What are the tax implications of holding digital assets in a New York Life IRA?

1 answers

• Dec 25, 2021 · 3 years ago
  At BYDFi, we understand the importance of tax implications when it comes to holding digital assets in an IRA. While we cannot provide specific tax advice, we can offer some general information. Holding digital assets in a New York Life IRA can provide potential tax advantages, such as tax-deferred growth. This means that any gains made from the sale or exchange of digital assets within the IRA are not taxed until they are withdrawn from the account. However, it's important to note that if you withdraw funds from your IRA before reaching the age of 59 ½, you may be subject to early withdrawal penalties and taxes. It's always best to consult with a tax professional or financial advisor to fully understand the tax implications and potential advantages of holding digital assets in a New York Life IRA.
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