#1 Collectibles or Antiques
If you happen to be an antique collector or have found a collection piece that is worth thousands of dollars at a yard sale, know that you will not be able to shield the tax on this type of asset after you sell it inside a retirement plan or even an IRA. Most collectibles, including artwork, antiques, stamps, gems, alcoholic beverages, metals, rugs, and even coins (more on these later) are not allowed as assets in these accounts under any circumstance!
This comes after a ban on artwork back in the 1970s after several pieces that were stolen by the Nazis were discovered in IRA accounts. Because IRA accounts shield and provide protection to these types of assets in the name of the IRA account owner, the government decided not to include such items anymore due to not wanting to prohibit the rightful owners from being able to reclaim their stolen property.
Leave a Reply