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Let’s look at six common risks associated with self-directed and checkbook IRAs, how they may apply in the context of bitcoin, and why there may be increased regulation coming in the future. But first, we need to define our terms and differentiate between IRA structures.The different IRA structures can behave in an “every square is a rectangle, but not all rectangles are squares” kind of way. IRAs can be Traditional or Roth regardless of custodial relationship/structure. All IRAs are custodial.
It is impossible to know how far a tax court will go applying “deemed distribution” treatment to any given transaction or investment within a checkbook IRA. For checkbook IRA owners that hold the keys to bitcoin in an unsupervised structure, there is a risk that the McNulty ruling could cause your entire IRA to be subject to tax.
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