0:00: Important Court Case & It’s Implications for Crypto Investors
0:20 McNulty v. Comm’r of Internal Revenue
2:30 Facts about Bitcoin Court Case
3:13 Purchasing precious metals in an IRA
3:30 Section 408 of the Internal Revenue Code
5:00 How physically holding precious metals can lead to tax penalties
6:15 Laws pertaining to holding precious metals in Self Directed IRA
6:40 Why personal control of IRA assets defeats the purpose of an IRA
7:40 Do cryptocurrencies have an asset protection class?
7:54 Can I legally hold cryptocurrency in a cold wallet?
8:20 Can my IRA hold cryptocurrency in a cold wallet?
8:57 Is holding cryptocurrency in a cold wallet a taxable distribution?
9:15 Is it legal to hold cryptocurrencies on an exchange?
9:50 Why do people move cryptocurrencies from an exchange to a cold wallet?
10:08 Are cold wallets more secure?
10:25 How has this case changed crypto IRAs?
11:52 What type of assets can you physically hold in a self-directed IRA?
13:55 Can I physically hold precious metals in an IRA at home?
14:12 Can my IRA hold cryptos in a cold wallet?
In this episode of Adam Talks, IRA Financial’s Adam Bergman Esq. discusses a recent court case that could impact Bitcoin investors, specifically, storing them on a cold wallet.
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About IRA Financial:
IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
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i was very reluctant to pull my SDIRA holdings from Swan for this very reason…. I am glad I waited.
Very glad to have discovered your excellent channel!
Question: What would be the considerations for an individual 65 or over wanting to move an SDRA from a legacy custodial firm to a crypto focused platform the likes of I-Trust etc.
Specifically, with a low value amount IRA and a low income year; would it make more sense convert to a Roth before moving the funds into crypto assets or withdraw the funds and pay tax now before re-allocating to crypto based portfolio?
Is it even possible to do a ROTH conversion after 65?
Isn't this the same audio of the video you posted before?
Are you going to use Casa?
This is unfortunate that multi year clients hear of such a big development from YouTube. Hopefully IRA financial reaches out to its customer base soon.
Thanks for the video Adam! What are the implications for an SDIRA that is already storing their assets in a non-custodial non-multi-sig hardware wallet? Thanks!
Very disappointed with Ira Financial so far. We chose them based on confirmation from sales team that by using a Llc that we could transfer all in kind crypto from our current Ira custodian directly to our Llc cold wallet but then transfer Dept informed us that this information was incorrect and that all crypto must first transfer into Gemini before moving to our cold storage and thus cannot accept all of our assets since Gemini doesn't support some. I'm also now concerned that there will be hidden fees from Gemini for this.
You could still put it in Cold storage you'll just have to pay the taxes what you're saying. But you could still have control over it if that's what you want to do if you choose to.? Correct?