It depends on the type of assets that are being transferred. If the assets that are being transferred are "collectibles", then these assets are considered a distribution and not tax deferred. At this point, these assets are non-deductible contributions to your Precious Metal IRA. Please select this IRS link for further information.
As far as coins and bullion, this IRS source defines what is a collectible and what is not.
The following coins and metals are not included in the definition of “collectible” under IRC Section 408(m):
- Certain gold, silver, or platinum coins described in 31 USC Section 5112. See IRC Section 408(m)(3)(A) for the full definition.
- Any coin issued under the laws of any state.
- Any gold, silver, platinum, or palladium bullion of a certain fineness if a bank or approved non-bank trustee keeps physical possession of it. See IRC Section 408(m)(3).
In retrospect, it depends on the nature of the coins and bullion.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
