious metals in Nevada, ensure you’re familiar with federal and state laws such as capital gains and sales tax.
If you’re ready to buy gold online, visit a precious metal dealer’s website to browse their products. With the rising gold spot price today, many are looking to invest in silver and gold as a safeguard against economic fluctuations.
|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|
When investing in a gold IRA, remember that the IRA has strict regulations regarding the types of precious metals you can hold in your account. Here is a list of the requirements when choosing your precious metals:
You must report your gains to the IRS if you sell gold or other precious metals. To report the income, the seller must complete Schedule D of Form 1040 on their annual tax return.
However, Form 1099-B may also be required by the IRS, depending on the type of metal being sold. Form 1099-B is required at the time of sale if you sell:
Gold coins typically weigh between one and two ounces. However, some dealers may also have half-ounce, quarter-ounce, and tenth-ounce coins. Gold coins also vary in quality, with earlier coins holding 90% to 92% gold and contemporary ones carrying 99.9% gold. Some dealers also sell alloyed gold coins, which are made up of 91.7% gold and the rest of silver or copper.
There are four types of gold coins: