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

Buy Gold Online in New Jersey

Gold was first discovered in New Jersey in 1829 in areas around Franklin. In 1880, the state had a short but intense gold rush. Nonetheless, gold has always been of interest to investors in New Jersey as it has historically proven to increase in value over time.

Before buying gold in New Jersey, make sure you are familiar with federal and state laws, like capital gains tax and statewide sales tax. It’s also worth checking the current gold spot price to get a sense of what you’re ready to pay. When you’re ready to invest in gold online, visit a precious metal dealer’s website, browse their products, and choose the metals.

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New Jersey IRS Regulations

Those keen on diversifying their portfolio in New Jersey need to understand gold and silver prices and the associated tax implications. The IRS considers precious metal investments capital assets classified as collectibles. So, investors must pay federal capital gains tax when selling physical gold and other precious metals. As such, capital gains tax is owed if the precious metals are sold after being held for at least one year.

The capital gains tax rate depends on the profit you make from the sale, reaching a maximum of 28%. Depending on your income, the tax rates are 0%, 15%, and 20%.

The following is a 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 that you won't have to pay capital gains tax until after the sale of your precious metals is complete.

IRS-Approved Precious Metals

When looking for some of the best gold to buy, keep in mind that the IRS has strict regulations regarding the types of assets you can invest in your account. Here are the eligibility requirements:

Gold products must be 99.5% pure, silver products must be 99.9% pure, and platinum and palladium must be 99.95% pure.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer and meet minimum fineness requirements. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint.
Proof coins must be in excellent condition and encapsulated in complete, original mint packaging. A certificate of authenticity must also accompany them.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must be in brilliant, uncirculated condition and free from all 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

Investors must disclose to the IRS any profits they make from the sale of gold or other precious metals. To declare income, they must complete Schedule D of Form 1040 on their annual tax return.

However, depending on the type of metal sold, they might also be required to complete Form 1099-B. Form 1099-B is required when you sell:

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

New Jersey Taxes on Gold

The gold coin price or gold bar price you see online doesn’t always include New Jersey’s sales tax. In addition to the capital gains tax, New Jersey residents must also pay sales tax when purchasing gold and other precious metals. Even if the gold is purchased online, sales tax will still be added to the total.
According to New Jersey Law, the sales tax rate is 7%. However, unlike some other states, buyers won’t be subject to additional local taxes. The 7% tax rate applies to all precious metals, including bullion, numismatic coins, accessory items, and processed items.
Numismatic coins
are classified as coins whose external value is more than the base value of the precious metal content. The external value is due to the coin’s rarity, condition, and age.
Accessory items
include holders, tubes, and coin flips.
Processed items
are classified as precious metals that third parties process into items valued more than their precious metal content. Processed items typically include colorized coins and statues.

Gold Prices

The gold’s mint, fineness, rarity, condition, size, dealer, and demand all play a role in determining its price. However, the larger the size of a gold coin or bar, the higher its price would be. Nonetheless, the cost of gold has steadily increased over the years, making it a relatively stable long-term investment. So, the next time you’re checking the gold spot price today, remember to factor in these determinants.

Types of Gold Coins, Bars, and Bullion in New Jersey

Gold coins come in different sizes ranging from one-tenth ounce to one ounce. They also have varying qualities, with older minted coins dating back to the 1800s containing 90% to 92% gold. In comparison, newer coins produced in the 2000s are made of 99.9% gold. You may also find alloyed gold coins, which comprise 91.7% gold, with the remainder being made up of silver or copper.

There are four types of gold coins:

Bullion
Bullion coins served as a form of currency. However, they are now collectible items and investment products typically purchased as a hedge against inflation and the stock market. Their value is attributed to the rarity and aesthetic beauty of the item.
Proof
Proof coins are the highest quality gold investments. They are often produced in limited quantities by U.S. Mints and come with a certificate of authenticity.
Numismatic
Numismatic coins are collectible or rare coins that are older. These coins are valued more for their historical and artistic significance and less for their fineness or gold content.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. They are valued based on their rarity, artistry, as well as finesses and purity.

Gold Bar Sizes

Gold bars hold an international purity standard of 99.5%. They come in various sizes ranging from a few grams to 10 ounces, and each bar is stamped with its weight in gold, fineness, and serial number. Gold bars come in several styles, including:
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.

Gold Buying Guide by State

Click on your state to learn more about investing in gold, silver, and other precious metals in your area.
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