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Gold in IRA accounts
Posted: Mon May 10, 2021 10:22 am
by yankees60
This morning as I continue to read through various IRS publications this is the second time I have come across these exact words in two different publications:
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Re: Gold in IRA accounts
Posted: Mon May 10, 2021 4:20 pm
by whatchamacallit
So sounds you can have bullion in your possession legally but probably not worth doing that yourself as a layman.
What is weird is the other collectables. It is almost like they are forcing you to do Roth conversion on your artwork since you don't pay tax when you sell but you still have to pay 10% penalty and distribution when you buy.
Not confusing at all.
Re: Gold in IRA accounts
Posted: Mon May 10, 2021 5:14 pm
by whatchamacallit
Collectibles.....
So if I am reading that correct, you can convert your traditional IRA to dogecoin
pay tax on your distribution plus 10% penalty and then not have to pay tax on your to the moon profits?
Edit: nevermind I read it again and you only don't pay tax on the amount you already paid tax on. So you still have to pay tax on gains.
Man it sure seems like they could have written that better.
Just say you are not allowed to directly hold collectibles in ira unless it is precious metal bullion.