North Dakota, known for its rich agricultural heritage and the scenic beauty of the Badlands, has always been a state that values stability and foresight. With the fluctuating economy, many North Dakotans are turning to precious metals as a secure investment.
North Dakota 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.
If you're looking to buy gold online in North Dakota, you should be well-informed about both federal and state regulations.
When you decide to sell gold or other precious metals, be aware that the IRS will require you to pay capital gains tax on any profit. Precious metals are considered 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 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:
|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 must know which metals are IRS-approved. The IRS has set specific guidelines for the types of metals you can include:
In North Dakota, when buying gold and other precious metals, you are subject to a sales tax. The statewide sales tax is 5%, but some counties and cities may impose higher rates.
According to North Dakota law, sales tax is not applied to transactions involving monetized bullion, non-monetized bullion, numismatic coins, accessory items, and processed items if the total for a single transaction is $1,500 or more. However, for transactions under $1,500, the standard sales tax rate of 5% is applied.
Gold coins can range in weight, with most being one to two ounces. Their quality can vary, with newer coins having a gold content of 99.9%, while older ones might contain 90% to 92% gold. The gold coin price is often determined by its size and gold content, but rarity, demand, and design elements can also play a role.
There are four primary types of gold coins: