Home Storage Gold IRA Myth Exposed - Buyer Beware - Watch This Video Before Attempting to Store IRA Gold At Home!
[0:21] What’s misleading about the article, “Gold and Silver IRA: You Hold the Metal”?
[0:40] Creating an LLC to be funded from your IRA is legitimate, but storing gold at home in an IRA is ill-advised.
[1:09] The IRS code says your gold must be held by a bank. What defines a “bank”?
[1:38] Why is Terry further expresses concerned about this article?
[2:05] An IRA-owned LLC may be able to open a safety deposit box in a bank to store precious metals.
[2:52] If you’re not careful when reading the article, you may be misled into thinking you can keep the precious metals in your home as part of a gold IRA home storage.
[3:26] Get your copy of The Self Directed IRA Handbook by opening a new account with Sunwest Trust!
Can I accept home delivery of precious metals on behalf of my IRA and self-store either the physical gold or silver at home? For the answer to this question, watch this episode.
I use Google Alerts, & I receive articles from the Internet w/ various keywords. One of the articles I received was an article entitled: Gold & Silver IRA, You Hold the Metal. This particular article talks about of starting an IRA LLC (single member LLC) & funding the LLC from your IRA, which is legitimate. The idea of setting up a self directed IRA LLC is addressed in Chapter 13 of a book we provide to you when you set up a new account, The Self Directed IRA Handbook.
First, Chapter 12 talks about the kinds of metals that you can buy in your IRA and where those metals have to be stored. In Chapter 12, Mat discusses Internal Revenue Code Section 408(m) (3) (B). And Mat says I quote, “your gold or your precious metals must be held specifically by a bank, and the term bank is defined in the code including a national or state chartered bank, credit union as well as a state charter trust company as defined in IRC Section 408(m).” The one thing that I’m concerned about the article, Gold and Silver IRA, You Hold the Metal, is it leads people to believe that you can start this IRA LLC and then buy metal and potentially put it under your mattress or store the precious metals at home. However, I don’t think home storage of your gold or silver is going to comply with the Internal Revenue Code.
In Chapter 13 of The Self Directed IRA Handbook, Mat discusses that an IRA LLC may obtain a safe deposit box with the financial institution in the name of the LLC, and such safe deposit box may store acceptable precious metals. The IRA’s LLC own safe deposit box would most likely meet the storage requirements of IRC section 408(m) (3) (B) for IRAs as the deposit box is that of a financial institution (meaning a bank). This form of [gold IRA] storage; however, has not been addressed specifically by the IRS, the DOL, or the courts, but it is a reasonable application of the storage requirements. Storage at the office address of the IRA LLC would not meet the [gold IRA] storage requirement rules for the precious metals.”
If you’re not careful and just read the original article, Gold and Silver IRA, You Hold the Metal, it might lead you to believe you could form an LLC, fund the LLC with your IRA, which again is a legitimate strategy, but then you could buy metals and bury your gold in your IRA account in backyard or put the metals under your mattress.
According to Mat Sorensen, & I agree gold IRA home storage would not meet the requirements of Section 408 of the Internal Revenue Code. Be careful & as a way for us to help you in guiding you through these complicated gold IRA rules and so that the things that you read on the internet you have a resource, we make available The Self Directed IRA Handbook was written by Mat Sorensen, who’s an Attorney-at-law in Arizona. You can request the book at our website https://www.SunwestTrust.com
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Thanks for watching. If you would like to set up your gold self directed IRA, then reach out to Sunwest Trust.