One of the biggest drawbacks of opening a gold IRA account back in the day was the impossible restrictions placed by the Federal government on precious metals IRA assets.
If you wanted to invest in gold IRAs and other precious metals, you had to be willing to not only restrict yourself to a few selected precious metals but also let an approved gold IRA company store IRA gold on your behalf.
However, since 1997, with the passing of the Taxpayer Relief Act, a lot has changed for self-directed IRA investors.
The selection of IRS-approved precious metals has widened and, more importantly, home storage gold IRA accounts are now a reality.
This means, with the help of gold IRA companies, such as Red Rock Secured or Augusta Precious Metals, any assets from precious metals IRAs can be stored safely and legally at home. Opening a gold IRA retirement account is now a much more attractive option!
Facts About Having a Gold IRA Account
While a lot has been done to ease the restrictions imposed on precious metals IRA account holders, there are some facts about gold IRAs that even the best gold IRA companies cannot escape.
Before you decide to open a home storage IRA account with an approved gold IRA company, consider the following:
- There are still a lot of IRS rules and regulations that need to be followed whether one opens home storage gold IRAs or not
- The penalties for non-compliance with these IRS rules can be quite severe, especially for gold IRA account holders under the age of retirement
- Storing IRA gold at home is a risky option compared to entrusting your precious metals to an IRS-approved depository
- Choosing to store IRA gold at an approved depository location means you will have to pay storage fees and taxes on contributions and distributions
In light of these facts, it is clear that home storage gold IRAs need to be considered very carefully and when chosen, only trusted gold IRA companies, such as Red Rock Secured or Augusta Precious Metals must be used.
What Is a Home Storage Gold IRA?
In simple terms, a home storage gold IRA is a way for investors to store IRA gold and other precious metals at home. This is the opposite of normal gold IRA storage which uses a third-party facility as a depository.
The attraction of home storage gold IRA accounts is that:
- You always know where your precious metals are at any given time
- When you wish to touch and see your gold, the process is simple
- There are no storage fees to worry about
- Some gold IRA companies, such as Red Rock Secured, offer home storage account holders a home delivery solution to make life easier
How To Qualify for Precious Metals IRA Home Storage
To benefit from home storage gold IRAs, you have to comply with certain IRS conditions that determine your eligibility.
The following are some of these conditions regarding opening home storage IRAs for keeping physical gold at home:
- You need to open a Limited Liability Company (LLC) that is registered in your name
- Your finances must amount to more than $250,000 for qualification
- Trustees and employees of the LLC are required to put up corporate insurance in the form of a $250,000 fidelity bond
- The trustee corporation’s ownership must be held by several people
- Experience handling retirement funds, a verifiable financial background, and fiduciary experience are requirements for any applicant
- The business location of your trustee corporation must be open to the public
- An annual, detailed audit by a reputable accountant as well as having legal counsel on retainer are the other requirements
Risks of Home Storage Gold IRAs
No doubt keeping gold and other physical precious metals comes with a lot of risks.
Reputable gold IRA companies have a lot of security measures and safety contingencies in place to safeguard the IRS-approved gold bullion in their safety deposit box.
However, when you keep your physical gold, such measures may not be possible.
Historically, physical gold, silver, platinum, and palladium have always been the target of criminals, which means home storage gold IRA account holders risk bringing such dangers into their homes.
Another thing worth your considering is the serious consequences of breaching the IRS code of conduct and rules, whether knowingly or unknowingly.
The severe penalties that can be imposed, ranging from 10% to 50% of the value of your precious metals, may seriously harm your gold IRA investments.
Is a Home Storage Gold IRA Illegal?
When done right, and through a reputable gold IRA company, such as Red Rock Secured or Augusta Precious Metals, a home storage gold IRA is perfectly legal.
The only problem comes when you fail to comply with all the IRS regulations regarding a home storage IRA.
You need to make sure that everything regarding income taxes and IRS-approved gold and silver coins is above board.
One way to ensure that you do not stray onto the wrong side of IRS guidelines is to use only the best gold IRA companies for your home storage gold IRA assets.
These companies will assist you with the entire process, from your IRA purchases to your home storage.
Penalties for Improperly Opening a Home Storage Gold IRA
In case you do end up breaking any rules and regulations for gold IRA account holders, you may face distribution penalties and IRS audits that could cripple your investments. Consider the following:
Any physical gold and silver that you are found in possession of that do not comply with the rules for home storage gold IRA accounts will be regarded as distributions.
As you know, a penalty of 10% is immediately imposed on any distributions made by investors below the age of 59 1/2. These penalties can be increased beyond 10% in certain circumstances.
Any tax advantages you were enjoying on your gold IRA will be taken away, meaning you are now liable to pay income taxes owed to the IRS.
Even after losing half the value of your investment, the IRS may choose to take things a step further and conduct audits on your gold IRA accounts.
If the IRS finds any other infringements on its rules and regulations, you may face more fines and penalties.
