Letter Re: How to Take Control of Your IRA
Jim, I’d like to correct some misconceptions regarding both precious metals and “collectibles”, some of which have been repeated in recent letters from readers. First, regarding collectibles: This term has a specific meaning under the Internal Revenue Code. Its definition is found in 26 U.S.C. Section 408(m)(2), which says: (2) Collectible defined For purposes of this subsection, the term “collectible” means— (A)any work of art, (B)any rug or antique, (C)any metal or gem, (D)any stamp or coin, (E)any alcoholic beverage, or (F)any other tangible personal property specified by the Secretary for …