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When you draw out of your IRA, you are only taxed on what you get out.
So, you will pay tax on the current 23.5K amount, not the amount you put in the account to begin with.
You're not taxed on decreases in the value of your portfolio, fortunately.
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Thanks for the answer. That is somewhat comforting.
I'm glad I could help!
Did you have any further concerns?
Quick question - With a self directed IRA, with gold assets as the investment, is the loss tax deductable? I know in a traditional IRA, it isn;t
No, it's not tax deductible. You're simply not taxed on the loss of account value
You couldn't have income excluded, and then write that same amount off - that would be double dipping
ok. You did a great job. Thanks!
Glad to hear that!
ahhh, I see...
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Ok I see it...
Thanks so much!