How do you account for the fair market value of gold in an IRA single member LLC using 1040 form C?
Thanks for the question. For specific tax advice, we recommend that you consult with a licensed professional. However, I’m not sure how or why the fair market value of an investment like gold would need to be reported on a Schedule C – not unless you’re treating it as carried interest. For investments like gold, you typically only need to report any gains or losses once you sell the investment.
Hope this helps!
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.