Gold $2,622.97 1.17%
Silver $29.51 1.67%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Rhode Island

Buy Gold Online in Rhode Island

Rhode Island isn’t known for its richness in gold, and there are no commercial gold mining operations in the state. However, this hasn’t stopped its residents from investing in gold as it is a valuable commodity, a hedge against inflation, and an excellent portfolio diversifier.

However, before starting to invest in gold online in Rhode Island, make sure you are familiar with federal and state laws. Then, consider visiting a precious metal dealer’s website and browsing the available investment options. You can buy precious metal products from the dealer’s list of offerings, like gold coins and bars.

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Rhode Island IRS Regulations

The IRS regards investments in precious metals as capital assets that fall within the collectibles category. As a result, investors must pay capital gains tax when selling physical gold or other precious metals.

Long-term capital gains tax is due only if the precious metals are sold after being held for at least one year. The capital gains tax rate depends on the profit you make from the sale. It can reach a maximum of 28%. Depending on your income, the tax rates are 0%, 15%, and 20%. The capital gains tax rates for 2023 are broken out as follows:

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

When opening a precious metals IRA, the IRS has strict regulations regarding the types of precious metals you can invest in your account. The requirements are as follows:

Gold products must meet a minimum purity standard of 99.5%, silver must be 99.9%, and platinum and palladium products must be 99.95%.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer and meet minimum fineness requirements. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint.
Proof coins must be in excellent condition and encapsulated in complete, original mint packaging. A certificate of authenticity must also accompany them.
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 profits when selling gold or other precious metals. Individuals must complete Schedule D of Form 1040 on their annual tax return to report income.

However, they might also be required to complete Form 1099-B, depending on the type of metal sold. This includes:

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

Rhode Island Taxes on Gold

There is a statewide sales tax of 7% in Rhode Island. However, most precious metals, including all forms of silver and gold bullion and bars, are tax-free in Rhode Island. This is because these types of precious metals are considered investment-grade collectibles and are not taxed.
However, anything outside this definition is subject to taxation, such as copper products, bullion products that are not melted or refined, accessories, and processed items.
Accessory items
include holders, tubes, and coin flips.
Processed items
are precious metals that third parties manufacture into items worth more than their precious metal composition. They typically include colorized coins.

Gold Prices

The price of gold, often referred to as the gold spot price, is influenced by a number of factors, including the mint, fineness, rarity, condition, size, dealer, and demand. Typically, the higher the gold content and the larger the size of the gold coin or bar, the more it will cost.

Types of Gold Coins, Bars, and Bullion in Rhode Island

Gold coins typically weigh one to two ounces. Nonetheless, some gold dealers may sell coins in lower denominations like half-ounce, quarter-ounce, and one-tenth ounce. Gold coins also come in varying qualities. For instance, older minted coins contain 90% to 92% gold, and newer coins contain 99.9% gold. Some dealers also sell alloyed gold coins, which comprise 91.7% gold, with the remainder being made up of silver or copper.

There are four types of gold coins:

Bullion
Bullion coins primarily served as a form of currency. However, they are now collectible items and investment options. They are typically purchased as a hedge against inflation and the stock market. Their value is attributed to the rarity and aesthetic beauty of the item.
Proof
Proof coins are the highest quality gold investments and are often produced in limited quantities. These coins are produced by U.S. Mints and come with a certificate of authenticity.
Numismatic
Numismatic coins are collectible or rare coins. These coins are valued more for their historical and artistic significance and less for their fineness or gold content.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. They are valued based on their rarity, artistry, as well as finesses and purity.

Gold Bar Sizes

Gold bars for sale come in various sizes, ranging from a few grams to 10 ounces. The minimum international purity requirement for gold bars is 99.5%. Each bar is stamped with its weight in gold, fineness, and serial number. Gold bars 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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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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