Articles Categorized in: Blog
Gold investments can bring rewarding returns, yet also come with tax implications. Gains from selling physical gold coins or bullion are considered collectibles and subject to taxes of up to 28%. Tax planning can help investors to minimize capital gains taxes on their investments, and this article looks at three strategies for doing just that. Cost basis Tax rules on gold investments may seem complex, but they’re actually straightforward. Your taxable amount depends on its original cost and your personal...
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Some metals dealers boast of helping their clients establish home storage gold IRAs; these claims, while possibly misleading or illegal depending on your interpretation, should be treated as misleading at best and illegal at worst as the IRS has established strict rules about keeping precious metals within one’s own residence. To qualify for a home storage gold IRA, all necessary IRS requirements must be fulfilled, including annual audits by a Certified Public Accountant (CPA). It’s a self-directed IRA Home storage...
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People typically ask themselves, when considering purchasing physical gold, one of the main concerns being: Can the government confiscate gold bars? Historically, governments have typically only confiscated gold during a crisis; they rarely target instruments such as bonds and savings accounts that could be affected by currency devaluation. History of gold confiscation Gold confiscation myths differ from many conspiracy theories by having some historical basis. At the height of Great Depression need, Franklin Roosevelt took action that some may find...
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Gold IRAs are self-directed individual retirement accounts that contain precious metals like gold, silver and platinum. When opening one it’s essential that you choose an authorized precious metals dealer/custodian that complies with IRS regulations so as to establish your Gold IRA successfully. The IRS stipulates that individual retirement accounts (IRAs) can only hold precious metals that meet specific purity standards, with all deliveries going directly from dealer to an approved depository. What is a Gold Roth IRA? Gold Roth IRAs...
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Self-directed IRAs allow you to make your own investment decisions and invest in assets not usually restricted by traditional brokerage firms – including real estate, private equity, gold, tax liens and cryptocurrencies. Self-directed IRAs provide the same tax breaks and deferred growth potential of traditional or Roth accounts, with additional access to investment opportunities such as precious metals, real estate and private lending agreements. Taxes Taxes play an integral part of any investor’s financial strategy. No matter whether you invest...
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Many investors turn to exchange-traded funds (ETFs) as a means of diversifying their portfolio. ETFs offer simplicity and cost efficiency while trading like stocks. Your investments within an IRA may grow tax free when you withdraw them upon retirement; however, before investing you should take some considerations into account. Taxes Before investing in ETFs, it is important to first establish your investment goals and risk tolerance. There are various types of ETFs with unique properties. Fees, performance and strategy vary...
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Financial planning can help you determine whether converting is suitable for you. Keep in mind, however, that switching your pre-tax 401(k) funds over to a Roth IRA requires paying taxes on what has been converted. Tax payments could impact your Social Security benefits or Medicare premiums if they raise your income above certain thresholds, so consulting a tax advisor is highly advised. What You Need Step one is determining the paperwork necessary for conversion. Each financial institution has its own...
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An Individual Retirement Account, or IRA, can be used to invest in precious metals as well as various other investments; however, fees associated with this investment could reduce how much compounded money there will be for retirement savings over time. Additionally, IRS regulations mandate that your gold be stored at an approved facility rather than being kept at home. Taxes Custodians and brokers that open mainstream IRA accounts don’t typically allow investors to make gold investments; the exception being self-directed...
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Many investors are exploring adding bitcoin and other digital currencies to their IRAs as relatively new investments that are projected to appreciate in value over time. Not only can these assets diversify retirement portfolios while decreasing risk, they may even prove beneficial as part of retirement strategy. However, it is essential to comprehend the distinct rules pertaining to self-directed IRAs such as disqualified person and prohibited transaction rules. Taxes Cryptocurrency (or “crypto”) is a digital form of money that can...
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Cryptocurrencies offer tremendous growth potential that has outshone other markets, but their price can also be unpredictable and therefore highly risky. A cryptocurrency IRA provides a safe way of investing in these assets without taking unnecessary risks. Depending on your eligibility, funds from an old employer 401(k) account can be moved directly into a crypto IRA without incurring a taxable event. Reach out to BitIRA today for more information or assistance. 401k to Crypto IRA Transfer Cryptocurrency presents immense growth...
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