Gold $2,660.06 -0.89
Silver $31.20 0.3
Platinum $968.66 0.88
Palladium $1,030.46 0.43
McGruff Gold Dealers Washington

Buy Gold Online in Washington

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.

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Washington IRS Regulations

According to the IRS and federal government, capital gains tax is applied to the sale of long-term assets. This includes the sale of precious metals, as well. The capital gains tax rates are 0%, 15%, or 20%, depending on your income. Here is a breakdown of the rates for 2023:
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

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:

The minimum purity standard for gold must be 99.5%, 99.9% for silver, and 99.95% for platinum and palladium.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint. Additionally, they must satisfy minimum fineness requirements.
Proof coins must be sealed in their original mint packaging. They must also be in excellent condition, accompanied by a certificate of authenticity.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must be in brilliant, uncirculated condition and free from all damage.

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 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:

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
Form 1099-B will need to be completed immediately after the transaction is completed.

Washington Taxes on Gold

According to the WAC 458-20-248 code, anything that qualifies as a precious metal, including bullion, is exempt from taxation in Washington. In other words, sales tax will not be charged for gold, silver, platinum, or palladium bullion items. However, the exemption doesn’t include numismatic coins, accessory items, and processed items. In such cases, a sales tax of 6.5% will apply.
Numismatic coins
are collectibles whose external value is worth more than their metal content. The exterior value is frequently determined by the coin’s rarity, condition, and age.
Accessory items
include holders, tubes, and coin flips.
Processed items
are products worth more than their precious metal composition, such as jewelry and statues.

Gold Prices

The gold spot price, mint, purity, rarity, condition, size, dealer, and demand influence the cost of gold. Nonetheless, the higher the gold content and the larger the size of the product, the more it will cost. After all, the price of gold has consistently increased over the years, making gold a good investment.

Types of Gold Coins, Bars, and Bullion in Washington

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:

Bullion
Bullion coins historically served as a form of currency. However, they are now investment-grade collectible items because of their high purity levels. These coins are typically used to hedge against inflation and the stock market. Their value is attributed to the rarity and aesthetic beauty of the item.
Proof
Proof coins are the highest quality gold investments and are often produced in limited quantities by the U.S. Mint. These coins are accompanied by a certificate of authenticity.
Numismatic
Numismatic coins are antique coins that are uncommon or collectible. They are valued for their historical and artistic worth rather than their fineness or gold content.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. They are appraised for their rarity, artistry, as well as finesses, and purity.

Gold Bar Sizes

Gold bars for sale are available in various sizes and are stamped with their weight in gold, fineness, and serial number. They can range from a few grams to 10 ounces. Gold bars are available in several styles, including:
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 high-gloss finish, sharp edges and tamper-evident packaging for added security.

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McGruff.com is not an agent or representative of any gold company or institution, and does not make any decisions about gold. The precious metal market has inherent risks. You should consult with a financial advisor before making any decisions. Submitting your information on this website does not mean that you will be approved for gold exchange. McGruff.com does not endorse any specific company. You should research all available gold exchange options for your situation. For questions about your gold exchange, please contact the gold company directly.
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