You can’t store gold for your IRA at home or in a safe deposit box. To comply with IRS-IRA guidelines, your physical gold investments must be stored in an IRS-compliant depository. The term gold IRA refers to a specialized individual retirement account (IRA) that allows investors to hold gold as a qualified retirement plan. Investors with gold IRAs can hold physical metals such as gold bars or coins as well as securities related to precious metals in their portfolio.
An IRS-approved custodian must hold gold that has been added to an IRA. Blanchard has a long-standing relationship with GoldStar Trust Company (see below for more information), but we’re happy to help you get started with an IRS-approved custodial institution that you choose. Put money into your account The easiest way to fund your new Gold IRA account is to transfer funds from an existing retirement account, such as a 401 (k) or IRA. That’s the reality, so don’t be fooled by the simple steps that most companies in the IRA department often use to fool people about how easy it is to set up an IRA for home storage.
Investors like the sound of storing IRA gold at home, perhaps because they want quick and easy access to their investments. These promotional products, which are meant to help you set up a gold IRA for your home, usually highlight the obvious benefits but somehow manage to omit the difficulties and costs of meeting the qualification requirements. The Internal Revenue Service (IRS) allows holders of self-managed IRA accounts to purchase bars and coins minted from gold or other approved precious metals such as silver, platinum, or palladium. Gold IRAs will help diversify an individual’s retirement account and serve as a hedge against specific financial factors.
Withdrawal penalties If you have your IRA gold transferred to be stored at home, the IRS considers this a distribution. Gold IRA companies typically work with approved depositories such as Delaware Depository, Brinks Global Services, and International Depository Services. Whether it’s people deliberately trying to mislead you or simply repeating bad advice, the concept of home gold IRAs is still circulating, and some investors could be misled. Once the IRS determines that you’ve stored IRA gold outside an approved financial institution, it may even conduct an audit of your IRA.
The fact is that an IRA for home storage increases your likelihood of an audit. 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). If you’ve considered investing in gold and other precious metals like silver, platinum, and palladium, you may have seen ads for so-called “home storage gold” IRAs. In short, and at the very least, you should be aware that a Gold IRA for home storage requires the same level of responsibility and accountability from the owner as any other IRA.
