“Bitcoin: It’s a red-hot asset that’s now being used as a retirement investment.”
“This is the first Bitcoin IRA approved by the IRS.”
“The world’s hottest asset is the newest way to invest for retirement.”
In this guide you will learn about the following issues impacting your retirement.
The IRS has ruled that digital currency has “an equivalent value in real currency.” It therefore can be used to purchase goods or services. Furthermore, the IRS Virtual Currency Guidance: Notice 2014-21 actually names bitcoin as one example of virtual currency, and declares “Bitcoin can be digitally traded between users and can be purchased for, or exchanged into U.S. dollars, Euros, and other real or virtual currencies.”
The IRS notice is clear and straight forward. Since bitcoin can be exchanged for dollars or other currencies, it can be used in place of dollars or other currencies to make investments and to fund your IRA or 401K. You should be aware though that the same IRS notice also states that, for Federal Tax purposes, bitcoin will be regarded as “property.” Since bitcoin is considered property, a custodian will be necessary in order to comply.
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