In the past, IRA’s only allow rollover for several diverse vehicles such as real estate, bonds, stocks, mutual funds and gold coins.
In the nineties, the Taxpayer Relief Act of 1997 was passed to allow other types of precious metals to be included for IRA rollovers, which include: one, one quarter, one half or one tenth ounce of U.S. gold coins and one ounce silver coins. The following year, you can have IRA investments on platinum coins and bullions on gold, silver, platinum & palladium.
As you may know, these four precious metals can be funded from your Individual Retirement Account, where it can be stored in place of the standard paper currencies. You can then invest on precious metals such as coins, bullions or bars.
Not every type of commodity made from gold, silver, platinum and palladium is recognized by the IRS. You need to take note of the “approved” bullions or coins to take advantage of the protection that they offer.
There are currently eight approved gold coins/ bullions by the IRS that you can rollover from your individual retirement account. They are the following:
1. American Gold Eagle proof coins
2. American Gold Eagle bullion coins
3. American Gold Buffalo non-circulated coins (proof coins not allowed)
4. Canadian Gold Maple Leaf coins
5. Australian Nugget/Kangaroo coins
6. Austrian Gold Philharmonic coins
7. Chinese Gold Panda coins
8. Gold bars and rounds from COMEX, NYMEX or National Government mint (need to meet minimum required gold fineness)
There are eight IRS accepted silver coins/ bullions that you can fund from your IRA.
1. American Silver Eagle proof coins
2. American Silver Eagle bullion coins
3. Australian Silver Kookaburra coins
4. Austrian Silver Philharmonic coins
5. Canadian Silver Maple Leaf coins
6. Chinese Silver Panda coins
7. Mexican Libertad coins
8. Silver bars and rounds from National Government mint, COMEX, or NYMEX (should meet minimum silver fineness)
Six types of platinum bullions/ coins are accepted by the IRS.
1. American Platinum Eagle proof coins
2. American Platinum Eagle bullion coins
3. Australian Platinum Koala coins
4. Canadian Platinum Maple Leaf coins
5. Isle of Man Noble coins
6. Platinum bars and rounds from National Government mint, COMEX, or NYMEX (should meet minimum platinum fineness)
Only two types of Palladium are accepted as of this writing.
1. Canadian Palladium Maple Leaf coins
2. Palladium bars and rounds from National Government mint, COMEX, or NYMEX (should meet minimum palladium fineness)
The laws for having the IRA approved precious metals are similar to the regular IRA’s. You have the option to either have it on an IRS approved depository or take possession of the commodity.