Foreign Currency
Is there any restriction on an individual holding foreign currency within their IRA? Have a client who wants to purchase British pound into his IRA. The other twist is he currently owns the pounds himself. Is there any restriction from purchasing from himself if he pays fair market value? Thanks for the help.
Permalink Submitted by Denise Appleby on Thu, 2008-01-10 11:42
AFAIK, the tax code does not prohibit foreign currency being held in IRAs, and some custodians do offer foreign currency IRAs. You would need to check with your custodian (or another custodian that offers foreign currency IRAs) to determine their policies and procedures regarding foreign currency, such as whether they permit contributions of foreign currency.