Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $928.86 0.67%
Palladium $919.02 1.27%
McGruff Gold Dealers North Carolina

Buy Gold Online in North Carolina

Although relatively small in size, North Carolina is one of the ten largest U.S. states by population. With more than 10 million residents, people in North Carolina have been investing in gold for centuries, considering gold a good long-term investment.

Gold investing can serve as a hedge against inflation. It can also help protect against market volatility, such as stock market crashes and U.S. Dollar devaluation. Until recently, the only way to invest in gold was by visiting a dealer in your city. However, now you can also acquire gold coins and bars online with the current gold spot price from the comfort of your home.

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North Carolina IRS Regulations

All precious metal sales are subject to a federal capital gains tax. This tax is only paid if the precious metal is sold for a profit. The tax rate can be 0%, 15%, or 20%, depending on the profit you make from it, but never more than 28% of the transaction value.

The capital gains tax is due only when you finish selling the product. Additionally, capital gains tax applies to precious metals that are held for at least one year and then sold. Here is a breakdown of the tax rate:

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

If you’re looking to buy gold bars or invest in silver through an IRA, you should first check if they’re IRS-approved. A gold IRA is an alternative type of retirement account where you can buy precious metal products. Only the assets that meet the following criteria can be included in an IRA:

Gold products should have 99.5% purity, silver products – 99.95%, and platinum and palladium products – 99.95%.
Bars, rounds, and coins must be produced by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 900, or a national government mint, and distributed through certified dealers. Moreover, the manufacturer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be enclosed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to exact weight specifications (except for 100-ounce gold, 400-ounce gold, 1,000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated, and undamaged condition.

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

All gold transactions should be reported to the IRS. Sellers shouldn’t worry about reporting at the time of the transaction but must file Schedule D of Form 1040 on their annual tax return. Most precious metal products fall under this reporting category. However, the following transactions should be reported at the time of sale using Form 1099-B instead:

90% silver U.S. dimes, quarters, or half dollars at a $1,000 face value
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.

North Carolina Taxes on Gold

All sales of gold coins, bars, and bullion are subject to a state sales tax. The standard tax rate in North Carolina is 4.75%, but this is rarely what you will pay. This is because most counties and cities impose additional taxes. In total, the sales tax payable will usually be between 6.75% and 7.5%. Some local rates in North Carolina are as follows:

Alamance – 6.75%
Alexander – 7%
Brunswick – 6.75%
Buncombe – 7%
Craven – 6.75%
Cleveland – 6.75%
Montgomery – 7%
New Hanover – 7%

Gold Prices

The gold spot price and silver spot price are mainly determined by their purity and weight. Newer coins have purity standards of 99.9% and above, while older coins from the 19th century can be 90% to 92% pure. However, older coins can sometimes be priced more than their face value because of their scarcity, rarity, demand, and design elements.

Gold bars typically contain 99.9% gold and are solely priced based on their purity and weight. Unlike coins, they do not have any cultural or aesthetic value.

Types of Gold Coins, Bars, and Bullion in North Carolina

There are four types of gold coins you can acquire online in North Carolina:
Bullion
Bullion coins are collectible items that are valued for their historical and aesthetic significance. They can be obtained from certified gold dealers in physical stores and online. These coins also come with a certificate of authenticity.
Proof
Proof coins are high-quality coins with high purity standards that are produced in very limited quantities. They are manufactured by the U.S. Mint and also come with a certificate of authenticity.
Numismatic
Numismatic coins are old, collectible, and rare coins that are valued higher than their face value because of their craftsmanship and scarcity.
Semi-numismatic
Semi-numismatic coins are bullion coins that also take attributes from numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

Gold bars come in different shapes and sizes and can also be separated into four categories:
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.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.

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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McGruff.com is not an agent or representative of any gold company or institution, and does not make any decisions about gold. The precious metal market has inherent risks. You should consult with a financial advisor before making any decisions. Submitting your information on this website does not mean that you will be approved for gold exchange. McGruff.com does not endorse any specific company. You should research all available gold exchange options for your situation. For questions about your gold exchange, please contact the gold company directly.
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