Can Gold Coins Be in an IRA?
If you want to add physical precious metals to your IRA, a Self-Directed Individual Retirement Account (SDIRA) must be used. All gold coins and bars eligible for inclusion into an SDIRA must meet certain purity standards set by the IRS.
Coins and bullion must be stored at an IRS-approved depository facility that charges storage fees.
Australian Lunar Series Coins
Australian Lunar Series Coins are an attractive investment choice for precious metals investors. These coins celebrate the 12 animals featured on the Chinese Zodiac calendar, believed to have an immense effect on those born during its years of “ruling”. The Perth Mint offers these series in both gold and silver varieties – both suitable for storage in an IRA. Furthermore, all Australian legal tender coins feature Ian Rank-Broadley’s portrait of Her Majesty Queen Elizabeth II on their obverse side as per custom.
To be considered eligible for an Individual Retirement Account (IRA), a coin must contain at least one troy ounce of pure gold. Due to this requirement, many popular bullion coins such as American Eagle, Austrian Philharmonic and Canadian Maple Leaf do not qualify. Thankfully, there is an exemption made available by the IRS that provides an exception for coins and bars meeting certain purity requirements – these may be purchased from various companies.
Austrian Philharmonic Bullion Coins
The Austrian Philharmonic series of silver coins pays homage to the legendary Vienna Philharmonic Orchestra. On its reverse surface is depicted a diverse assortment of musical instruments including string bass, cello, violin, bassoon and harp; its obverse features the Musikverein concert hall in Vienna; this 1 oz coin was first issued for circulation in 1989 using 999 fine silver bullion for minting purposes – making it suitable for use within an IRA account.
The 1 oz Gold Australian Kookaburra investment coin is another popular IRA-eligible silver investment option among investors, as its design changes every year, adding collectible value.
While the IRS strictly forbids collectibles in an IRA, precious metal bullion meeting certain purity requirements is permitted and this is why Tavex offers our 1 oz Gold Austrian Philharmonic coin, an IRA-approved coin which comes individually wrapped or packaged into mint tubes of 20 coins for shipment.
American Eagle Gold Coins
American Eagle coins are one of the most beloved coins held in precious metal IRAs, providing investors with high-volume diversification options. Furthermore, this legal tender coin guarantees content and weight by the U.S. government – making American Eagles ideal choices for investing.
Coins must be kept by an approved custodian or trustee in order to qualify as eligible assets in an IRA account, per the main IRS code section governing these plans. This requirement can be found from its very inception.
However, some IRA holders attempt to bypass this requirement by holding gold at home through a self-directed LLC or Checkbook Control IRA. While this practice is encouraged by the IRS and should only be considered under exceptional circumstances, before purchasing precious metals it is wise to consult your tax advisor first as investing in precious metals involves risks including potential loss in value; please be mindful that past performance does not indicate future results.
Gold Bars & Rounds
Gold bars and rounds can also be stored in an Individual Retirement Account (IRA). However, for any of this gold bullion to qualify as an appropriate investment it must come from a reliable source and meet IRA eligibility guidelines.
Therefore, to qualify as IRA eligible products, they must be manufactured either by a national government mint or an accredited refiner and meet specific purity requirements.
Bullion coins and bars are popular investments that qualify as eligible contributions to an Individual Retirement Account, typically offering high Precious Metal content at lower premiums than some other coin types. You may even find backdated Silver Eagles at much reduced prices than current year versions; these reduced premiums allow you to expand your holdings without increasing total investment amount, providing an effective means for diversifying portfolios quickly or expanding holdings quickly.