topic investment in Investors & landlords

investment

dastockton — Fri, 02 Apr 2021 19:28:10 GMT

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.

Re: investment

fanfare — Fri, 02 Apr 2021 23:20:19 GMT

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?

Re: investment

dastockton — Mon, 05 Apr 2021 22:08:46 GMT

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?

Re: investment

DaveF1006 — Mon, 05 Apr 2021 22:17:15 GMT

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