Once, Oklahoma attracted Spanish explorers due to the gold found in the area. By the end of the 19th century, prospectors found abandoned Spanish mines and evidence of gold mineralization in the Wichita Mountains area, which led to a gold rush in the region. Although gold prospecting is no longer popular in the area, gold investing is still popular among Oklahoma residents.
Before you buy precious metals, familiarize yourself with the current gold spot price and the federal and state laws, such as capital gains and sales tax in Oklahoma. Once you’re ready to buy gold online, visit a precious metal dealer’s website and check their list of offerings.
Oklahoma has a federal capital gains tax on gold investments. This means that residents who sell gold are required to pay a percentage of their profits. However, if you hold your investment and don’t sell it, you do not owe any money as you didn’t make a profit, even if the value of your precious metals increases.
When you sell your gold assets, the capital gains tax on the earnings will be the same as your marginal tax rate. Capital gains tax is typically divided into 0%, 15%, and 20%; however, the rate can be as high as 28%. Your income and the value of the gold sold will determine the capital gains tax you pay. The following is 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|
Many Oklahoma investors also choose to invest in gold IRAs for long-term retirement savings. However, if you’re wondering how to invest in gold, be aware that the IRS has strict regulations when choosing which gold investments to keep in your account. The following requirements must be met when selecting gold IRA precious metals:
Gold coins generally weigh one to two ounces. However, you may find half-ounce, quarter-ounce, and tenth-ounce coins at some gold dealers. Gold coins also come in varying qualities. For instance, coins dating back to the 1800s contain 90% to 92% gold, and modern coins are made of 99.9% gold. You may also find alloyed coins made up of 91.7% gold, with the rest comprised of silver or copper.
There are four types of gold coins: