Precious metals invested in a self-directed IRA must be stored in an approved depository such as the Delaware Depository. Your IRA custodian may recommend a custodian, but you can choose one yourself that meets the requirements of the Internal Revenue Code. The main benefits of investing in precious metals through an IRA are tax benefits. By using an IRA to buy precious metals, the investor saves taxes either now or in the future.
The specific tax benefits depend on whether you choose a traditional IRA or a ROTH IRA. Gold Ira companies vary in experience, service, and costs. So take a look around and compare your options before you proceed with opening an account. With these individual retirement accounts, you can invest in gold, precious metals, and other assets (including real estate) to grow your wealth and diversify your portfolio. All products that do not fall within these areas, with the exception of American Gold Eagles, are not eligible for IRA contributions.
Funds can either be transferred from one custodian bank to another, transferred from one retirement account to another, or deposited into a new IRA account. Once you have the money in your possession, you have 60 days to transfer it to your new self-managed IRA account. If you’re interested in setting up such an account, you’ll need to look for a specialized custodian bank or company that is able to handle all the documentation and reporting for tax purposes needed to maintain a Gold IRA. Take advantage of everything a gold-backed IRA has to offer with these easy-to-understand Gold IRA guidelines.
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. The term Gold IRA refers to a specialized individual retirement account (IRA) that allows investors to hold gold as a qualifying retirement plan. According to IRS rules for precious metal IRAs, as a retailer, we MUST ship the products to an approved IRA depot, which then holds the metal until you are ready to liquidate the position. Although IRAs used to be limited to holding American Eagle gold and silver coins, IRAs can now invest in gold, silver, palladium, and platinum bars and coins approved by the IRS.
Gold coins, bars, and cartridges eligible for the IRA must meet a number of requirements set out in the Internal Revenue Code so that they can be stored in a self-directed IRA. Please contact either your IRA custodian or the custodian of your choice to find out more about the fee structure. Once you’re 59 ½ years old, you can liquidate the precious metals in your self-directed IRA for cash or take physical possession of your gold and silver without penalty.
