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• Silver in a Precious Metal IRA

To be included in a precious metal IRA, silver products are required to have minimum fineness of 0.999

Below is a list of silver products that are acceptable for being held in an IRA account:

• American Eagle coins
• Australian Kangaroos coins
• Canadian Maple Leaf coins
• Mexican Libertad coins
• Bars and rounds manufactured by a NYMEX or COMEX approved refiner/assayer or national government mint and meeting minimum fineness requirements

“Slabbed” coins are not permissible.

Gold, Silver, Platinum, & Palladium bars must be fabricated by NYMEX or COMEX approved refiners or national government mint.

(source: www.iracentral.com)

Reporting Requirements

This is one of the areas where people have the most number of questions. Of course, this information can change at any time. We are not an accounting firm, registered accountants, attorneys, or tax experts. This information is intended to assist you and is not intended to be used as sole guidance for complying with these regulations. You should always contact your accountant, CPA or attorney with any tax questions, issues or concerns.

The only reporting requirement when purchasing Precious Metals currently involves cash and money orders. You can purchase up to a maximum of $9999 in cash or money order without having to fill out the form 8300 to report the transaction to the IRS. If you write a personal check or wire funds there are no reporting requirements regardless of your purchase size. We do not accept cash or cash equivalents in any amount.

The reporting requirements on the selling side are more complicated. This is where the 1099-B form may apply when liquidating certain items. The question involves the type and quantity of product that you are liquidating. I will give a brief summary of reportable and non-reportable silver products and quantities.

Reportable Silver

The following require a 1099-B to be issued when you sell the listed coins or bars in the quantities listed by the end of the calendar year. A combination of these coins that together go above the limits also count for reporting purposes. For example, if you were to liquidate 700 ounces of silver bars and 300 ounces of silver rounds in one calendar year, you would be required to report this transaction.

• 90% Junk Silver- $1000 face value or more per year (a full bag with approximately 715 ounces of pure silver)
• Silver Bars: 1000+ ounces per year
• Silver Rounds: 1000+ ounces per year
• Fungible Silver Certificates: 1000+ ounces per year

Non-Reportable Silver

There are many more silver products that fall into this category. However, these are the most popular ones.

All of these silver products are non-reportable regardless of the quantity sold.

• American silver Eagles
• Austrian silver Philharmonic
• Canadian silver Maple Leafs

*We are not an accounting firm, registered accountants, attorneys, or tax experts. This information is intended to assist you and is not intended to be used as sole guidance for complying with these regulations. You should always contact your accountant, CPA or attorney with any tax questions, issues or concerns.*

In Summary:

Junk Silver Bags

• “Premium”: currently $2.00 to $2.50 over spot
• Easily recognized, globally highly liquid
• Legal tender
• Divisible into small increments
• When purchased from NNA, per ounce “premium” is the same for all orders, regardless of “bag” size
• Not currently allowed in U.S. self-directed IRA’s
• Relatively difficult to store/transport

Silver Rounds Privately Minted

• “Premium”: currently $2.00 to $2.75 over spot
• Easy to identify
• Relatively easy to sell or exchange
• Not legal tender
• Not currently allowed in U.S. self-directed IRA’s

Government Minted

• “Premium”: currently $1.75 to $2.75 over spot Lose more value upon liquidation
• Legal tender
• Considered to have physical “beauty”
• Currently allowed in U.S. self-directed IRA’s

Silver Bars

• “Premium”: currently $.90 to $1.50 over spot
• Size, uniformity great for purely investment purposes (store of value)
• Currently allowed in U.S. self directed IRA’s (**Dependent on the refiner**)
• Not legal tender
• Relatively inconvenient for barter (becomes more pronounced with larger sizes)