Home to the first capital of the United States of America, Pennsylvania is rich in history and American memorabilia. The first-ever mint was also established here in Philadelphia. Currently, it is the largest mint in the country that produces gold and silver coins, bars, and bullion.
Gold investing can protect you from economic downturns, as the price of gold has steadily been rising for decades. Today, you can buy silver and gold online and have them delivered to you. If you see a “P” engraved on any of your gold products, that means that it has been manufactured by the Philadelphia Mint in Pennsylvania.
|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|
Opening a gold IRA is another way to invest in gold online. A gold IRA works exactly like a traditional IRA, with the exception of holding only precious metal coins, bars, and bullion. However, not all precious metals products are allowed to be included in an IRA.
The IRS has established certain criteria for precious metals to be included in IRAs. For the time being, it only approves the sale of those precious metals that match the requirements below:
Here is a list of some precious metal products approved by the IRS that you can purchase online:
Precious metal sellers have to report their income from precious metal sales to the IRS using Schedule D of Form 1040. Sellers do not need to report the transaction immediately after it is completed. Rather, you will need to report the sale on your annual tax return.
However, the sale of certain products will need to be reported immediately using Form 1099-B instead:
The gold coin price usually depends on weight and gold content. Most new coins contain 99.9% gold and are usually priced based on purity. However, older coins that are rare and in high demand can cost more even if they contain a lesser amount of gold. In these cases, historical significance and artistry may increase the price of the gold coin.On the other hand, gold bars are only valued based on their weight and gold content, which are both engraved on them. Most gold bars don’t have historical and cultural significance and are mainly sold for investing purposes.