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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.
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:
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.
If you wish to take advantage of a Gold IRA account's tax benefits, it is impossible to store your precious metals 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.
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:
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;
Private storage gold IRAs still can't be stored outside of an approved depository held in the United States. You can store your IRA-eligible precious metals in an approved facility and have your gold, silver, platinum, and palladium stored in a private segregated area.
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
Home Gold IRA Alternative
Many people ask the question how do I open a private storage gold IRA or how do I open a home storage gold IRA. A precious metals IRA needs to store it's metals in a governemnt approved facility to qualify as Gold IRA for tax purposes.
A precious metals IRA needs to store it's metals in a governemnt approved facility to qualify as Gold IRA for tax purposes.