New Hampshire, known as the "Granite State," has a rich history rooted in the early foundations of America. While it may not have the gold rush tales like California, its residents still understand the value of stability and long-term investments.
That’s why New Hampshire 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.
Before you dive in and buy silver and gold, you should be well-versed with both federal and state regulations. While the IRS has its stipulations regarding gold purchases, New Hampshire offers unique tax benefits that set it apart from many other states.
When you decide to sell gold or other precious metals, be prepared to face the federal capital gains tax imposed by the IRS. 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, capped at 28%. Depending on your income, the rates for capital gains tax are 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 considering 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 are available in weights ranging from one to two ounces. While older coins might contain 90% to 92% gold, newer ones boast a gold content of 99.9%. Some reputable gold sellers also offer alloyed gold coins with 91.7% gold, complemented by silver or copper.
The gold coin price is often determined by its size and gold content. However, certain coins might fetch prices above the gold spot price due to their rarity, demand, and unique design elements.
Gold coins can be categorized into: