Published On: Tue, May 30th, 2017

How to Hold Bitcoin in an IRA and Why It’s Still Not Easy

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As bitcoin continues its bull run, more U.S. investors are looking for ways to protect their gains from taxation, and Individual Retirement Accounts (IRAs) are slowly emerging as a viable option.While holding bitcoin in an IRA has technically been possible since IRS Notice 2014-21, which declared bitcoin property for tax purposes, the process remains complicated and fraught with liabilities.Some regulators are trying to fix that. On January 9, the Government Accountability Office (GAO) released a report calling on the IRS to better inform taxpayers about the reporting requirements and potential liabilities of holding bitcoin and other cryptocurrencies in …

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