Gold $2,334.44 0.14%
Silver $27.23 -0.09%
Platinum $921.85 -0.77%
Palladium $955.29 0.3%
McGruff Gold Dealers New York

Buy Gold Online in New York

If New York was a separate country of its own, it would be the 15th richest in the world. Very few cities in the world match the power, wealth, and prestige that New York possesses. New York is also home to Wall Street, where the majority of stocks are traded. However, it is also home to some of the largest gold dealers in the country.

Gold and precious metals are hedges against the U.S. dollar during economic downturns. Therefore, investing in gold today can help you to stay financially secure in the future. If you’re curious about how to invest in gold, this guide will help you get acquainted with the rules and regulations on precious metals in New York.

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New York IRS Regulations

When you sell gold and precious metal products in New York, the profit is subject to a capital gains tax. The tax rate only applies after the sales transaction is finished and can reach up to 28% of that profit.

The tax rate can either be 0%, 15%, or 20% based on the profit you make from the transaction. Additional local tax rates can also be applied in some areas. Here are the current tax rates depending on your income in 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

IRS-Approved Precious Metals

Today, you also have the option of including several precious metal products in your IRA. Previously, the IRS only allowed adding American Eagle silver or gold coins to IRAs. However, the list of available products increased after the Taxpayer Relief Act of 1997. As a result, the IRS approves precious metal products that meet the following requirements:

Gold has to be 99.5% pure, silver has to be 99.9% pure, and palladium and platinum both have to be 99.95% pure.
Bars, rounds, and coins must be manufactured by refiners, assayers, or a producer accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 900, or a national government mint. Moreover, the manufacturer should meet minimum fineness requirements.
Proof coins should be encapsulated in complete and original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced to exact weight specifications (except for 100-ounce gold, 400-ounce gold, 1000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated condition and free from damage.


That said, these are the types of precious metal products currently allowed by the IRS:

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 Canadian Maple Leaf coin is currently the only IRS-approved palladium product available.

IRS Forms

After you sell gold assets, you are required to report your profits to the IRS. For most cases, completing Schedule D of Form 1040 on your annual tax return is the standard way of reporting your income.

However, in some circumstances, you should report to the IRS using Form 1099-B. This form applies to the following transactions only:

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 York Taxes on Gold

Before you decide to invest in gold, be aware of the local tax implications. New York imposes a 4% sales tax on all precious metal transactions, including gold. This is a state-wide sales tax. However, this tax is only applicable to transactions that are less than $1,000. Additionally, gold transactions are exempt from sales tax if it is over $1,000.
Some cities in New York also apply additional taxes on top of the 4% sales tax. For instance, New York City has the highest sales tax rate of 8.875%. Sales tax is also applied to other precious metal transactions that are above $1,000. The following items incur a sales tax in New York:
Coins that contain one-quarter ounce or less of gold
and if the sales price is equal to or more than 120% of the gold content in the coin.
Coins that contain over one-quarter ounce of gold
and if the sales price is equal to or more than 115% of the gold content in the coin.
Silver coins
if the sales price is equal to or more than 140% of the silver content in the coin.
Platinum and palladium coins
if the sales price is equal to or more than 140% of the platinum or palladium content in the coin.
Bars, ingots, rounds, or other forms of precious metals
if the sales price is equal to or more than 115% of the precious metal content in the asset.

Gold Prices

Several factors determine the gold spot price. These usually include the mint, fineness, condition, size, rarity, dealer, and demand of the product. Typically, the larger the size and the higher the gold content of a coin or bar, the more it costs. Gold prices have historically been rising steadily as it is considered a stable long-term investment.

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

Gold coins usually weigh one to two ounces, but some dealers may sell half-ounce and quarter-ounce coins too. Older coins may contain 90% to 92% gold, while newer coins typically hold 99.9% gold. It is also common for some gold dealers to sell alloyed gold coins that contain 91.7% gold, with the remainder made up of silver or copper.

When searching for some of the best gold to buy, consider these four types of gold coins:

Bullion
Bullion coins were once used as fiat money. Today, they are collectibles that serve as a hedge against inflation and the volatility of the stock market. Bullion coins’ value is mainly in their aesthetic beauty and rarity.
Proof
Proof coins are high-quality gold coins and are usually produced in limited quantities. They are manufactured or minted by the U.S. Mint and come with their certificate of authenticity.
Numismatic
These are old collectible and rare coins that are valued higher than their spot price due to their historical and cultural significance.
Semi-numismatic
Semi-numismatic coins take attributes from both bullion and numismatic coins. They are valued based on their rarity, artistry, fineness, and purity.

Gold Bar Sizes

Unlike coins, gold bars aren’t legal tender, which means they were never used for making payments. Instead, bars are collected for their merits as bullion and long-term growth. All gold products are stamped with their weight in gold, fineness, and serial number. These are the types of gold bars you can invest in:
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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