Good tax advice may seem expensive, but it’s not as costly as blowing up your IRA.
It’s official: Owners of individual retirement accounts with assets invested in gold and silver coins can’t store them in a safe at their home.
So ruled the judge in a recent Tax Court case, Andrew McNulty et al. v. Commissioner. The decision will cost Mr. McNulty and his wife Donna dearly—taxes of nearly $270,000 on about $730,000 of IRA assets, plus penalties likely to exceed $50,000.
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