Buy Gold Online in Tennessee

Those looking to sell gold in Tennessee are subject to a federal capital gains tax. This tax is usually applied to the sales of assets that appreciated during the time it was held. However, the capital gains tax still applies on a federal level. The tax rate is 0%, 15%, or 20%, based on your taxable income for the year. It cannot exceed 28% of your income from the sale.

Here’s a breakdown of the tax rates based on the profit you make from the transaction:

While there is no capital gains tax in Tennessee, you still need to report your income from selling precious metals, like gold and silver, on your tax return. The IRS requires all gold, silver, platinum, or palladium sellers to fill Schedule D of Form 1040 on their annual tax report.

In some cases, the seller needs to report his income to the IRS using Form 1099-B instead. This applies to only the following transactions:

Gold coins usually carry a historical or aesthetic value. Most older coins contain 90% to 92% gold, while newer ones contain about 99.9% gold. Some dealers also sell alloyed gold coins that hold 91.7% gold, and the remainder is typically made up of silver or copper. They can weigh anything from a few grams to a few ounces.

There are four types of gold coins you can buy and sell in Tennessee:

Gold bars are cast or minted items that contain more than 99.9% gold. Unlike coins, bars are valued based solely on their weight and gold content. They can weigh from one gram to 400 ounces. Gold bars can be obtained from certified gold dealers and come with their manufacturer, weight, and purity inscribed on them.

Gold bars come in four different types: