gold ira

Forum|Forum|1 year ago
February 23, 2025
1 reply
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there are 2 considerations

1. when I distribute the gold in kind for home storage. I will get 1099R and perhaps form 5498

2. when I sell back the gold to the company for cash, what form do I get then?

If I understand correctly, at the time of the distribution, I pay ordinary income tax on my entire distribution (if a gold iRA ) and none on a gold IRA?

the big question now is Do I pay tax again when I liquidate assets later?

SusanY1

You understand correctly that you will pay tax when the gold is distributed out of the IRA and to you for your possession. That is the ordinary income you'll report from the 1099-R.

When you later sell the gold for cash, you will have a capital gain (or loss) based on the change in value from the date of the distribution to you and the date of the sale/redemption.

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