Gold $2,330.18 0.32%
Silver $27.20 0.02%
Platinum $921.00 -0.68%
Palladium $955.38 0.29%
McGruff Gold Dealers Wisconsin

Buy Gold Online in Wisconsin

The price of gold and other precious metals has been rising steadily for decades. This is one of the main reasons why people buy precious metals as a long-term investment. Diversifying your portfolio with gold may help you grow long-term wealth with relatively little risk.

If you’re planning to invest in gold online, it’s worth knowing the rules and regulations on gold and other precious metals in your state. This guide aims to help Wisconsin residents familiarize themselves with the state’s precious metal laws.

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Wisconsin IRS Regulations

At the federal level, capital gains tax is applied to individuals who sell gold. The federal government charges this tax on all commodities purchased and held for at least one year. Precious metal sellers are charged a percentage of the profit they make from the transaction.

The tax rate depends on the income you gain on the gold coin price or gold bar price, but the total will never exceed 28%. The capital gains tax is due when the transaction is fully completed. Based on your profit and filing status, the tax rate will be equal to the following:

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

Besides buying gold coins and bars, another method of investing in gold is by establishing a gold IRA. It is a retirement account that works exactly like a traditional IRA but lets you hold gold products. Items have to match the following requirements by the IRS to be allowed inclusion in a gold IRA:

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 manufactured by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, and ISO 900. Moreover, the manufacturer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be enclosed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to exact 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 allowable palladium product at the moment is the Canadian Maple Leaf coin.

IRS Forms

Sellers that earn a profit from selling precious metals in Wisconsin have to report their income to the IRS. Sellers are required to file Schedule D of Form 1040 on their annual tax return for most precious metal transactions. However, if the transaction involves one of the following products, the seller must report the sale immediately 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.

Wisconsin Taxes on Gold

The state of Wisconsin has a 5% sales tax on precious metal transactions. However, the state sales tax can reach 5.6% in some regions. This is because certain towns or counties may charge additional local-level taxes.

This tax is applied on all items that are either collectible or sold above their face value. This covers rare coins, as well as bullion exchanges, and all other products listed as collector’s items.

Gold Prices

The gold spot price of bars, on the other hand, is always priced based on their weight and gold content. They usually contain 99.9% gold. As opposed to coins, gold bars do not have any cultural or historical significance.

Types of Gold Coins, Bars, and Bullion in Wisconsin

Gold coins typically weigh from a few grams to a few ounces. They come in four different types:
Bullion
These coins are collectible items that are valued for their cultural and aesthetic significance. They can be obtained from certified gold dealers in physical stores and online. These coins also come with a certificate of authenticity.
Proof
Proof coins are high-quality coins with high purity standards that are produced in very limited quantities. They are manufactured by any of the U.S. Mints 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 artistry and scarcity.
Semi-numismatic
Semi-numismatic coins are bullion coins that also take attributes from numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

All gold bars have their weight, purity, and manufacturer’s name inscribed on them. They also come with a certificate of authenticity. They usually weigh from one gram to 400 ounces and can be of four types:
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.

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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