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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13314
Experience:  15years with H & R Block. Divisional leader, Instructor
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5 years ago I purchased some gold and silver coins. The

Customer Question

5 years ago I purchased some gold and silver coins. The price of gold and silver has dropped significantly since then. These coins are in an ira and I was thinking if I took them out of the ira now my tax burden would be much less.....am I right?
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months ago.

Hello

If you take the coins out of the IRA the distribution will be taxable to you. Your withdrawal will be assessed at the "fair market value" for that day.

You cannot claim a loss on the coins that you take out unless you took everything out of your IRA(s).

But yes if they have dropped then you would be taxed on the value when you take them out.

Expert:  Robin D. replied 11 months ago.

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