Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I bought, held for several years and sold precious metal.
I bought, held for several years and sold precious metal. Where and how do I report on IRS forms costs for commission fees, storage fees, interest fees, leasing fees at time of sale of precious metal?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
24,361 satisfied customers
I have about 22 lbs of assorted gold and silver coins and
I have about 22 lbs of assorted gold and silver coins and some small blocks (like 10 0z bars). Want to take into USA (I'm USA citizen) from South America. What documents do I need and what are import … read more
Roxanne625
Roxanne625
Master of Accountancy
1,779 satisfied customers
I am a single retired female age 80. I have an income gross
I am a single retired female age 80. I have an income gross of around $40,000 annually . I have no debt. I'm considering pulling out $11,000 of an IRA it is gold and silver and the storage fee cost me… read more
Lev
Lev
44,361 satisfied customers
If I take a distribution from my gold coin IRA and they give
If I take a distribution from my gold coin IRA and they give me a fair market value on my 1099 that is 60% of the actual spot gold price, how am I not committing tax fraud? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,522 satisfied customers
TAX Question. I purchased Gold Metals as a Traditional IRA
For Lane, TAX Question. I purchased Gold Metals as a Traditional IRA over 5 years ago. In August 2018, I liquidated this Gold IRA and transferred to another IRA serviced by ***** ***** ( mutual funds)… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,522 satisfied customers
How do i prove to the IRS that my gold metal ira is in a
how do i prove to the IRS that my gold metal ira is in a safe deposit box at a bank that is under irs code section 531? … read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,515 satisfied customers
Second opinion] how do i prove to the IRS that my gold metal
Second opinion] how do i prove to the IRS that my gold metal ira is in a safe deposit box at a bank? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,522 satisfied customers
I am planning to buy American Eagle Silver Proof Coins
I am planning to buy American Eagle Silver Proof Coins within my IRA account. I am over 60 years old. When I sell them, I was told that I would declare the Spot Value which is $14.75 per ounce and pay… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,515 satisfied customers
Is there a tax liability on coins that were being stored by
Is there a tax liability on coins that were being stored by an investment company but I now physically possess them? … read more
emc011075
emc011075
Tax adviser
Bachelor's Degree
10,075 satisfied customers
How much can I take out of IRA before I pay tax on the
How much can I take out of IRA before I pay tax on the funds. We get just under 36k from Social Security each year. I have an ira consisting of gold and silver coins. The maint. fee is too high so i w… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,522 satisfied customers
5 years ago I purchased some gold and silver coins. The
5 years ago I purchased some gold and silver coins. The price of gold and silver has dropped significantly since then. These coins are in an ira and I was thinking if I took them out of the ira now my… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
24,361 satisfied customers
Five years ago I went thru the trouble of changing my IRA to
Five years ago I went thru the trouble of changing my IRA to a self-directed account solely in order to create a LLC for the purpose of owning gold and silver bullion bars and coins. I won't go into w… read more
Barbara
Barbara
Enrolled Agent, Paralegal
24,154 satisfied customers
I understand a gold coin "Silver Eagle" is denominated as $1.00.
I understand a gold coin "Silver Eagle" is denominated as $1.00. If these coins are held in an IRA and the value went up significantly, would the increase need to be taxable or does remain as valued $… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Is it possible to set up an IRA SEPP withdrawal plan that takes
Is it possible to set up an IRA SEPP withdrawal plan that takes "in kind" distributions instead of cash that will pass IRS rules? I would like to take American Eagle Gold Coins out of my self-directed… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
On 02/28/2008, sixteen St. Gaudens coins were purchased for
On 02/28/2008, sixteen St. Gaudens coins were purchased for $49,969. On 01/12/2011, those same coins were sold for $32,039 (a loss of $17,930). In the next few days, I want to close out and get delive… read more
Lev
Lev
44,361 satisfied customers
If I receive a gold $50 coin (American Eagle) from my IRA as a distribution, is this
If I receive a gold $50 coin (American Eagle) from my IRA as a distribution, is this taxed at $50 or the "fair value" of the coin? Remember, this $50 coin is stamped as "Fifty Dollars", and by Title 3… read more
Lev
Lev
44,361 satisfied customers
An Exaggerated, Somewhat Hypothetical Tax Question Some years
An Exaggerated, Somewhat Hypothetical Tax Question: Some years ago, an $80,000 credit union Roth IRA was transferred and converted to precious metals. A coin dealer charged $20,000 to buy 30 rare coin… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
What are the tax implications of GoldMoney.com Basically,
What are the tax implications of GoldMoney.com? Basically, the site allows you to purchase gold which they store in vaults in London and Zurich. (You never see it.) You can sell the gold back to them … read more
Lev
Lev
44,361 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

6,077 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

877 satisfied customers

B.A., M.B.A, J.D.

Loren

Loren

Attorney

795 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

24,361 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x