Gold $2,622.97 1.17%
Silver $29.51 1.67%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Virginia

Buy Gold Online in Virginia

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.

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Virginia IRS Regulations

According to federal regulations, investors who sell precious metals that have appreciated in value must pay capital gains tax. This tax applies to all gold products that have been held for at least one year and sold at a higher price. The capital gains tax depends on the money you make from the sale. You will be taxed a percentage, ranging from 0%, 15%, to 20%, but never more than 28% of the total transaction value. The tax comes into play only after you finalize the sales 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

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:

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

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:

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.

Virginia Taxes on Gold

In the state of Virginia, the following bullion items are exempt from sales tax:

Gold, silver, or platinum refined bullion bars or ingots are sold according to their precious metal content and not their form;
Legal tender coins of any metal issued by the United States or foreign nations as a medium of exchange or payment of debt.

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.

Gold Prices

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.

Types of Gold Coins, Bars, and Bullion in Virginia

For those looking to buy gold coins, here’s a breakdown of the main types:
Bullion
Bullion coins are collectible items that are valued for their historical and aesthetic significance. They can be obtained from certified 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 are coins that take elements from both bullion and numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

All gold bars have their purity, weight, and manufacturer’s name inscribed on them. Gold bars also come in four different forms, which are:
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.

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