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

Buy Gold Online in South Dakota

South Dakota, home to the historic Black Hills Gold Rush in the late 19th century, has a rich history intertwined with the allure of precious metals. Today, residents of Mount Rushmore State continue to see the value in investing in gold as a safeguard against economic uncertainties.

That’s why many South 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 want to invest in gold online, you should understand both federal and state-specific regulations. While the IRS has set guidelines on capital gains tax for gold sales, South Dakota has its own tax implications for purchasing precious metals.

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South Dakota IRS Regulations

When you sell gold or other precious metals, the IRS mandates that you pay capital gains tax on any profit. Precious metals are deemed capital assets and are categorized as collectibles. If you've held onto your gold for more than a year before selling, you'll be subject to this tax.

The capital gains tax aligns with your marginal tax rate, capped at 28%. Depending on your income, the rates are 0%, 15%, or 20%. Here's 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

For those interested in opening a precious metals IRA, you must know which assets are IRS-approved. The IRS has stringent criteria for the types of metals permissible in an IRA:

Gold must have a purity of at least 99.5%.
Silver should meet a purity standard of 99.9%, while platinum and palladium must be 99.95% pure.
Bars, rounds, and coins should be produced by a recognized refiner, assayer, or manufacturer. This entity should be accredited by institutions like NYMEX, COMEX, or LBMA and meet the minimum fineness requirements.
Proof coins should be in their original mint packaging, in pristine condition, and accompanied by a certificate of authenticity.
Small bullion bars need to adhere to exact weight specifications.

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
Lastly, the Canadian Maple Leaf coin is the sole palladium product approved by the IRS.

IRS Forms

Upon selling your precious metals, you're obligated to report the profits to the IRS. This is done using Schedule D of Form 1040. However, for specific metals, the IRS requires Form 1099-B:

90% silver U.S. dimes, quarters, or half dollars with 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

South Dakota Taxes on Gold

In South Dakota, there is a statewide sales tax of 4.5%. However, in some counties and cities, this rate can reach 6%. Luckily, not all precious metals are subject to this sales tax. In some cases, you may be exempt from the state sales tax when you buy silver, gold, or other precious metals.

If the asset is considered legal tender in the U.S. and internationally, and if it is classified as a precious metal coin or bar, the state does not impose a sales tax.

Gold Prices

The price of gold is influenced by various factors, including its purity, rarity, and demand. Over the years, gold has proven to be a resilient and stable investment, with its value generally trending upwards.

Types of Gold Coins, Bars, and Bullion in South Dakota

Gold coins vary in weight, usually between one to two ounces. The gold coin price is often determined by its size and gold content. Some gold coins, due to their rarity or design, may command prices above their gold spot price.

Gold Bar Sizes

Gold bars are available in different sizes, from a few grams to 10 ounces. Their price is primarily based on their gold content and purity. Each gold bar is stamped with its weight, purity, and serial number.

Gold bars can be categorized as:

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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Click on your state to learn more about investing in gold, silver, and other precious metals in your area.
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