Author Topic: Is Bitcoin IRAS approved for retirement accounts?  (Read 933 times)

katara50

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Is Bitcoin IRAS approved for retirement accounts?
« on: March 13, 2017, 08:53:46 PM »

Companies are now offering the option of "Bitcoin IRAs."

https://regalwallet.com

Are people now starting to do this?

Has the IRS approved Bitcoin for self-directed IRAs similar to Gold IRAs?

maizeman

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Re: Is Bitcoin IRAS approved for retirement accounts?
« Reply #1 on: March 13, 2017, 09:26:28 PM »
No. Just no. Of all the things you could put in an IRA, gold, bitcoins, and stocks in foreign countries with high withholding rates on dividends are right at the bottom of the list.

Assume you put money into the IRA and use it to buy bitcoins, and the price of bitcoins goes up, and at retirement you take the money out. You'd be taking long term capital gains on bitcoins (taxed at either 0 or 15%) and turning it into regular income (10-15% if your long term capital gains rate is 0% or 25-39.6% if your long term capital gains rate is 15%).

Also, your first post on the forum is a "hey check this company out?"

Heckler

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Re: Is Bitcoin IRAS approved for retirement accounts?
« Reply #2 on: March 13, 2017, 09:37:20 PM »
Bwhahahaha!  Bitcoin. Lol.