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May I use a diamond purchase as an ira contribution?

April 26, 2017contribution diamond IRA purchase

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May I use a diamond purchase as an ira contribution?

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Answer Hi, IRA contributions have to be in cash. Once within the IRA you can purchase other things if a trustee approved by the IRS can be found. However an investment in collectibles (including gems) is a prohibited transaction so you won’t be able to hold the diamonds in an IRA.