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I own some rare coins. What steps would I need to take to make them part of my IRA contribution? |
The coins were purchased as a non-IRA investment several years ago. If they were securities I could sell them, transfer the money to my IRA account, and buy a roughly equivalent amount of the same stock, and only have to contend with capital gains tax, if there was a gain. Coins are not nearly as liquid and more subjective to value. Any ideas on how to "transfer" some or all of the coins so they would qualify as an 07 and/or 08 IRA contribution? IRA contribution has to be monetary - that limits your options to what you already know - selling and then contributing the money into IRA. Only by selling them, and putting the money into the IRA. I take that those coins are worth thousands and therefore you could not overlook the fact that you may or may not remember having sold them anyway I think, you could sell then and deposit the money into your IRA. Do you really think the IRS is going to know of this transaction. |
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