Law360:  "Are 'Home Storage' Precious Metal IRAs Legit?"

"The short answer is "no" - while not impossible, it is the rare investor who can meet the applicable IRS rules for creating such a structure (discussed below). And if you don't satisfy the IRS rules, transferring your assets to a "home storage" IRA is treated as a distribution, stripping your retirement investment of its tax-deferred status. This means you have to pay income taxes on the current value of your retirement assets as well as a penalty of 10 percent if you are under age 59 1/2. This could mean a tax bite of 35 percent or more of your retirement's value. [...]


If you want to gamble, go to Vegas. Opening a "home storage" precious metals IRA is a lot more risky and a lot less fun."
May 29, 2015)


Comments are closed.

© All Rights Reserved. Terms of Use & Privacy Statement