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Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?

The money would be transferred directly to the coin dealer, and the coins stored in their vault. I just don’t want to pay taxes on the money removed from my IRA. Is this legal ?
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Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?

yes a direct transfer of money from a regular IRA to a "Gold" IRA presents no tax problems

please read the following thread

https://www.goldirasecure.com/buying-gold-for-ira/ 

 

Only certain recognized foreign and domestic gold coins are eligible for inclusion in an IRA.  Similar limitations for foreign and domestic silver coins. 
• Examples include the American Gold Eagle or Canadian Gold Maple Leaf coins.

 

When I take possession of the coins, I would be removing money from my IRA, and have to pay taxes.        Correct ?

Yes

 

you may find this case interesting taxpayers took possession

https://www.thetaxadviser.com/issues/2022/feb/taking-possession-coins-irs-taxable-distribution.html . 

 

 

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6 Replies

Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?

If you take money out of your retirement account, you pay tax on that money.  What you do with it is irrelevant.   And if you are under the age of 59 1/2, you will pay a 10% early withdrawal penalty.  If you take the money out in 2023, then in January or early to mid February you will receive a 1099R that must be entered on your tax return.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?

There are ways of buying physical objects (like gold) using IRA money in which the money never leaves the IRA so is not taxable, until you cash out and withdraw the funds.  However, I don't know how to do this, and you need to speak to your IRA custodian or a qualified investment advisor or financial planner.  

 

 

 

Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?

I will not remove money from my account. I would be doing a direct transfer to a precious metals IRA and plan to leave it there for years. When I take possession of the coins, I would be removing money from my IRA, and have to pay taxes. Correct ?

Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?


@Ben549 wrote:

I will not remove money from my account. I would be doing a direct transfer to a precious metals IRA and plan to leave it there for years. When I take possession of the coins, I would be removing money from my IRA, and have to pay taxes. Correct ?


That's also where you need to talk to a pro.  I have seen advertisements that claim you can hold your own gold even if it is in an IRA.  (But I've also seen advertisements the the amazing secret rice diet that burns 10 pounds of fat overnight, so ¯\_(ツ)_/¯)

 

I agree that if you do a rollover or direct transfer from IRA #1 (at your regular bank) to IRA #2 (a precious metals IRA that holds gold in their own vault) then the rollover or transfer is not taxable.  It would only be taxable if you withdrew either the coins or the cash value from IRA #2.

Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?

Read the fine print carefully ... ususally you have to open a self directed IRA where these kinds of investments are allowed and roll funds from the traditional/roth IRA to fund the self directed one.  Very few legitimate IRA custodians handle these kinds of IRA accounts.  

Can I buy Canadian silver and gold maple leaf coins in the US with money from my IRA, and still avoid taxes on the purchase ?

yes a direct transfer of money from a regular IRA to a "Gold" IRA presents no tax problems

please read the following thread

https://www.goldirasecure.com/buying-gold-for-ira/ 

 

Only certain recognized foreign and domestic gold coins are eligible for inclusion in an IRA.  Similar limitations for foreign and domestic silver coins. 
• Examples include the American Gold Eagle or Canadian Gold Maple Leaf coins.

 

When I take possession of the coins, I would be removing money from my IRA, and have to pay taxes.        Correct ?

Yes

 

you may find this case interesting taxpayers took possession

https://www.thetaxadviser.com/issues/2022/feb/taking-possession-coins-irs-taxable-distribution.html . 

 

 

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