Home Storage Gold IRA

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Can I  Store Gold From an IRA At My Home?

It is generally not legal to store physical gold from your IRA at home. The Internal Revenue Service (IRS) has specific rules and regulations governing the storage of retirement assets, including gold. According to these rules, the physical assets held in an Individual Retirement Account (IRA) must be held in the custody of an IRS-approved custodian. This custodian must be a bank, credit union, or other financial institution approved to hold such assets.

If you want to invest in gold as part of your retirement savings, you can consider purchasing gold mining stocks, gold mutual funds, or gold exchange-traded funds (ETFs), which can be held in a traditional or Roth IRA. These investments do not involve the physical possession of gold and can be more convenient than buying and storing physical gold.

As stated on the IRS website :

Gold and other bullion are "collectibles" under the IRA statutes, and the law discourages the holding of collectibles in IRAs. There is an exception for certain highly refined bullion, provided it is in the physical possession of a bank or an IRS-approved nonbank trustee. This rule applies to an indirect acquisition, such as having an IRA-owned Limited Liability Company (LLC) buy the bullion. IRA investments in other unconventional assets, such as closely held companies and real estate, run the risk of disqualifying the IRA because of the prohibited transaction rules against self-dealing.

Although it is technically possible to store your gold from an IRA at home by setting up one of the above entities, it would be nearly impossible, cost-prohibitive and not advisable.  

Home Storage Gold IRA Qualification

To qualify for a home storage Gold IRA, you must meet the following requirements. If you do not meet these qualifications, the purchase will be treated as a taxable deduction from your retirement account. To qualify, you must:

  1. Have or create a limited liability company in your name, with a specifically written operating agreement.
  2. After incorporation and audits, have a minimum net worth of at least $250,000.
  3. All employees and trustees of the company must obtain a $250,000 fidelity bond as corporate insurance.
  4. The ownership of the trustee corporation must be divided among multiple individuals.
  5. Have verifiable fiduciary experience with a "reputable financial background" and demonstrate experience handling retirement funds.
  6. The trustee corporation for your IRA must have a business location that is open to the public.
  7. Have corporate legal counsel on retainer and provide an annual audit by a qualified public accountant.

Why Might You Want to Store Gold Or Other Precious Metals at Home?

Some Americans may desire to store their Gold IRA or other precious metals at home. There are many reasons for thinking this is a good option. One of the main reasons is the belief that it is safer to store physical Gold at home rather than with a professional company.

If the company holding your Gold or other precious metals goes bankrupt or becomes insolvent, your investment could be at risk. This means you lose all the money you have invested in the Gold.

Some individuals may store their Gold at home rather than with a professional company to avoid this risk. This is not a real risk as all recommended storage facilities are backed by trust companies or highly insured.

Another reason some Americans may prefer to store their Gold at home is concerns about the possibility of government seizure or expropriation of assets held by a professional storage company. Some people may believe that the government has the power to seize assets held by a company, and they may be concerned that their Gold could be seized if stored with a professional company. To protect their assets, they may store their Gold at home, where they believe it is more difficult for the government to access it. The government will find it easier to seize assets from your home than from any secure storage facility.

Finally, some people may prefer the peace of mind that comes with having their assets in their own possession rather than entrusting them to a third party. They may feel more secure knowing their Gold is in their own physical control rather than being stored in a facility owned by someone else.

As we have stated, you can easily store gold and precious metals at home, but if you choose this route, they will not be eligible to be considered assets that are part of your IRA.

Do you think I can open a Home Storage Gold IRA Account?

Any precious metals stored at home are not eligible for a Gold IRA Account.

Is It Advisable to Open a Home Storage Gold IRA?

If you wish to take advantage of a Gold IRA account's tax benefits, it is impossible to store your precious metals at home.

What are the Pros and Cons Of Storing Gold at Home?

Here are the pros and cons of opting for a home storage Gold IRA retirement account. Remember that we have already stated that having a home storage Gold IRA account is practically impossible. So instead, we will look at the pros and cons of storing your non-IRA-eligible precious metals at home.

