Do you hold your FI investments in your IRA to avoid taxes?

Have heard arguments for and against this when it comes to my personal account.

The argument for being that if you're going to own bonds (and you should have at least some), they might as well be in your IRA where the consistent stream of interest payments will not be taxed.

The arguments against are less clear to me, but I guess relate to the fact that your time horizons might be different for the taxable and tax-deferred accounts, and you don't want to end up selling most of an asset class into a trough.

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