Is a gift income?

[jvervaecke]

As an incentive to convert my IRA to gold, I was given gold and silver, which I took delivery of. Do I need to declare this as income? If yes, then at the declared (higher) value or spot market?

[drc845443]

Yes - you need to declare this as income.

You had to do earn the amount by doing something, so it is not a gift in the ordinary sense.

You should report the fair market value of the gold at the time of receipt as income (spot).