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dastockton
Returning Member

investment

I'm 59 1/2 and took possession of gold from a 401K that was rolled into a physical gold account. Is there any tax consequences now or is it when I actually sell the gold for cash? Again I am only taking possession not selling the gold. 

3 Replies
fanfare
Level 15

investment

taxable or tax-deferred i.e. possession within an IRA. ??

if not into a tax-deferred account , you took a distribution.

 

Anyway, how do you get gold into a 401k in the first place?

dastockton
Returning Member

investment

I had a 401K from a different company and when I quit I rolled that money into gold at Rosland Capital. They have the gold in storage. Now that I am 59 1/2 I can take possession of it and not pay a storage fee.  Since I am not selling the gold is there tax consequences at this time or when I sell it?

DaveF1006
Expert Alumni

investment

No, there will not be a tax consequence on this gold until you sell it.

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