Anyone have gold coins as an IRA?

BigE

Specifically, if you have an IRA now can you substitute your own gold stash for the cash and thus not pay taxes. If you have gold sitting around anyway that you don't plan on cashing in why not?

Just a general discussion, everyone knows to check with their accountant first--------BigE

chucknra

The way I understand it is that you can't take physical possession of your IRA gold/silver and it has to be maintained by a middleman.

DorkGirl

No, you never get to see them, touch them........

BigE

I just leave them in the bank anyway, figures, you cant use your own and have to go thru a broker of some sort---------BigE

derryb

Info

Gold IRA is not a good idea because of transfer, management and storage fees. Not very liquid. Your stuck with it for a while. You have to purchase from a third party supplier who is set up to do the transfer to your IRA. You can't put your coins that you hold into it. If you just gotta have physical, buy it and store it away safely.

You are better off with a Roth IRA (or regular IRA) that invests in gold securities such as junior mining stocks and select precious metals ETFs. Mine is set up on-line with Scottrade. I manage it. I buy and sell at will. No IRS hassels with the gains, they will be taxed only upon withdrawal. If you don't have this flexibility with your current IRA look into switching it over to a discount broker, no charge to do so.

BigE

Thanks derry,sounds interesting--------BigE

yellowkid

I don't know why you would want to put a non producing asset in an IRA.

BigE

<< <i>I don't know why you would want to put a non producing asset in an IRA. >>



What kind of assets are producing? Suggestions welcome!-----------BigE

NitroCruiser

One other point, not just any old gold can be used in an IRA. I have to agree with most here, use an IRA to diversify your holdings, buy PM's outside IRA's and take physical possetion. Right now things are good if you're buying small quantities (less than $10K) at a go. One can take advantage of market changes easily (or hold for the long run). No telling if this will be so easy to do in the future (when IMO, the govt. will be looking to find revenue anywhere it can).

ranshdow

<i>What kind of assets are producing? Suggestions welcome!-----------BigE </i>

I think yellowkid is referring to income generating assets such as dividend paying equities or real estate which produces an income stream. The tax-deferred nature of IRAs allows current income on assets held in the IRA to be tax exempt at the time it is earned. It can make sense to hold these kinds of assets in IRAs (this includes investment real estate), and things that don't generate current income (precious metals, Berkshire Hathaway stock, etc) outside of IRAs.