The only way to store IRA gold at home yourself is to be a trustee or custodian that isn’t a bank. But the qualifications are so high that it is not possible for the average person. Home storage IRAs aren’t a safe way to invest in 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 at home themselves
.
Unless you meet these extremely high criteria, keeping gold at home as part of your IRA is strictly prohibited. In addition, many people are tempted by the option to store their precious metals at home with an IRA LLC, commonly known as a Home Storage IRA or Checkbook IRA. While this advertisement may seem tempting, be aware that keeping gold IRAs in your home is prohibited by law. If you try to store gold at home that should actually be kept in a standalone IRA, the IRS will likely regard this as an IRA distribution, which is taxable and, if you’re under 59½ years of age, sees an additional 10 percent penalty for early
withdrawals.
The depot will closely track your gold to make sure it is safe. The gold is insured as long as it’s there. A “checkbook LLC” refers to a self-managed company set up by the IRA owner to buy and hold gold bars in their IRA. Once the money is transferred, you can buy gold and silver coins that comply with IRS guidelines for financing a precious metal IRA. To be able to claim this benefit on an ongoing basis, IRA assets must be held by a financial institution or an IRS-qualified IRA
custodian bank.
Depending on your wishes, the gold that you own through a self-directed IRA and stored at the depository can be stored in the same storage area with precious metals from other asset holders, or it can be stored alone. The most important thing to take away from this is that home storage gold IRAs aren’t a legitimate option in the eyes of the IRS, and trying to store your IRA gold at home can cost you fines and penalties. Even though the rules for retirement accounts and gold IRAs may seem unclear, the experienced IRA account managers at U. Even a home storage IRA is really just a detour to invest in your LLC and not in
the gold itself.
Some precious metals dealers believe that a “checkbook LLC” allows the IRA owner to store physical gold in their home because the precious metal belongs to the LLC and not directly to the IRA. 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. Money Reserve can make the entire process easier for you, from opening your IRA with a verified custodian to arranging a secure and discreet delivery of your gold to an
IRS-approved depositary.
