In other words, no storing gold bars or other types in safes, home safes, or closets. You can store coins or gold bars in a precious metal IRA. Despite the colloquial term “gold IRA,” you can hold silver, platinum, and palladium in this account. The other option is a home storage IRA.
Similar to what we mentioned above, you can choose to store your paper currency or assets such as bonds and stocks in a bank safe or in your own home safe. To avoid running afoul of tax rules for proprietary transactions, self-governing IRAs, including gold IRAs, must have an IRS-approved custodian bank. American Bullion is a respected gold IRA pioneer and is well equipped to help you take advantage of this valuable yet underused retirement tool. A gold IRA is an alternative investment option for retirement savers who want to own gold as an inflation hedge or to diversify their assets outside the stock market.
Gold IRA companies typically work with approved depositories such as Delaware Depository, Brinks Global Services, and International Depository Services. Gold and other precious metals are considered an inflation hedge and can increase in value in times of volatile stock markets. The fact is that an IRA for home storage increases your chances of being audited. If the IRS finds your agreement not qualified, your IRA assets lose their tax-filed status and are subject to immediate taxation (at current rates). This allows you to invest in real physical gold coins while getting the same tax benefits as regular IRAs.
Two of the most commonly used types of gold approved by the IRA include American Eagle coins and precious metals and Canadian Maple Leaf coins. Unfortunately, most Gold IRA companies don’t have a good record of fee transparency on their websites, so finding out the details may require a phone call or two. Investing in a precious metals IRA is an excellent option that allows you to avoid certain fees or taxes on savings. People seeking exposure to precious metals in a retirement account can invest in stocks in mining companies, mutual funds that hold those stocks, or in a gold ETF.
Either open a gold IRA with a legitimate provider and have your gold stored safely and securely in an IRS-approved depot. Read on to find out more about these so-called home storage gold IRAs and where you should store your gold instead. People who believe that physically owning gold or other precious metals is safer can achieve that peace of mind with a gold or silver IRA. It’s important to be aware of all costs and expenses before you buy physical gold to keep in an IRA.