The IRS has approved 10 depositories to store gold in IRAs. These companies go through an audit process to ensure that the gold they receive is the gold you ordered. They also confirm the authenticity of the gold. Many gold IRA custodians work with specific depositories and have developed procedures that make selling and storing gold easy and secure for their customers
.
A gold certificate is simply a piece of paper that can be redeemed for physical gold. If you have a precious metal IRA, your IRA directly owns physical gold bars or coins, which you select and order directly. If you properly transfer your money from an IRA or retirement account to a gold IRA, there is no tax impact. Many online Gold IRA providers have streamlined their systems and are working closely with established custodial managers to take the guesswork out of making
these decisions.
While regular IRAs are limited to securities such as stocks and bonds, the IRS allows alternative investments in self-directed IRAs. A “checkbook LLC” refers to a self-managed company set up by the IRA owner to buy and hold gold bars in their IRA. A precious metal IRA is simply a traditional, ROTH, SEP, SIMPLE, rollover, or inherited IRA that owns precious metals and may include gold, silver, platinum, or palladium. Given the many scams and misleading advertising, it’s important to do your research before opening a Gold IRA
account.
Depending on your wishes, the gold that you own through a self-directed IRA and stored at the depository can be stored in the same storage area with precious metals from other asset holders, or it can be stored alone. Custodian banks that offer a CheckBook IRA structure usually recommend that their customers store the IRA metals in a safe deposit box. There is no limit to the number of direct IRA transfers from one IRA custodian bank to another that you can initiate. Keep your physical gold until you’re ready to retire, or pass it on to future generations. Just don’t keep the fact that it’s part of an IRA.
And you can fund your Gold IRA with a tax-free rollover or transfer from your existing retirement accounts, such as a 401 (k), 403 (b), TSP, IRA, or similar account. For this reason, you must have your gold IRA assets managed by a custodian bank that has experience with precious metals. Storing your IRA metals at home can put the IRA account holder at significant risk of IRS penalties. Money Reserve can make the entire process easier for you, from opening your IRA with a verified custodian to arranging a secure and discreet delivery of your gold to an
IRS-approved depositary.
