Where do you report sale of American Gold Eagles inside an IRA?

Forum|Forum|5 years ago
April 27, 2021
3 replies
23 views

Taxpayer wants me to report it on Schedule D netting the losses from the sale of numismatic coins.

Somehow I think the IRA should be reported else where. Where can I find the rules of how and where to report the liquidated IRA account?

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This topic has been closed for replies.

Best answer by Just-Lisa-Now-

If he takes money from an IRA he'll get a 1099R to report on the tax return.

T

TaxGuyBill

Level 15

What is in an IRA stays in an IRA. So if they were sold while in an IRA, there is nothing to report on the 1040.

But then you said "liquidated IRA account". What do you mean by that? Did the taxpayer WITHDRAW money from the IRA?

P

peterhawaiiAuthor

Level 4

This is a new client. He will be liquidating his American Gold Eagles IRA Account. This means he will be cashing it in. Then he has to report it on his 2021 Federal and State tax returns. Where do I report the transaction.

Just-Lisa-Now-

Answer

Intuit Community Champion

If he takes money from an IRA he'll get a 1099R to report on the tax return.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

Maybe I'm assuming too much here, but it sounds like he has capital losses of more than $3,000 on transactions outside the IRA, and he wants to use them to reduce his 1099-R income from an IRA withdrawal.

If that's the case, just figure out a polite way to inform him he's stupid, or ignorant, or both.

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