Gold $2,331.02 0.29%
Silver $27.28 -0.26%
Platinum $924.47 -1.05%
Palladium $963.89 -0.58%
McGruff Gold Dealers West Virginia

Buy Gold Online in West Virginia

West Virginia, known as the "Mountain State," boasts a rich history intertwined with coal mining and the Appalachian Mountains. While coal has been a significant part of its economy, residents of West Virginia have also recognized the value of diversifying their investments.

That’s why many West Virginia residents choose to invest in gold and buy precious metals for long-term growth. Many also invest in silver, platinum, and palladium to diversify their portfolios.

If you want to buy gold online in West Virginia, you should be informed about both federal and state regulations.

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West Virginia IRS Regulations

When you decide to sell gold or other precious metals, be aware that the IRS will require you to pay capital gains tax on any profit. Precious metals are considered by the IRS as collectibles, and if they are held for more than a year, any profit from their sale is subject to capital gains tax. This tax can be as high as 28%, but the actual rate will depend on your income bracket:
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

For those considering opening a precious metals IRA, it's crucial to know which metals are IRS-approved. The IRS has set specific standards for the types of metals allowed:

Gold must have a purity of at least 99.5%.
Silver should meet a purity standard of 99.9%.
Both platinum and palladium need to have a purity of 99.95%.
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, the producer must meet minimum fineness requirements.
Proof coins must be encapsulated in complete, original mint packaging. They must also be in excellent condition and include 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

When selling gold or other precious metals, you must report the profits to the IRS. This is done using Schedule D of Form 1040. Additionally, for specific types of metal sales, you might need to file Form 1099-B. This form is necessary when selling:

90% silver U.S. dimes, quarters, or half dollars with 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

West Virginia Taxes on Gold

In West Virginia, purchasing gold and other precious metals is subject to state sales tax. The statewide sales tax is 6%. However, some counties and cities may impose higher rates when you buy gold, silver, or other precious metals. The state sales tax will still apply if you buy gold online.

Gold Prices

The price of gold is influenced by various factors, including its purity, rarity, and demand in the market. Over the years, gold has proven to be a stable and promising long-term investment, with its price generally trending upwards.

Types of Gold Coins, Bars, and Bullion in West Virginia

Gold coins can vary in weight, typically ranging from one to two ounces. They also differ in purity, with newer coins containing up to 99.9% gold. The gold coin price often depends on its size and gold content, but certain coins might cost more than the gold spot price due to their rarity, demand, and design.

Gold Bar Sizes

Gold bars are available in different sizes, from a few grams to 10 ounces. They have a minimum purity standard of 99.5% and are stamped with details like weight, fineness, and serial number.

Some of the popular styles of gold bars include:

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.

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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