Choosing the Best Home Storage Gold IRA Companies
The best way to avoid all these problems with the IRS and still enjoy the benefits that come with keeping your physical gold at home is to put your trust in a reputable gold IRA company.
Gold IRA providers, such as Red Rock Secured and Augusta Precious Metals are some of the names that quickly come to mind.
Consider the following attributes when choosing a company to help with your home storage IRA account:
- A long track record of helping gold IRA account holders with home storage of physical gold
- A reputable financial background in the IRA gold industry
- Great customer reviews on reliable platforms, such as Better Business Bureau and Business Consumer Alliance
- Ability to handle any size of retirement account
- Wide selection of IRS-approved gold coins and precious metals
- An easy account opening procedure
Red Rock Secured Has a Home Storage Gold IRA Solution for You!
One of the first things you will realize when you try to take physical possession of your precious metal retirement assets is that there are a lot of companies out there that offer this service.
However, some of these custodians will lead you into trouble with the IRS or end up not living up to the many promises they make.
If you are looking for a self-directed IRA custodian to help you store gold at home safely and legally, Red Rock Secured is a great choice.
While the process of gold storage is quite complex when it comes to self-directed IRAs, Red Rock Secured has found a legal way around it without the risk of incurring penalties or losing your tax-deferred status.
When you work with Red Rock Secured, your assets will be handled by a certified public accountant and other qualified custodians that have many years of experience helping investors looking for better alternatives for storing IRA gold at home.
Compared to other IRA custodian options out there, Red Rock Secured is the better option because of the following key attributes:
Easy-to-Use Home Delivery Program
Red Rock Secured has an excellent home delivery program that rivals even the biggest depositories in the country, such as the Delaware depository.
With Red Rock Secured, you are guaranteed to receive all your precious metals delivered safely and securely right to your doorstep. If you would rather store your gold somewhere close by but not at your home, the company will take care of that too.
During delivery is when your precious metals are at the highest risk of theft or damage. This is why Red Rock Secured is fully ensured against such situations.
You will also remain in full control of what happens to your assets and where they end up, which is one of the advantages the home delivery program has over a traditional depository.
100% Compliance With IRS Rules
When you choose to store gold at home, one of the biggest dangers is finding yourself in breach of the rules and regulations set by the internal revenue service. You could easily say goodbye to a large part of your retirement savings through penalties and losing tax advantages.
However, the home storage gold IRA accounts that you open with Red Rock Secured are 100% legal and compliant with the IRS code.
You can freely store gold in your home knowing that every letter of the law has been followed and you are safe from any IRS audits.
Only Available at Red Rock Secured
The kind of home delivery program that is offered by Red Rock Secured cannot be found at any other gold IRA company in the country.
This sets Red Rock Secured apart as the go-to custodian for investors who want to retain full control of their precious metals IRAs at all times.
Only at Red Rock Secured is the physical storage of gold IRA assets as easy, if not easier, as paying an IRS-approved depository.
If you combine this with other perks offered by Red Rock Secured, such as the opportunity to open a zero-fee account that charges no fees at all to the account holder, you have an opportunity that is too good to miss.
How Red Rock Secured Home Storage Gold IRA Works
The process of storing gold at home is not that complicated as long as you get the first step right by choosing the right custodian to handle your account.
At Red Rock Secured, if you want to hold physical gold, all you need to do is follow these three simple steps:
Set up Self Directed IRA Account
As always, with precious metal retirement accounts, the first step is to set up a self-directed IRA gold account.
If you already have an existing retirement account, such as a 401K, Red Rock Secured will assist you with the rollover process to fund your account. Alternatively, you can use other methods too, such as a direct transfer.
Create Your LLC Account
Before you are allowed to take possession of your gold assets, you will need a new LLC account. This means you have to open an LLC company in your name specifically to allow you to hold physical gold.
There are many regulations that you will need to follow, such as making sure you have a specially written operating agreement when you open the account that states that you plan to use it to hold IRA gold at home.
Your LLC company will give you the power to store gold at any facility you choose, meaning it does not necessarily have to be at home. You can find a nearby depository or safety deposit box if you wish.
Purchase Gold and Other Precious Metals
Red Rock Secured has a wide selection of certain highly refined bullion that you can choose from as part of your precious metals retirement accounts. As long as it is of the right purity and mintage according to the internal revenue service, you can buy it for your IRA.
The IRS does not need to see the metals. Only the paperwork is required so you are free to accept delivery of your precious metals in the comfort of your home.
Looking for other ways to store IRA assets? Try Red Rock Secured Today!
Can I store my gold IRA at home? Yes, you can! With Red Rock Secured the entire process of opening a gold IRA, buying IRS-approved precious metals, and keeping the metals at home is made easy.
By dealing with just one custodian, you make everything a lot more efficient and easier to track. The stellar reputation and impressive track record that Red Rock Secured has acquired over the years means there is no better option for investors wishing to take full control of their IRA gold in 2023.
Visit the Red Rock Secured page right now and take a look at this and other amazing offers the IRA custodian has for you.