Taxes

[shittim]

Anybody have experience taking gold out of a physical gold out of a gold IRA account?
Heard once when taken out it is taxed at the original purchase price, not at the price when taking physical delivery.
He is a re-warder of those who diligently seek Him.
blessings

 

[Tall_Timbers]

Is it a traditional IRA? if so, typically one puts untaxed assets in and is taxed on the value of the assets removed when the assets are removed.

If it is a Roth IRA, one would have paid taxes on the value of the assets when they were put into the IRA and there would be no taxes when removing the assets from the IRA.

 

[shittim]

thanks, seems like it will be taxed on the gain, don't recall where I heard the other way, we will see what happens to taxes on seniors with this new administration.

 

[maxwel]

If anyone from the government is reading this thread:

I don't know any of these people, and have no idea what they're talking about.
I love paying taxes.
And the IRS... well, the IRS is the most lovely and kind govt agency, full of the most empathetic and philanthropic souls since Gandhi was alive and handing out free incest to his underage nieces.

.

 

[Eli1]

If anyone from the government is reading this thread:

I don't know any of these people, and have no idea what they're talking about.
I love paying taxes.
And the IRS... well, the IRS is the most lovely and kind govt agency, full of the most empathetic and philanthropic souls since Gandhi was alive and handing out free incest to his underage nieces.

.

Did you hear that Trump wants to create External Revenue Services by collecting money around the world?
Love it!
About time.

Trump says he will create an 'External Revenue Service' to collect tariff income | AP News