How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15608
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

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 I right?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


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 1 year ago.

After you view my response, please post if you need more information or if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!