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In an answer you posted on 6/10/2009 re Central Fund of Canada

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In an answer you posted...
In an answer you posted on 6/10/2009 re: Central Fund of Canada (CEF) you replied, 'There would not be any issue if you held CEF in tax deferred account - like IRA'.
Since CEF holds collectables (gold & silver), have I somehow compromised my IRA? I'm 68 and have yet to take any distributions.
Referenced answer: http://www.justanswer.com/questions/26s1k-bought-cef-broker-sell-15-long#
Submitted: 8 years ago.Category: Tax
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Answered in 17 minutes by:
10/2/2009
Tax Professional: Lev, Tax Advisor replied 8 years ago
Lev
Lev, Tax Advisor
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Yes - owning CEF is equivalent to owning physical bullion - but you do not store physical bullions in your home.

Why do you think that your IRA might be compromised?

 

Even for physical bullions - while there are special requirements - you may hold them in your IRA and even distribute to you at some point - without converting into currency - see this article - http://goldmoney.com/news-us-gold-and-silver-in-individual-retirement-account.html

 

But that is not an issue with CEF - so I am not clear why do you think that your IRA might be compromised? What regulation do you think might be violated?

 

Lev
Lev, Tax Advisor
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Customer reply replied 8 years ago
Thanks for the prompt response. I'm just a little paranoid when it comes to tax deferred accounts.
Tax Professional: Lev, Tax Advisor replied 8 years ago

I suggest to contact the administrator of your IRA account - because the administrator is in charge for all IRS compliance issues - and confirm with the administrator if there are any regulation might be violated if you hold CEF in your IRA.

I honestly - do not see any issues - but it might be better to have another opinion.

 

You may also contact the IRS and get their input on that issue - 1-800-829-1040.

 

 

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