Bitcoin self-directed IRA LLC will allow for tax-free treatment on bitcoin transactions using retirement funds
IRA Financial Group, the leading provider of self-directed IRA LLC and Solo 401(k) Plans is proud to announce the introduction of the self-directed IRA bitcoin with checkbook control. The bitcoin self-directed IRA LLC structure will allow retirement account investors to purchase bitcoins and generate tax-deferred or tax-free gains. “We are excited to offer our clients with a tax efficient and cost effective way to use retirement funds to buy bitcoins,” stated Adam Bergman, a partner with the IRA Financial Group.
On March 25, 2014, the IRS issued Notice 2014-21, which for the first time set forth the IRS position on the taxation of bitcoins. According to the IRS, “Virtual currency is treated as property for U.S. federal tax purposes,” the notice said. “General tax principles that apply to property transactions apply to transactions using virtual currency.” By treating bitcoins as property and not currency, the IRS is providing a potential boost to investors but it also imposing extensive record-keeping rules—and significant taxes—on its use. With IRA Financial Group’s self directed IRA LLC bitcoin solution, traditional IRA or Roth IRA funds can be used to buy bitcoins without tax.
The primary advantage of using a Self Directed IRA LLC to make investments is that all income and gains associated with the IRA investment grow tax-deferred.
IRA Financial Group’s Self-Directed IRA LLC for bitcoin investors, is an IRS approved structure that allows one to use their retirement funds to make bitcoin and other investments tax-free and without custodian consent. The Self-Directed IRA LLC involves the establishment of a limited liability company (“LLC”) that is owned by the IRA (care of the IRA custodian) and managed by the IRA holder or any third-party. As manager of the IRA LLC, the IRA owner will have control over the IRA assets to make traditional as well as non-traditional investments, such as real estate.
Using IRA Financial Group’s self directed IRA LLC with “checkbook control” solution to make bitcoin investments offers a number of very interesting investment opportunities, including the ability to diversify ones retirement portfolio with real estate, precious metals, and other alternative investment options.
IRA Financial Group is the market’s leading provider of self-directed retirement plans. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.
The IRA Financial Trust Company, a self-directed IRA custodian, was founded by Adam Bergman, a partner with the IRA Financial Group.
Adam Bergman, IRA Financial Group partner, has written six books the topic of self-directed retirement plans, including, The Checkbook IRA, Going Solo, Turning Retirement Funds into Start-Up Dreams, Solo 401(k) Plan in a Nutshell, Self-Directed IRA in a Nutshell, and In God We Trust in Roth We Prosper.