As one of the oldest states in the country, Virginia has a long and rich history. In addition to being the birthplace of the Founding Fathers, Virginia is also a hotspot for buying precious metals. Particularly, residents often invest in gold as a long-term investment to grow their wealth.
Buying gold online can provide you with many benefits, including protection against inflation and dollar depreciation. But before you go ahead and invest, it’s important to familiarize yourself with the governing laws and regulations on gold in Virginia.
|Single||Up to $44,625||$44,626 to $492,300||Over $492,301|
|Head of household||Up to $59,750||$59,751 to $523,050||Over $523,051|
|Married filing jointly||Up to $89,250||$89,251 to $553,850||Over $553,851|
|Married filing separately||Up to $44,625||$44.626 to $276,900||Over $276,901|
Over time, the IRS started allowing more and more precious metal coins and bullion to be included in a gold IRA. As you think about where to buy gold bars or which gold dealers to trust, you should be aware of these regulations. Currently, the IRS has a list of requirements for the coins to meet in order to qualify as eligible. The requirements are the following:
Investors who sell precious metals must report these transactions to the IRS using Schedule D of Form 1040. You should include this form in your annual tax return. Some precious metals transactions will need to be reported immediately following the finalization of the sale. You should report to following sales using Form 1099-B:
In the state of Virginia, the following bullion items are exempt from sales tax:
The bill is active from June 2022 until June 2025, making Virginia currently one of 41 states that don’t charge a sales tax on the abovementioned precious metals regardless of their value. All other palladium bullion or numismatic coins are subject to a 5.3% sales tax that can extend to 6% in some counties in Virginia.
The price of gold bars, coins, and bullion is generally determined by their gold content and weight. Gold bars contain more than 99.9% gold and can weigh between one gram and 400 ounces. Keeping an eye on the gold spot price today can provide a clearer picture of your investment's value.On the other hand, coins can contain 90%, 92%, or 99.9% gold, depending on when they were issued. Coins typically weigh between a few grams and a few ounces. However, due to their unique artistry, rarity, and high demand, some gold coins may be priced above their face value.