Though we no longer operate under a gold standard and most coins don’t constitute “legal tender,” the government still requires reporting of purchases of $10,000 or more of precious metals such as coins. Telemarketers sometimes promote foreign coins which may be less likely to be confiscated, yet even these may still fall under IRS reporting requirements. What is Gold? Gold has long been considered an asset, serving both as a unit of wealth and as an incorruptible store of value....
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Gold American Eagle coins are one of the world’s most beloved bullion investments, designed by Miley Busiek in 1986 and featuring an American bald eagle carrying an olive branch to its nest full of young. American Eagle coins are approved by the IRS for use in precious metals IRAs; however, investors should understand how sales taxes and capital gains work with regard to American Eagle coins. State Sales Taxes Individual states impose sales taxes, but most do not levy them...
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Gold can be an attractive asset in any investment portfolio. But investors should take several factors into account before acquiring precious metals as investments. Physical gold investments come with storage costs, capital gains taxes and potential performance lag compared to income-generating assets. Plus, they may fall under the higher collectibles tax rate compared with long-term capital gains (LTCG). Thankfully, an LLC offers several solutions that can mitigate such risks when investing in gold. Asset Protection Asset protection in today’s uncertain...
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An Individual Retirement Account for Gold and Silver can help diversify your retirement portfolio; however, it’s essential that you understand its risks. One of the key risks is that keeping physical gold and silver at home is forbidden by the IRS as this would constitute a distribution, incurring taxes and penalties. Diversification Investing in precious metals can provide your retirement portfolio with much-needed diversification and protection against inflation. When selecting your dealer and depository for precious metal purchases, be wary...
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Inherited retirement accounts present unique challenges that can be difficult to navigate. Luckily, there are various methods available to you for avoiding tax on an inherited IRA. Beneficiaries must first determine whether their account owner had reached their RBD. If so, annual distributions must take place. To reduce taxes further and help their families save more in taxes it may also be wise to convert to Roth. Roll the assets into your own IRA An IRA rollover can be an...
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