Many ads can be found listing the plentiful benefits of a home storage gold IRA and what benefit’s not to like? Unfortunately, those same ads don’t take the time to educate viewers to the requirements that accompany the opportunity. We warned our readers about the dangers and pitfalls of this trend a month ago, but interest and confusion have continued to grow, as the number of companies offering the opportunity has continued to grow. The interest and confusion has become so great, that even the Wall Street Journal found it necessary to address the issue last week: http://www.wsj.com/articles/want-to-keep-gold-in-your-ira-at-home-its-not-exactly-legal-1472835458
The article we provided a month ago issued a similar warning to the Wall Street Journal article, but also proceeded to list the difficult and potentially expensive IRS requirements, as well as a legal review by an unbiased third-party attorney. In case you missed the article and would like to review it now, click here.
If you have access to facilities allowing you to meet the appropriate requirements, then the home storage gold IRA opportunity represents the best of both worlds, which is precious metals home storage and IRA tax deferral. However, without facilities in place the cost can be high and or the requirements can be time-consuming and difficult. It’s estimated that less than 10% of the people considering a home storage gold IRA would have an opportunity for unencumbered success with implementation and operation. However, rest assured, if done improperly, any benefits can be quickly outweighed by a potential audit, taxes and possibly penalties.
Although the information in this commentary has been obtained from sources believed to be reliable, American Bullion does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. American Bullion will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.