Pros of Home Storage Gold 

  • More control over your investment
  • The convenience of storing your Gold at home

Cons of Home Storage Gold 

  • Security risks: Keeping your Gold at home is vulnerable to theft, loss, or damage.           
  • Insurance: It will not be easy or cost-effective to insure your Gold if stored at home.
  • IRS regulations: If you set up a self-directed Gold IRA, you cannot store your gold, silver, platinum or palladium at home. You must follow strict IRS rules to ensure that the arrangement is compliant. These rules include keeping the Gold in a secure location, such as a bank safe deposit box or third-party storage facility, and not using it for personal use.

What Are The Benefits Of Using a Professional Gold Storage Provider

You should consider fees, reputation, customer service, and experience handling self-directed IRA storage options. It is also a good idea to consult with a financial advisor or tax professional before making decisions about your Gold IRA.

We have conducted extensive research on the Gold IRA  marketplace and storage options within this marketplace, and we believe that Golco’s Gold IRA accounts are the best in the industry.

Goldco IRAs are widely considered to be one of the best companies for providing Gold IRAs due to the following reasons:

  • Extensive experience: Goldco has provided individuals with Gold IRA account plans for over a decade, which means they have a wealth of experience in this field; they are specialists in providing home storage gold IRAs allowing you to store physical Gold for your retirement account.
  • Wide range of options: Goldco offers a variety of options for Gold IRAs, including physical Gold, Gold and silver coins, and more.
  • Compliant with IRS rules: Goldco ensures that all their Gold IRA products are fully compliant with IRS rules, so you can trust that your Gold IRA account is in good hands.
  • Trusted by customers: Goldco has a strong track record of IRA account provision and retirement account provision, with many satisfied customers praising the company's professionalism and customer service.
  • Expert guidance: Goldco's team of expertsGold IRA company customers is always available to provide guidance and advice to help you make informed decisions about your Gold IRA.
  • Competitive pricing: Goldco offers competitive pricing on its Gold IRA products, making them an affordable option for many investors.
  • Transparent fees: Goldco is upfront about all IRA account fees, so you know exactly what you're paying for.
  • Secure storage options: Goldco offers secure storage options for your Gold IRA products, so you can feel confident that your assets are safe.
  • Fast and efficient: Goldco is known for its fast and efficient process, so you can get your Gold IRA set up quickly and easily.
  • Personalized service: Goldco prides itself on providing customized service to each Gold IRA company customer, so you can feel confident that you are getting the best service possible.

As an alternative to Goldco, we would recommend Augusta Precious Metals if you have decided not to have a home storage gold IRA for several reasons;

  • Security: Augusta has secure storage facilities to protect your Gold from theft, loss, or damage. Professionally managed storage facilities are a much safer option than storing your Gold at home, which is vulnerable to various risks.
  • Insurance: Augusta insures your Gold while it is in their custody, providing additional protection. Getting cost-effective insurance can be difficult if you store your Gold at home.
  • Compliance: Augusta Precious Metals fully complies with all IRS regulations, including self-directed IRA. You can trust them to handle your Gold IRA in a way that is fully compliant and avoids any potential issues.
  • Expertise: Augusta Metals has a team of experienced professionals handling all forms of IRA-eligible metals and helping customers with their gold IRAs. They can provide expert guidance and assistance throughout the process.
  • Convenience: Augusta makes it easy to manage your Gold IRA with online IRA account access and other convenient features. This makes it much more convenient than handling everything yourself when storing your Gold at home.

Conclusion To Home Storage Gold IRA Question

The option to create a Home Storage Gold IRA in most circumstances is not available.  The IRS does not want you to do it, and even if you try to jump through all the hoops that could make it theoretically possible, you are likely to get yourself in a heap of trouble. 

Instead, you can go with a trusted Gold IRA provider. We have provided links to the two companies we believe are the most secure and most trusted in the industry. If you'd like to find out more, you can click the option of your choice from the buttons below.

Best Overall IRA

For Secure Storage

Best IRA Gold information packREQUEST YOUR AUGUSTA GOLD GUIDE

Best

Home Gold IRA Alternative

Best IRA Gold information pack REQUEST YOUR GOLDCO GOLD GUIDE

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