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 Mexico

Buy Gold Online in New Mexico

New Mexico, known as the "Land of Enchantment," boasts a rich history intertwined with Native American, Spanish, and Mexican cultures. While it might be famous for its vibrant arts scene and ancient pueblos, savvy residents of New Mexico recognize the value of gold investments to secure their financial future.

As a result, investors choose to invest in gold to grow their long-term wealth. Many will also invest in silver, platinum, and palladium to diversify their portfolios.

If you're looking to buy precious metals, you should understand both federal and state-specific regulations. While the IRS has its guidelines on gold investments, New Mexico also has its tax implications to consider.

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New Mexico IRS Regulations

When you decide to sell your gold or other precious metals, be prepared to pay federal capital gains tax. The IRS views these metals as collectibles, and if you've held onto them for more than a year, any profit from their sale will be subject to this tax.

The capital gains tax can be as high as 28%, but the exact rate depends on your income. Here's 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, the capital gains tax will only be applied after you sell gold and it is finalized.

IRS-Approved Precious Metals

If you're thinking about opening a precious metals IRA, it's important to know which metals are IRS-approved. The IRS has set specific standards for the metals you can include:

Gold must have a purity of at least 99.5%.
Silver should meet a purity standard of 99.9%.
Both platinum and palladium need to have a purity of 99.95%.
The metals should be produced by a refiner, assayer, or producer that's accredited by organizations like NYMEX, COMEX, or others.
Proof coins should be in their original mint packaging, in excellent condition, and come with a certificate of authenticity.
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
Lastly, for palladium, the IRS approves the Canadian Maple Leaf coin.

IRS Forms

When you sell your precious metals, you'll need to report the profits to the IRS. This is done using Schedule D of Form 1040. However, in certain cases, you might also need to fill out 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
25 or more one-ounce gold Maple Leaf, Krugerrand, or Mexican Onza coins.
One-kilogram or 1,000-troy-ounce gold and silver bars

New Mexico Taxes on Gold

The state of New Mexico does not have a traditional sales tax. Instead, it utilizes a "gross receipts tax." This tax is typically levied on gold sellers rather than the consumer. However, in many cases, businesses pass this tax onto the consumer by incorporating it into the selling price. As such, prices may be higher in New Mexico than the gold spot price due to the gross receipts tax.

The gross receipts tax rate can vary, but the statewide rate is 5.125%. Depending on local additions, this tax can be as high as 8.688%. When it comes to the purchase of precious metals in New Mexico, there is no exemption from this tax. Therefore, when buying gold or silver, consumers should be aware of any additional tax that may be added to their purchase.

Gold Prices

The price of gold is influenced by various factors, including its rarity, condition, and demand. Generally, gold with higher content and larger size will cost more. Over the years, gold has proven to be a stable and promising long-term investment.

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

Gold coins vary in weight, typically ranging from one to two ounces. Their quality also differs, with newer coins having up to 99.9% gold content. Some dealers might offer alloyed gold coins, which consist of 91.7% gold, with the rest being silver or copper. The gold coin price is often higher than the face value due to scarcity, demand, and design elements.

Gold coins can be categorized into:

Bullion
These coins were once used as currency but are now seen as collectibles and investments.
Proof
These are high-quality coins produced in limited quantities and come with a certificate of authenticity.
Numismatic
These are older, rare coins valued more for their historical significance than their gold content.
Semi-numismatic
These coins combine elements of both bullion and numismatic coins.

Gold Bar Sizes

Gold bars are available in various sizes and have a minimum purity standard of 99.5%. Each bar displays its weight, fineness, and serial number. The types of gold bars include:
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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