Gold was first discovered in Washington in 1853 in the Yakima River Valley when exploring a possible railroad route. To this day, Washington residents continue to buy precious metals as a long-term growth opportunity.
However, before you invest in gold and other precious metals, make sure you are aware of federal and state laws. For instance, the IRS imposes capital gains for gold sellers, and the state has its own sitewide sales tax. When you’re ready to buy gold online in Washington, visit a reputable gold dealer’s website to browse their products.
|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|
The IRS has strict regulations regarding the types of precious metals you can include in a gold IRA. Here is a list of the requirements for IRS-approved precious metals:
Investors are required to report their gains to the IRS when selling gold or other precious metals. To report the income, the seller must complete Schedule D of Form 1040 on their annual tax return. However, Form 1099-B may also be required by the IRS, depending on the type of metal being sold, such as:
Gold coins for sale typically weigh between one and two ounces. However, you may also find gold coins in smaller denominations, such as half-ounce, quarter-ounce, and tenth-ounce coins. Gold coins also vary in quality. For instance, earlier coins minted in the 1800s have a gold content of 90% to 92% gold, whereas new ones carry 99.9% gold. You may also find alloyed gold coins, which are made up of 91.7% gold, with the rest composed of silver or copper.
There are four types of gold coins: