Home Storage Gold IRA
The Taxpayer Relief Act of 1997 broadened the permissible types of investments allowed in IRA’s and alerted taxpayers to a new option, self-directed IRA’s capable of holding IRS-approved precious metals and products, in addition to customary “paper” financial products. The “home storage” aspect didn’t achieve any type of notoriety until mid-2014. But it’s really nothing new. It’s just that some advertisers saw an opportunity to take advantage of the losses and fears created by the 2008 economic debacle, by putting a new spin on the definition of a “trustee,” as described in Internal Revenue Code Section 408(a) and giving it a “new look.” They created terms like LLC IRA, checkbook IRA, and home storage IRA, but the Code wasn’t changed in any way, only the presentation of a slick interpretation. It is a very small universe of taxpayers in a position to truly qualify for a home storage gold IRA and even that is a misnomer.
Home storage Gold IRA sounds simple enough and the benefits seem obvious, but it’s important to realize that the IRS didn’t intend for regular taxpayers to act as trustees of their own IRA’s, or the Code would have been written very differently. So, there are severe requirements for “home storage” qualification and severe penalties for a failure to properly comply. Those advertising products designed to help you set up a home storage gold IRA tend to highlight obvious benefits, but somehow manage to leave out the difficulty and expense of meeting qualification requirements. Another consideration is the fact that few if any of those advertising such assistance assume any responsibility or liability whatsoever for your compliance, or for audits that might be initiated, and/or for penalties that may be assessed if found to be out of compliance by the Internal Revenue Service.