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Can I store my gold IRA at home?

You may be wondering: Can I store my gold IRA at home, or should I leave it with a registered trustee? You don't have to leave it with a trustee, but you must meet IRS guidelines for home storage of gold IRA assets. The IRS has a list of approved nonbank trustees that meet their criteria. Depending on the amount of gold you have, it may not be worth the red tape.

Home storage gold IRA advocates advocate for a safe deposit box in your home, but that's a dangerous ruse. The safe deposit box is a non-bank trustee and is not as secure as a gold IRA. If you do decide to store your gold at home, you are responsible for ensuring its safekeeping. Home storage gold IRA holders must be vigilant about their precious metals holdings.

Although it may be tempting to store your gold IRA at home, the costs involved will be high and you may end up with an excessive distribution penalty or even incur income taxes on non-deferred distributions. Furthermore, home storage gold IRA holders should have a fidelity bond of at least $250,000. Regardless of where you store your gold IRA, it is important to choose a reputable storage firm to protect your investment. Do not trust any home storage company and do not fall prey to tall tales about storing gold at home.

While most gold IRA companies do not charge commissions, many add a markup on the spot price, which is basically a middleman fee. Buying directly from a company will eliminate the middleman and reduce the markup. You can also choose between sovereign coins and bullion when investing in gold IRAs. Sovereign coins are generally more secure, but you should consider your investment objectives before deciding to store your gold at home.

Self-storage of your gold is not legal. In order to avoid taxes, the IRS requires your gold be stored at a depository facility, usually a bank or federally insured credit union or savings and loan association. This depository facility also insures your gold against loss. So, self-storage of gold is never a good option. You can also consider a bank for safekeeping your gold in your gold IRA.

You can find out more about gold IRAs over at goldinvestmentfordummies.com

Home storage of gold IRAs poses a number of risks. For one, storing it at home is not compliant with IRS rules and can result in severe penalties. In addition, the IRS does not have any limits for auditing accounts, so you could end up paying serious taxes if the IRS audits your gold. So, if you're wondering: "Can I store my gold IRA at home?" consider these precautions.

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