The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Gold Investing||Date: 10/15/2007 4:23 PM|
|Author: LaughingRaven||Number: 59707 of 77872|
pedorrero's right. From
Investment in Collectibles
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.
Collectibles. These include:
Artworks, Rugs, Antiques, Metals, Gems, Stamps, Coins, Alcoholic beverages, and Certain other tangible personal property.
Which I think is their jargony way of saying you can't do that. If your IRA invests in these items, it's immediately kicked out of the IRA, incurring any appropriate taxes and penalties. But we're not done yet.
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.
The mere fact you're intersted in it now means you are probably going to lose your ass, but hey that's the market !
Ditto, but it's your IRA.
Don't trust the Internet; consult your tax advisor
for information specific to your situation.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|