Message:

<p>[QUOTE=&quot;CappedBustDimes, post: 296695, member: 9104&quot;]Excerpt from IRS publication 590:</p><p><br /></p><p>If your traditional ira invests in collectibles, the amount invested is considered distributed to you in the year invested. You may have to pay the 10% additional tax on early distributions, discussed later.</p><p><br /></p><p>Collectibles. These include:</p><p>• Artworks,</p><p>• Rugs,</p><p>• Antiques,</p><p>• Metals,</p><p>• Gems,</p><p>• Stamps,</p><p>• Coins,</p><p>• Alcoholic beverages, and</p><p>• Certain other tangible personal property.</p><p><br /></p><p>Exception. Your ira can invest in one, one-half, one-quarter, or one-tenth ounce U.S. gold coins, or one-ounce silver coins minted by the Treasury Department. It can also invest in certain platinum coins and certain gold, silver, palladium, and platinum bullion.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>&nbsp;looked into this a few years ago as I am incorporated as a precious metals dealer. I am not just an LLC.</p><p><br /></p><p>I did that in advance of the coming Patriot Acts and for a few tax benefits. When I looked into putting away gold bullion coins into an ira to put off taxes for a future date when my income would be less, I learned that I had no control of the account once I put items into it. Not without severe penalties anyway. Further, I could not have any control over the bullion coins till retirement age. I also had to pay storage fees, administrative fees, and fees with absurd names that served no purpose but to drain my pockets. It became such a nightmare of paperwork, that I gave it up. Now it just sits as &quot;inventory&quot; in my own bank deposit box. I&#039;ll deal with profits when sale time comes. My CPA/tax attorney and I worked on this for a few months on and off and I finally just said it.</p><p><br /></p><p>I found that there were so many restrictions, including the amount I could defer from taxes that it just wasn&#039;t worth it. I can do it as inventory and hold it the same way with none of the hassles.</p><p><br /></p><p>The IRS really puts the clamps down on these things and simply doesn&#039;t want you to have any control over your ira. Just another example of the Feds keeping control of regular folks.</p><p><br /></p><p>I suppose it would be fine if you had an employer that would match funds, though inflation will eat it into swiss cheese by the time you can retrieve it. When you try to do it yourself, they tend to frown on such individual endeavors.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in