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Don’t make this mistake when it comes to gold and silver in IRAs

Alan Dykstra by Alan Dykstra
July 17, 2022
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Self-directed IRAs are a great way to save money for retirement and buy precious metals. Self-directed IRAs are different from traditional IRAs which allow for investment in stocks, bonds and ETFs. However, they allow for investment in a wider range of assets such as gold coins and bars. A knowledgeable advisor can help you to plan your retirement investment strategy and ensure compliance with tax regulations.

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Prevention of direct Possession of IRA Assets

There are some important things to remember when buying silver and gold bullion products for self-directed IRAs. The idea that gold or silver purchased for IRAs can be stored at your home in a safe or security box is one of the most talked about issues.

This topic’s uncertainty is due to misleading advertising. Multiple media outlets claim that IRA gold or silver can be stored in the home at the owner’s choice. The IRS code states that investors can’t legally store precious metals for IRAs within their homes.

IRS Expressly Bans Home Storage

The National Coin and Bullion Association (NCBA), published an article on a case in which a court ruled that physical storage of silver and gold in a safe at home was unfettered control over the investment. They claimed that the couple had opened a separate bank account in the name of the Limited Liability Company, which held the silver and gold coins. They believed they could use an LLC in order to avoid direct possession and circumvent tax obligations. Unfortunately, this is a costly violation to the law.

All investors should be aware of restrictions regarding self-directed IRAs. We recommend that they understand the Internal Revenue code which requires a custodian in order to manage precious metal assets for the IRA owner. Third-party custodians, such as banks or other financial institutions, are responsible for managing disbursements and maintaining account records. It is a good idea to speak with a CPA, tax advisor, or dealer about your investment strategies. This will help you invest assets correctly and avoid paying expensive penalties in the event of a tax audit.

You can find out more about the benefits of holding gold and silver in an IRA by visiting our resources. Or, give us a phone call at 602-234-2300.

Avoid this Mistake with Gold and Silver in IRAs CMI Gold & Silver

Buy gold & silver bullion - Goldbroker.com

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