Articles Categorized in: Blog
Self-directed IRAs allow investors to invest in various assets, including private equity. Unfortunately, however, these accounts often come with high fees and limited liquidity. Investors must strictly abide by IRA rules to prevent prohibited transactions, such as living in rental properties purchased with their funds or fixing their own toilets themselves. They’re not going away Self-directed IRAs may appear ideal for anyone hoping to bypass Wall Street and its high fees; however, they come with their own set of issues....
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Beneficiaries have various options when inheriting an inherited IRA depending on their relationship to the original account owner. Non-spouse beneficiaries must take required minimum distributions (RMDs) within 10 years or exhaust the account entirely. Establishing a plan can assist beneficiaries in making informed, long-term decisions that align with their desired outcomes. Roll it Over to Your Own IRA If the original account owner had taken required minimum distributions, their heirs can roll their inheritance into their own IRA to continue...
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Precious metals provide investors with an additional source of passive income; however, it’s crucial that they understand the tax ramifications and reporting requirements when selling silver. According to IRS rules, customers must report any sales of precious metal coins or bullion that result in a profit in order for the government to monitor significant commodity exchanges within the US. Cost basis Cost basis is an often-overlooked concept among precious metal investors. It refers to the initial price you paid for...
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Which gold investment option best meets your resources, goals, and risk profile depends on factors like cost of acquisition/sale as well as storage fees. Physical gold may provide a solid hedge and store of value but is expensive to buy/sell and store. Gold investments can be easily gained via mutual funds and ETFs, although other options exist such as stocks from companies that mine it. ETFs ETFs offer an easy way to invest in gold without owning physical forms of...
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Physical gold and silver tend to increase with investor fear and uncertainty, making them popular safe-haven investments. Purchase of physical gold and silver coins requires working through an intermediary dealer, whether online or offline, which can take time and incur fees such as storage. No counterparty risk One of the primary advantages of physical gold and silver investments is their absence of counterparty risk, meaning you aren’t exposed to any risk that someone else could break a promise or contract...
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The International Monetary Fund currently owns approximately 2,814 metric tons, or nearly 100 million ounces, of gold in various depositories across the world. Modest IMF gold sales to aid African nations and low-income countries (LICs) would significantly strengthen its role while supporting U.S. national interests – so why can’t this happen? Why do Sovereign Nations Hold Gold? Gold has long been seen as a symbol of stability in an unstable world; its reputation as a safe-haven investment helps ease concerns...
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If you have an inherited collection of precious metal coins, selling may be in your best interests. But there are some key points you must take into consideration before making this decision. First and foremost, it’s important to realize that the IRS taxes inherited gold as capital gains; however, there may be ways you can minimize your tax liability. Getting Appraisals One of the first steps when inheriting gold becomes available to you should be commissioning an appraisal from a...
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Investing in cryptocurrency involves several considerations that should be kept in mind. When opening a self-directed IRA for cryptocurrency investments, custodial fees are charged per transaction or exchange type and per IRA type. The IRS regards cryptocurrencies as property and taxes them accordingly; however, investors enjoy more freedom and choice with them than with traditional retirement accounts. Taxes Cryptocurrency investments have become an increasingly popular way for investors to diversify their retirement portfolios, but investors must remember it differs significantly...
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Coin sales that surpass specific thresholds must be reported to the IRS using 1099-B forms and clients must also complete Form 8300 and Schedule D forms on their tax returns to report these sales. This measure helps prevent money laundering and other illegal activities, and here’s everything you should know about reporting gold coin sales to the IRS. Taxes on Capital Gains Gold and silver coins are classified by the IRS as precious metal investments, so any profits earned when...
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Answer: Yes, with certain fees attached. These costs include setup and ongoing account maintenance fees as well as seller’s markups (remuneration to sellers), storage fees and insurance premiums for an IRS-approved depository. Gold IRAs are subject to the same taxes as traditional IRAs when withdrawals are made in retirement, so they must meet RMD requirements just like stocks and mutual funds. What is an IRA? Individual Retirement Accounts, commonly referred to as IRAs (individual Retirement Accounts), offer tax-deferred savings vehicles...
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