Recent promotion of self-storing precious metals in your home has been occurring in the IRA industry. There are many things to be aware of when choosing to save for your retirement this way such as taxes and penalties from the IRS if they discover you are storing metals at home. The only surefire way to own physical metal in an IRA without IRS penalties is by choosing a custodian and set up a self-directed account stored in a professional third party vault.
- Precious metal IRAs are an attractive investment.
- While current legalities require metals to be held by a third party, some are trying to circumvent these legalities by declaring themselves a company, thereby keeping the metals.
- While this option seems attractive, investors should beware the IRS is liable to put a stop to it.