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Generally, the rules concerning IRA transactions for gold IRAs are the same for other kinds of IRAs. There are some rules that apply specifically to gold and other precious metals in IRAs that are not applicable to other IRAs, such as purity and storage requirements. However, this post will focus on the tax rules that apply to the most common IRA transactions.
...Key to a secure and happy retirement is diversification. Putting all your eggs in one proverbial basket will leave them exposed to whims of the stock market.
...Prior to the election, many writers and political analysts expected that Biden would likely win the White House. It was also ‘expected’ that the Democrats would remain in control of the House of Representatives, and that their power would be checked by continued Republican control of the Senate.
...The vast majority of people in the gold and precious metals world are honest and ethical. But there are crooks in every conceivable human endeavor. Unfortunately, the precious metals market is mostly unregulated, so it’s a good idea to become familiar with the industry and recognize possible gold IRA scams.
...Gold IRAs are becoming increasingly popular among conservative investors. Mounting federal debt and the rise of the euro and Chinese renminbi as serious competitors to the dollar as potential global reserve currencies have investors hedging against the dollar and looking to protect their retirement portfolios against inflation. Gold prices rose 24% during the calendar year 2020, and are trending upwards as of this writing in early 2021.
...Section 408 of the Internal Revenue Code prohibits IRA owners from taking direct possession of assets owned within an IRA. Instead, you must have a third-party hold title to or physically control the assets on your behalf. Usually third parties are called custodians.
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