A trustee-to-trustee transfer of an IRA, in-kind or not, is not a reportable transaction. However, I believe that you are asking if the transaction would fail to be a trustee-to-trustee transfer but would instead be a distribution and rollover if the keys cam into your possession during the transaction. If the transaction is treated as a trustee-to-trustee transfer, the original IRA custodian will not issue a Form 1099-R and the receiving IRA custodian will not report it as a rollover on For 5498. If it is not treated as a trustee-to-trustee transfer, the original IRA custodian must report it on Form 1099-R as a distribution and the receiving IRA custodian must report it as a rollover on Form 5498. The main difference between a trustee-to-trustee transfer and a distribution and rollover is that rollovers are subject to the limitation of one rollover in a 12-month period (and, of course, whether you have a distribution and rollover to report on your tax return).
My guess is that if the key is provided to you rather than just being transferred to the new IRA custodian, you have constructive receipt and the transaction would be a distribution and rollover.
