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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, CFP, MBA, CRPS
Doctoral Degree
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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
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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
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Will I pay less tax on my RMD from my IRA if I take it in
Second opinion] will I pay less tax on my RMD from my IRA if I take it in precious metals?… read more
Barbara
Barbara
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I am 66 years old and work full time. I have a 401K through
I am 66 years old and work full time. I have a 401K through my employer. 2 months ago I rolled $ 34,000.00 from my 401k into a precious metals SDIRA. If I were to take possession of my precious metals… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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We are a wholesaler of precious metals Bridgewater, MA, and
We are a wholesaler of precious metals Bridgewater, MA, and are purchasing silver coins in New York from a foreign mint. The mint has been informed that there is a new state tax law in New York affect… read more
ShawnA
ShawnA
CEO
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Can the commissions of the selling broker be included in the
Can the commissions of the selling broker be included in the "cost basis" when I calculate my loss on a purchase of precious metals from 2009 to 2014?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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I have been thinking about selling some of my precious metals
I have been thinking about selling some of my precious metals and would like to know if there are any creative but legal ways of limiting my tax liability… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Hello, I am considering rolling over my traditional IRA account
Hello, I am considering rolling over my traditional IRA account into a **SOLO** 401K, in order to put some of the funds into precious metals, and store them nearby (like a bank safety deposit box). I … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,196 satisfied customers
I am sick of my IRAs either earning nothing at the bank, or
I am sick of my IRAs either earning nothing at the bank, or being subject to the volatility of the markets. What options are available to me to invest these funds in something that I have more control… read more
Phillip B, EA
Phillip B, EA
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Bachelor's Degree
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What percentage of my portfolio should be Cash, Precious Metals,
What percentage of my portfolio should be: Cash, Precious Metals, Rare Coins, Stocks ? These are my current investments.… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
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My question is concerning taxes on taking a precious metals
My question is concerning taxes on taking a precious metals ira distribution in kind. I paid taxes on the estimated value of the metals when taken in-kind distribution. Now three years later I want to… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
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Yes, I am selling my precious metals, gold and silver now that
Yes, I am selling my precious metals, gold and silver now that the prices have gone up. However, I did not sell my gold coins for quite as much as I paid for them but I did more than break even, makin… read more
Lev
Lev
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Bachelor's Degree Equivalent
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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
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Bachelor's Degree
2,885 satisfied customers
I am considering purchasing precious metals through the Perth
I am considering purchasing precious metals through the Perth Mint. The metals would either be in a "pool account" or I can take physical delivery and store them there on site. I would like to know if… read more
Merlo
Merlo
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I have precious metals in a trust fund that is part of a self
I have precious metals in a trust fund that is part of a self directed IRA. If I withdraw the metal and incur tax and penalty on it without selling the metal at time of distribution may I use current … read more
MequonCPA
MequonCPA
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is ownership of physical gold bullion coins/bars or
is personal ownership of gold bullion coins and or any other type of precious metals investments i.e. silver, platinum, palladium, gold stocks, tax deductible? and if so, what''s the maximum amount of… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
Question on capital gains for a precious metals coin dealer
I'm interested in selling bullion and rare precious metal coins as an authorized dealer (business startup). Would I have to pay capital gains on every sale, or is there a provision in the tax code for… read more
RD
RD
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