Cryptocurrency Solo 401(k) Plan solution will allow for tax-free treatment on bitcoin & other digital asset 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 cryptocurrency self-directed Solo 401(k) plan with checkbook control. The cryptocurrency Solo 401(k) plan program structure will allow retirement account investors to purchase bitcoin and other digital assets and generate tax-deferred or tax-free gains, in the case of a Roth Solo 401(k) account. “We have experienced enormous demand from retirement investors who are looking to invest in cryptocurrency in a tax efficient and cost effective way,” stated Adam Bergman, a partner with the IRA Financial Group. “The nice thing about using retirement funds to invest in cryptocurrency, is that if an individual made the investment with personal funds, there would be short-term or long-term capital gains on any gains whereas no tax would be imposed on the transaction if retirement funds were used,” stated Mr. Bergman.
On March 25, 2014, the IRS issued Notice 2014-21, which for the first time set forth the IRS position on the taxation of bitcoin. 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 bitcoin 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 solo 401k bitcoin solution, traditional IRA or Roth IRA funds can be used to buy bitcoins without tax.
The primary advantage of using a Self Directed Solo 401(k) Plan to make investments is that all income and gains associated with the IRA investment grow tax-deferred.
IRA Financial Group’s Solo 401(k) plan for cryptocurrency 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.
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.
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”.