Gold $2,327.26 0.45%
Silver $27.22 -0.05%
Platinum $921.90 -0.78%
Palladium $955.43 0.3%
McGruff Gold Dealers Wyoming

Buy Gold Online in Wyoming

Wyoming, known for its vast landscapes and rich history, has always been a state where residents value stability and security. The Cowboy State, with its tales of pioneers and gold miners, has a deep-rooted connection to precious metals.

Today, many Wyoming residents buy gold as a means of safeguarding their wealth and ensuring a stable financial future. Others invest in silver, platinum, and palladium to diversify their portfolios.

If you want to invest in gold or other precious metals, you should be well-informed about both federal and state-specific regulations. For instance, while the IRS has guidelines concerning gold investments, Wyoming has its own set of rules regarding sales tax on precious metal purchases.

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Wyoming 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 you've held onto them for over a year, any profit from their sale will be subject to capital gains tax.

The tax rate you'll pay depends on your income, with rates being 0%, 15%, or 20%. However, the maximum rate won't exceed 28%. Here's a detailed breakdown of the capital gains tax 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

If you're thinking about 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 that can be included:

Gold products must have a purity of at least 99.5%.
Silver products should meet a 99.9% purity standard.
Platinum and palladium products need to have a purity of 99.95%.
The metals, whether they are bars, rounds, or coins, should be produced by a refiner, assayer, or manufacturer that's accredited by institutions like NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint.
Proof coins should be in their original mint packaging, in excellent condition, and accompanied by a certificate of authenticity.
Small bullion bars should adhere to exact weight specifications.

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
And for palladium, the approved product is the Canadian Maple Leaf coin.

IRS Forms

When selling gold or other precious metals, it's mandatory to report the profits to the IRS. This is done using Schedule D of Form 1040. Depending on the type and quantity of metal sold, you might also need to file Form 1099-B. This form is required 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

Wyoming Taxes on Gold

In Wyoming, there is a statewide sales tax that is applied to precious metal sales, including when you buy gold and silver. Even if you buy gold online, you will still be required to pay a sales tax. Wyoming sales tax is 4% and applies to all precious metal sales, including coins, bars, and collectibles.

In some counties and cities, the sales tax rate can be higher than 4%.

Gold Prices

The price of gold is influenced by various factors, including its purity, rarity, and demand. Over the years, gold has been viewed as a stable investment, with its price generally trending upwards.

Types of Gold Coins, Bars, and Bullion in Wyoming

Gold coins can vary in weight, typically ranging from one to two ounces. 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 various sizes, from a few grams to 10 ounces. Their price is determined by their weight and purity. Each bar is stamped with its weight, purity, and serial number. Gold bars can be categorized into:
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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