Unfortunately, this is either highly misleading or encourages illegal activities. The IRS clearly states that precious metals purchased by the IRA must be stored in IRS-approved banks and trustees. You can hold gold in an IRA if you have a special, self-managed IRA account. This allows you to invest in real physical gold coins while getting the same tax benefits as regular IRAs.
In addition, according to the Industrial Council for Tangible Assets, keeping IRA assets in your home could be considered “self-dealing” and treated as a prohibited transaction by the IRS. Many investors appreciate the security of having direct control over their gold bars or coins and being able to access them at any time. The Council points out that some precious metals dealers have promoted “storing physical gold at home in a” checkbook LLC to circumvent the IRS prohibition on keeping gold that should actually be in your IRA at home. Ken advises against installing the floor safe in a closet. This is the first place burglars look but hide in a place like a living room, both under a rug and under a heavy piece of furniture such as a bookshelf or a piano.
It may be better to invest your IRA in a precious metals ETF or own precious metals in a taxable account. 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 as precious metals from other asset holders, or it can be stored alone. Gold bars and round gold and silver coins are also allowed in an IRA if they have a fineness of 99.9%. Your Midas Gold Group account manager can help answer any further questions you may have about gold and precious metals storage.
A “checkbook LLC” refers to a self-managed company set up by the IRA owner to buy and hold gold bars in their IRA. Either open a gold IRA with a legitimate provider and have your gold stored safely and securely in an IRS-approved depot. Gold IRAs are known as self-directed IRAs, but you can use them to purchase certain IRS-approved gold bars and precious metals. The depot will keep a close eye on your gold to make sure it’s safe. The gold is insured as long as it’s there.
You need a custodian bank, as IRS regulations require that the coins or gold bars be owned by the custodian bank. IRA audits Distribution penalties may only be your first problem if you deliberately store your IRA gold at home.
