Under Section 408 (m) of the IRS Code, only certain types of precious metals can be held in an IRA and they must be in the physical possession of a trustee. This means that your IRA gold custodian must store your gold in an IRS-approved custodian 5 days ago. After you’ve funded your account, you can tell your IRA custodian which gold bars you should buy (and how much). After purchase, the gold must be stored in an approved depository. Home IRAs aren’t a safe way to invest for retirement.
They were in a legal gray area until a recent court case ruled that IRA owners who invested in gold and silver coins could not store them themselves at home. Gold IRAs are known as self-directed IRAs, but you can use them to purchase certain IRS-approved gold bars and precious metals. Additionally, many people are tempted by the option to store their precious metals at home through an IRA LLC, commonly known as a Home Storage IRA or Checkbook IRA. Given the many scams and misleading advertising, it’s important to do your research before opening a Gold IRA account.
In addition, many savers aren’t aware that they have other, equally attractive alternatives to home storage IRAs, such as self-directed IRAs managed by qualified IRA custodians for precious metals. Unlike self-directed IRAs, which are managed by a qualified custodian bank, home storage IRAs assume that the account holder is completely self-sufficient in managing their funds. Money Reserve IRA Account Executive is now available at 1-833-522-0409 and learn how easy it is to take advantage of the many benefits of a precious metals IRA. Even an IRA for home storage is really just a cumbersome possible way to invest in your LLC rather than in the gold itself.
If the IRS decides that the day you opened your home storage IRA was the date of the first “distribution,” you could pay additional interest and penalties on back tax payments owed from the time the distribution was made. Money Reserve makes it easy for you to diversify your retirement portfolio and enjoy the benefits of a tax-advantaged, self-managed IRA with the added security of physical gold and silver. Learn more about the process of receiving distributions (payouts) from a Gold IRA and how distributions can be made in cash or in kind in accordance with IRS guidelines. Although investors can undoubtedly buy physical gold and store it in a home safe, the IRS strictly prohibits this in the case of gold (and other precious metals) purchased by the IRA.
After you’ve funded your account, you can let your IRA custodian know which gold bars you’d like to buy (and how much).
