Gold $2,338.00 -0.01%
Silver $27.20 0.01%
Platinum $914.01 0.08%
Palladium $958.14 0.01%
McGruff Gold Dealers Texas

Buy Gold Online in Texas

The attention of investors toward precious metals in Texas started back in the 19th century. Fast forward to 2015, the Lone Star State became the first state ever to open its own gold depository. If you live in Texas and are looking for an investment to grow your wealth, you can invest in gold and silver.

Like every state across the country, Texas has its unique sales tax rules and regulations. So, before you buy precious metals, take some time to familiarize yourself with capital gains tax rates and IRS regulations.

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Texas IRS Regulations

Gold sellers in Texas are subject to federal capital gains tax. The IRS identifies precious metals as collectibles and requires you to pay this tax if you’ve held these assets for at least one year.

The exact amount of the tax usually depends on your personal income and can be either 0%, 15%, or 20% of your profit. However, the capital gains tax cannot exceed 28%. Here is a breakdown of capital gains tax rates based on filing status:

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

Capital gains taxes are due only after the investment is sold. Thus, you won’t have to worry about this tax until the trade has been finalized.

IRS-Approved Precious Metals

For a while, the IRS only permitted holding American Eagle gold or silver coins in IRAs. Today, the number of different coins has expanded thanks to the Taxpayer Relief Act of 1997. Therefore, the IRS has established rules and regulations about the types of precious metals allowed in IRAs. The coins should match the following requirements to be allowed in IRAs:

Gold has to be 99.5% pure, silver has to be 99.9% pure, and palladium and platinum both have to be 99.95% pure.
Bars, rounds, and coins must be manufactured by refiners, assayers, or a producer 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 should be encapsulated in complete and original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced to exact weight 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.


That said, these are types of precious metal products currently allowed by the IRS.

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 Canadian Maple Leaf coin is currently the only IRS-approved palladium product available.

IRS Forms

When you sell precious metal bullion and coins, you are required to report your profits to the IRS. To do so, you must complete Schedule D of Form 1040 on your annual tax return.

If you sell certain bullion products, you should report to the IRS using Form 1099-B. This document applies to the following transactions only:

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

Texas Taxes on Gold

The sale of precious metal coins in Texas is not subject to sales tax. Therefore, gold, silver, and numismatic coins are exempt from Texas sales tax. However, this exception does not apply to gold, silver, and numismatic coins in the form of jewelry and other adornments.

Numismatic coins are classified as coins whose external value is more than the base value of the precious metal content. The external value is often due to the coin’s rarity, condition, and age.

Gold Prices

Multiple factors determine the spot price of gold. These can include the mint, fineness, condition, size, rarity, dealer, and demand. Typically, the larger the size and the higher the gold content of a coin or bar, the more it costs. Gold prices have historically been rising steadily as it is considered a stable long-term investment.

Types of Gold Coins, Bars, and Bullion in Texas

Gold coins usually weigh one to two ounces, but some gold dealers may sell half-ounce and quarter-ounce coins, too. Older coins may contain 90% to 92% gold, while newer coins typically hold 99.9% gold. It is also common for some dealers to sell alloyed gold coins that contain 91.7% gold, with the remainder made up of silver or copper.

When looking for some of the best gold to buy, remember that there are four types of gold coins you can purchase and sell:

Bullion
Bullion coins were once used as fiat money. Today, they are collectibles that serve as a hedge against inflation and the volatility of the stock market. Bullion coins’ value is mainly in their aesthetic beauty and rarity.
Proof
Proof coins are the highest quality gold coins and are usually produced in limited quantities. They are manufactured or minted by the U.S. Mint and come with their certificate of authenticity.
Numismatic
These are old collectible and rare coins that are valued higher than their spot price due to their historical and cultural significance.
Semi-numismatic
Semi-numismatic coins take attributes from both bullion and numismatic coins. They are valued based on their rarity, artistry, fineness, and purity.

Gold Bar Sizes

Apart from coins, you can also opt to invest in other precious metal products, such as gold bars. All gold bars are stamped with their weight in gold, fineness, and serial number. They can come in different styles, such 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 a high-gloss finish, sharp edges, and tamper-evident packaging for added security.

Precious Metals Buying Guide by State

Click on your state to learn more about purchasing gold or investing in a gold ira in your area.
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