The subject of retirement investing with cryptocurrency has gained attention, particularly since brokerages such as Fidelity now provide bitcoin as an option for 401(k) investments. Nevertheless, various firms enable trading of crypto via self-managed IRAs. Investing in Bitcoin through an IRA can be an appealing choice for individuals who wish to amass wealth without incurring capital gains … [Read more...]

If you purchase Bitcoin and later sell it to earn a profit, you will be liable to pay capital gains taxes on it. It doesn't matter if you trade Bitcoin for dollars or trade it for other cryptocurrencies and earn profit. Similarly, exchanging Bitcoin for merchandise or services post its value appreciation would also attract capital gains taxes. The IRS has issued guidance on cryptocurrency tax … [Read more...]

The Internal Revenue Service (IRS) states that the majority of cryptocurrencies are considered convertible virtual currencies that can be utilized in lieu of physical money, functioning as a means of exchange, store of value, unit of account, and unit of worth. Moreover, it suggests that any profits or income obtained from your cryptocurrencies are subject to taxation. Nevertheless, … [Read more...]

By adding Bitcoin and other cryptocurrencies to your retirement investment portfolio via a Bitcoin IRA, you might profit from the possible appreciation in value of the most important digital currencies in the world. As regulated investment vehicles, Bitcoin IRAs enable U.S. investors to securely add crypto exposure to their retirement funds in a tax-efficient manner without having to deal with … [Read more...]

In the past year, cryptocurrency has gained widespread popularity, and the price of bitcoin, which has the highest market value, reached an all-time high in April. Given the buzz around it, you might be pondering the feasibility and benefits of investing in cryptocurrency for your retirement, particularly in your IRA. While it is feasible to use a self-directed IRA to keep unconventional … [Read more...]

Bitcoin IRA enables you to purchase and sell digital currencies under a tax-advantaged IRA account through a self-managed trading platform. Besides, the platform supports the transfer of current IRA accounts to crypto IRAs and offers gold investment opportunities. Nevertheless, the account fees are costly, although it can help with tax savings. For a complete perspective, refer to our Bitcoin IRA … [Read more...]

Founded in 2004, Broad Financial is among the limited self-directed IRA providers that provide cryptocurrency services. They propose a highly competitive fee system, various opportunities to invest in Bitcoin, and have gathered excellent reviews from customers across different platforms. Determine whether this self-directed IRA provider is suitable for your necessities. … [Read more...]

Broad Financial holds a strong position in the self-directed IRA industry, however, Bitcoin IRAs are just one of the many types of IRA they offer. It seems that Bitcoin IRAs may not be the most sought-after option or a competitive advantage for them. Nonetheless, for those seeking a diverse range of assets in their IRA, Broad Financial does provide a variety of alternative asset classes to choose … [Read more...]

The physical possession rule has been confirmed by the recent court case McNulty v. Commissioner. Despite the lack of prior guidance, this case serves as a reminder that it is illegal to personally possess IRS-approved metals and coins, as stated in Internal Revenue Code Section 408(m). We have gathered all available information on this case. McNulty Case – Summary Under I.R.C. sec. 408, the … [Read more...]

It has been approximated that up to 20% of Americans had invested in cryptocurrencies by August 2021. Although the exact percentage can fluctuate between surveys, the evidence suggests that cryptocurrencies are no longer a specialized interest of technology enthusiasts or merely a finance speculation tool. Instead, digital assets have transformed into a commonly used investment option that could … [Read more...]