Golden rules “The precious metal coins or bars must meet IRS fineness standards and must be stored by the IRA trustee and not by the IRA owner, says Moy. In other words, don’t store the precious metal or type in lockers, safes, or closets at home. You can’t store gold for your IRA at home or in a safe deposit box. To comply with IRS-IRA guidelines, your physical gold assets must be stored in
an IRS-compliant depot.
Once the IRS determines that you’ve stored IRA gold outside an approved financial institution, it may even conduct an audit of your IRA. That is the reality. So don’t be fooled by the simple ABC steps that most companies in the IRA department often use to fool people about how easy it is to set up an IRA for home storage. Read on to find out more about these so-called home storage gold IRAs and where you should store your gold instead. American Bullion is a respected pioneer in the gold IRA and is well equipped to help you take advantage of this valuable yet underused retirement savings tool
.
Briefly and at least understand that a gold IRA for home storage requires the same level of ownership and accountability as any other IRA. A Gold IRA for home storage requires that you meet the following qualifications. If they’re found not to meet the requirements, the purchase is treated as a taxable deduction from your retirement account. The fact is, an IRA for home storage increases your likelihood of an audit, and if the IRS finds your agreement not qualified, your IRA assets lose their tax status and are immediately taxed (at current rates). Failure to comply with IRS requirements for a home gold IRA could easily cost far more than
the potential benefits.
The IRS makes it clear that it doesn’t want anyone keeping gold from a self-directed IRA in their home or in their own safe deposit box. This allows you to invest in real physical gold coins while getting the same tax benefits as regular IRAs. After you’ve funded your account, you can tell your IRA custodian which gold bars you should buy (and how much). Some of the best gold IRA companies include Augusta Precious Metals, Goldco, and American
Hartford Gold Group.
Keep your physical gold until you’re ready to retire, or pass it on to future generations. Just don’t keep the fact that it’s part of an IRA. Whether it’s people deliberately trying to mislead you or simply repeating bad advice, the concept of gold IRAs for home storage is still around, and some investors could be
misled.
