Gold $2,413.08 0.87%
Silver $31.70 1.47%
Platinum $1,053.27 3.82%
Palladium $1,024.55 -0.4%

Buy Gold Online in Tennessee

One of the first gold rushes occurred in Tennessee in 1827, when gold was discovered in Monroe County, right at the foothills of the Appalachian Mountains. While Tennessee is renowned for its deep-rooted history in country, blues, and soul music, it’s also known for buying gold online.

Gold investing can help you hedge against inflation and tumultuous economic times. There are a variety of gold products you can purchase, from coins to minted bars. These can be obtained either from physical stores or online.

The gold spot price today and silver spot price are indicators to determine the best time to buy precious metals. But before you invest in gold and build wealth, it’s important to get to know the state laws in Tennessee because each state has its specific taxes and regulations on buying and selling precious metals.

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Tennessee IRS Regulations

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:

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

Another way of investing in gold is establishing a gold IRA. This retirement fund works exactly like a traditional IRA, but instead of stocks and bonds, you can hold precious metal products like coins, bars, and bullion.

Not all gold and other precious metal coins are allowed to be included in a gold IRA. The IRS approves only those coins that meet the following criteria:

The purity of gold products has to be 99.5%, silver products – 99.9%, and palladium and platinum products – 99.95%.
Bars, rounds, and coins must be produced by refiners, assayers, or other producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 900, or a national government mint. Moreover, the manufacturer should meet minimum fineness requirements.
Proof coins can only be sold encapsulated in complete and original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced to meet certain specifications (except for 100-ounce gold, 400-ounce gold, 1000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated condition and free from 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 palladium coin the IRS accepts is the Canadian Maple Leaf coin.

IRS Forms

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:

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.

Tennessee Taxes on Gold

In June 2022, Governor Bill Lee signed HB 1874/SB 1857 into law. This law exempts all coins, currency, and bullion from sales tax in Tennessee if they are:

Manufactured in whole or in part from gold, silver, platinum, palladium, or any other precious metal;
Used as legal tender, financial security, or commodity in the United States and abroad;
Sold at their face value as an investment option or collectible item rather than as a medium of exchange.

Gold Prices

The gold spot price depends on different factors. Primarily, gold items are valued based on their:

- Gold content
- Weight
- Size

However, some coins may sell at a higher price than their face value. In some cases, a specific coin’s rarity, scarcity, condition, design elements, and demand may elevate its value.

Types of Gold Coins, Bars, and Bullion in Tennessee

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:

Bullions are collectibles that serve as a hedge against inflation and economic fluctuations. Bullion coins’ value is mainly in their aesthetic beauty and rarity.
These high-quality coins are usually produced in limited quantities. They are manufactured or minted by the U.S. mint and come with a certificate of authenticity.
These old, collectible, and rare coins are valued higher than their face value because of their historical and cultural significance.
Semi-numismatic coins take qualities from bullion and numismatic coins. They are valued based on their rarity, artistry, scarcity, and purity.

Gold Bar Sizes

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:

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.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.

Gold Buying Guide by State

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

Best Gold Dealers Near Me


American Hartford Gold


Augusta Precious Metals


Birch Gold Group



Buy Gold in Your Tennessee City

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