Finance Questions? Ask a Financial Expert for Answers ASAP
Thanks for your question, and thanks for using JustAnswer.com
How are you today?
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.
Please let me know if you have any questions
If no further questions, please rate as "excellent" so that I may receive credit for assisting you today
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...
If you would, please rate my response "excellent" using the rating feature along the bottom of your screen
I'll be glad to...How do i do that?
Ok I see it...
Thanks so much!