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What are the tax implications of holding digital currencies in a Raymond James IRA?

avatarHerr Kubi Marco KubitzaNov 27, 2021 · 3 years ago1 answers

Can you explain the tax implications of holding digital currencies in a Raymond James IRA? I am considering investing in cryptocurrencies and want to understand the tax consequences of holding them in my IRA account with Raymond James.

What are the tax implications of holding digital currencies in a Raymond James IRA?
Digital Currencies
Tax Implications
Raymond James IRA

1 answers

  • avatarNov 27, 2021 · 3 years ago
    As a third-party expert, I can provide insights into the tax implications of holding digital currencies in a Raymond James IRA. The IRS treats cryptocurrencies as property, which means that any gains or losses from their sale or exchange are subject to capital gains tax. By holding digital currencies in your IRA, you may be able to defer taxes on any gains until you withdraw the funds. However, if you withdraw the funds before the age of 59 and a half, you may face early withdrawal penalties in addition to the taxes. It's important to consult with a tax professional or financial advisor to fully understand the tax implications specific to your Raymond James IRA.

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