Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $929.27 0.72%
Palladium $917.22 1.07%
McGruff Gold Dealers Oklahoma

Buy Gold Online in Oklahoma

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.

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Oklahoma IRS Regulations

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:

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

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:

There are minimum purity standards depending on the type of precious metal you invest in. For instance, gold must be 99.5% pure, silver 99.9%, platinum and palladium 99.95%.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint. In addition, the producer must meet minimum fineness requirements.
Proof coins must be encapsulated in complete, original mint packaging. They must also be in excellent condition and include a certificate of authenticity.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must be in brilliant, uncirculated condition and free from all 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
The only IRS-approved palladium product is the Canadian Maple Leaf coin.

IRS Forms

The IRS requires investors to report their profits when selling gold and other precious metals. You must complete Schedule D of Form 1040 on your annual tax return to report the income.

However, you may also be required to complete Form 1099-B if you have sold the following precious metals:

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

Oklahoma Taxes on Gold

In addition to tax gains, Oklahoma residents are also required to pay sales tax when purchasing gold and other precious metals. When buying gold online, sales tax will be added to the total.
According to the law, there is a basic rate of 4.5% sales tax on gold and silver prices in Oklahoma. However, this rate increases in certain counties, making them some of the highest in the country. For example, you can expect to pay as much as 8.875% in Lawton, 8.52% in Broken Arrow, 8.35% in Oklahoma City, and 8.51% in Tulsa.

Gold Prices

Many factors influence the gold spot price, including the mint, purity, rarity, condition, size, dealer, and demand. Generally, the greater the gold content and the larger the gold coin or bar size, the higher the price. Nonetheless, the cost of gold has risen steadily throughout the years since, making it a stable long-term investment.

Types of Gold Coins, Bars, and Bullion in Oklahoma

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:

Bullion
Bullion coins were primarily used as a form of currency throughout history. However, they are now collectible items and investments. These coins are typically used to hedge against inflation and the stock market. The value of bullion coins is attributed to the rarity and aesthetic of the item.
Proof
Proof coins are issued by the U.S. mint and come with a certificate of authenticity. They are the highest quality of gold investment and are produced in limited quantities.
Numismatic
Numismatic coins are collectible or rare coins that are typically older. These coins are valued less for their fineness or gold content and more for their historical and artistic significance.
Semi-numismatic
Semi-numismatic coins include features of both bullion coins and numismatic coins. They are valued for their rarity, artistry, as well as finesses, and purity.

Gold Bar Sizes

Gold bars are available in various sizes, ranging from a few grams to 10 ounces. Investment-grade gold bars have an international purity standard of 99.5%. Each gold bar is stamped with its weight in gold, fineness, and serial number. They come in several styles, including:
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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