Get your bullion tax deduction right

The April tax deadline looms.

Taxpayers are looking for every deduction they can find.

One of the big ones is a contribution to a personal Individual Retirement Account.

These deductions can be as much as $6,500 per person.

Why not buy bullion with it?

Good question.

But in some cases, the answers might not be correct.

The Industry Council for Tangible Assets has issued a warning about companies that recommend home storage.

This could be an expensive mistake that will nullify the deduction.

ICTA says, “Some precious metals bullion dealers recently have been advertising ‘home storage’ as a legal and beneficial option for storing bullion that may be invested in an individual retirement account.

“The home storage concept may conflict with the laws that allow for tax-advantaged IRA investments.”

To help harried taxpayers do it right, ICTA has produced a white paper to explain why the home storage concept may conflict with the laws that allow for tax-advantaged IRA investments.

Everybody knows tax law is complicated.

But ICTA says the purpose of the paper is to try and make it as simple as possible to understand.

This free advice, of course, is available to ICTA members to aid them in understanding how the Internal Revenue Code §408 applies to individual retirement accounts.

But it is also available free of charge to non-ICTA members.

Here is a link to the white paper.

There are many things in life where you can try, try again.

Messing up your taxes is not an area that I would recommend needing a do-over.

Get ICTA’s free information.

Get your taxes right.

It is as simple as that.

Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017 . He is editor of the weekly newspaper "Numismatic News."

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