A Gold IRA combines your IRA plan with the benefits of owning physical gold, but to avoid trouble with the IRS and maximize your portfolio potential you'll need to know how to store the gold in your IRA. You can't add gold that you already own into a Self-Directed IRA. Instead, you must buy through a custodian who buys the gold on your behalf and arranges delivery to a facility that specializes in protecting precious metals. The gold is held by a financial institution, such as a bank, or by an IRS approved non-bank facility, such as a depository. The IRS doesn't want anyone storing gold from a Self Directed IRA at their home or in their own safe deposit box. If you try to store your IRA gold at home, the IRS will likely view that as an IRA distribution that's subject to taxation and could result in a 10 percent penalty for early withdrawal.
Furthermore, storing IRA assets in your own home might be considered “self-dealing,” and could be treated by the IRS as a prohibited transaction. If you want to keep physical gold at home, you can still do so as long the gold isn't part of an IRA. Some precious metals dealers have promoted “home storage” of physical gold in an LLC created and managed by the IRA owner in order to skirt the IRS's ban on holding IRA gold at home.
This ‘home storage' concept may conflict with the laws that allow for tax-advantaged IRA investments. To purchase and hold assets in an IRA on a pretax basis the IRA assets must be held by a financial institution or an IRS-qualified custodian. At U.S. Money Reserve, we work with you to assist you in the process of opening a Self Directed IRA. Once funded, we contact you to order the gold or silver you want to include in your IRA. We then arrange insured and discreet delivery to an IRS-approved depository which will make sure it's safe and the gold's insured while it's there. The experienced IRA Account Executives at U.S. Money Reserve can answer any questions you might have about setting up your Self-Directed IRA. Get started with a free IRA consultation today. Click the link in the description to download your free gold information kit which will provide you with important information you should know about diversifying your portfolio with precious metals.