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A friend of mine bought some precious metals (gold or silver coins) for his IRA several years ago and at the time he was told (from what I gather) it was permissible according to the tax code for him to store these at home in a safe. Well, he just heard about this decision by the Tax Court:
taxprof.typepad.com
If I am understanding this correctly this decision is saying that a purchase of such coins that is placed in a safe in one's home is considered a taxable distribution and should be included in income for the year in question. How should my friend correct this? Should he file an amended tax return for the year in question (in which the coins were bought)? Or does he just really need to get the assistance of a CPA or tax attorney in this situation?
Thanks for any advice.
TaxProf Blog: Lesson From The Tax Court: How To Mess Up Your Checkbook IRA
The idea that freedom means control over your own destiny s arguably the most defining characteristic of American culture. It is most certainly the basis on which various companies promote “checkbook IRAs.” If you Google that term you will find a gaggle of companies urging people to take full...
taxprof.typepad.com
If I am understanding this correctly this decision is saying that a purchase of such coins that is placed in a safe in one's home is considered a taxable distribution and should be included in income for the year in question. How should my friend correct this? Should he file an amended tax return for the year in question (in which the coins were bought)? Or does he just really need to get the assistance of a CPA or tax attorney in this situation?
Thanks for any advice.