Gold $2,333.92 0.16%
Silver $27.29 -0.33%
Platinum $924.16 -1.02%
Palladium $960.02 -0.2%
McGruff Gold Dealers Utah

Buy Gold Online in Utah

Residents in Utah know that economic stability is a priority. That’s why many of them choose to buy precious metals to keep their assets secure in times of market volatility. The gold spot price has been increasing for the past couple of decades and remains relatively stable.

Today, you can invest in gold products from anywhere in the U.S. and get them delivered to your doorstep. But it’s important to first learn about the governing laws and regulations on gold in the state of Utah. Read on to find out more.

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Utah IRS Regulations

According to federal regulations, investors who sell precious metals at a profit must pay capital gains tax on the income. The tax rate ranges from 0% to 15% to 20% but cannot exceed 28% of the total transaction value. Typically, the capital gains rate will depend on the amount you make from the transaction. Capital gains tax applies to precious metals that are held for at least one year and is only applied after the sale is completed. The tax rate is equal to the following:
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

A few decades ago, only the American Eagle gold coin was approved by the IRS to be included in a gold IRA. Today, the list has expanded and continues to grow to include precious metals that match the following requirements:

Purity standards should be 99.5% for gold products, 99.95% for silver products, and 99.95% for platinum and palladium products.
Bars, rounds, and coins must be issued and distributed by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, and ISO 900. Moreover, the producer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be distributed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to specific weight specifications (except for 100-ounce gold, 400-ounce gold, 1,000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated, and undamaged condition.

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 profit made from the sale of precious metals has to be reported to the IRS using Schedule D of Form 1040 on your annual tax return. Only for the following types of precious metals, the reporting should be done by filing Form 1099-B instead:

90% silver U.S. dimes, quarters, or half dollars at a $1,000 face value
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.

Utah Taxes on Gold

Precious metals that qualify as legal tender in the United States or internationally are exempt from sales tax in Utah. Moreover, any other precious metal product with at least 50% purity is exempt from sales tax. However, a 4.7% sales tax is applied to other types of precious metal products that don’t meet these standards. However, the sales tax can reach up to 8.35% due to additional local city and county taxes.

Gold Prices

The price of gold coins depends on their purity and weight. Coins weigh between a few grams and a few ounces and contain about 99.9% gold. However, some older coins may contain 90% or 92% gold but cost more than their face value because of their rarity, scarcity, artistry, and demand.

On the other hand, gold bars are priced based on their purity and weight. They weigh between one gram and 400 ounces and contain 99.9% gold. All gold bars have their purity, weight, and manufacturer’s name inscribed on them.

Types of Gold Coins, Bars, and Bullion in Utah

These are the four types of gold coins you can purchase online in Utah:
Bullion
Bullion coins are collectible items that are valued for their historical and aesthetic significance. They can be obtained from certified gold dealers in physical stores or online and come with a certificate of authenticity.
Proof
Proof coins are high-quality coins with high purity standards that are issued in very limited quantities. They are produced by the U.S. Mint and also come with a certificate of authenticity.
Numismatic
These are old, collectible, and rare coins that are valued higher than their face value because of their scarcity and design elements.
Semi-numismatic
Semi-numismatic coins take elements from both bullion and numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

Similarly, these are the four types of gold bars you can acquire:
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.

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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