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Want to Keep Gold In Your IRA At Home? It's Not Exactly Legal
I've heard some of those radio ads. Kinda figured they didn't pass the 'smell test'. But then I've heard pitches for time-sharing units, "9% yields backed by 'hard assets'" and pitches for (essentially) penny stocks.
There are a lot of sharks out there. They will pitch whatever they think will stick, consequences to the little retail investor be-damned.
Even if the IRS did not have a problem with holding bullion in an IRA, it would be foolish in the extreme to do so. For a couple reasons. Bullion bought and held for extended periods of time, as 'portfolio insurance', is relatively tax-efficient. -- it throws off no yield, so taxes owed on the gain may be deferred for extended periods. OTOH if AU tanks after it is purchased, it can be sold for a taxable loss.
But more important than the tax aspect, is bullion's special attribute.. if you hold it/custody it yourself outside of a deferred account, your possession of it is unknown to anyone unless you tell them. It's 'private wealth'.
It would never occur to me locate bullion ins deferred account. (Obviously, I was not a part of the target-market for those ads, despite my affinity for bullion.)
Comments
There are a lot of sharks out there. They will pitch whatever they think will stick, consequences to the little retail investor be-damned.
Even if the IRS did not have a problem with holding bullion in an IRA, it would be foolish in the extreme to do so. For a couple reasons. Bullion bought and held for extended periods of time, as 'portfolio insurance', is relatively tax-efficient. -- it throws off no yield, so taxes owed on the gain may be deferred for extended periods. OTOH if AU tanks after it is purchased, it can be sold for a taxable loss.
But more important than the tax aspect, is bullion's special attribute.. if you hold it/custody it yourself outside of a deferred account, your possession of it is unknown to anyone unless you tell them. It's 'private wealth'.
It would never occur to me locate bullion ins deferred account. (Obviously, I was not a part of the target-market for those ads, despite my affinity for bullion.)