Filing taxes for IRA single member LLC
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!