What Is IRA Storage?
Home storage of precious metals for an IRA is legal, though the IRS requires that any depository have insurance to protect against the risk of theft. Although this increases costs, this provides investors with an extra layer of security against theft.
There are some complex strategies, like creating an LLC, that attempt to sidestep these restrictions; however, doing so comes at great risk.
IRA Depository
IRA depositories are IRS-approved facilities that store physical precious metals purchased by self-directed individual retirement accounts in an independent environment. Endorsed by trusted dealers and custodians, these depositories provide storage, inventory management and online reporting as well as value added services like transportation and insurance coverage to ensure maximum asset security for IRA investment accounts.
International Depository Services Group is an IRA precious metals depository known for providing secure, compliant storage solutions to investors with individual Retirement Accounts (IRA). Their high security standards and exceptional customer service stand them apart, along with providing flexible storage solutions both segregated and nonsegregated storage options to IRA investors.
No matter what kind of storage option you require – gold IRA depository or otherwise – it is vital that you choose a company with a long track record of providing superior services and customer care. In particular, communication from this depository will play a key role in how satisfied their clients feel; look for one offering 24/7 online access as well as regular statements and reports for optimal experience.
IRA Custodian
Custodians play an integral role in any Self-Directed IRA, responsible for holding and safeguarding its assets in compliance with Internal Revenue Service regulations.
While any entity can serve as an IRA custodian, non-depository banks, credit unions, and brokerage firms often make the best choice. Selecting one that can provide a secure environment for your precious metal investments is absolutely necessary.
Make sure your chosen custodian allows alternative investments such as real estate or other unusual positions in order to take full advantage of them. Check client reviews, fees and security measures so that you find one with which you feel most at ease.
Consider whether an offshore custodian offers storage locations. This may provide geographic diversification and tax benefits. Be wary, though, of any storage limitations set forth by the IRS or local laws which may apply.
IRA Safe Deposit Box
Safe deposit boxes are small containers located within banks or credit union vaults that can be rented annually for an annual fee. Most often used to protect important documents like birth certificates, powers of attorney forms and wills from being lost or stolen, this two-lock system keeps your box safe.
Renting a safe deposit box may be less expensive than paying for at-home storage; however, most financial institutions do not cover items stored within such storage solutions with insurance coverage.
Renting a safe deposit box may be tax deductible if it is used to store securities and investment-related documents; however, storing any item that may come in handy during an emergency should generally not be done – such as passports, living wills/advance medical directives/copies of deeds/insurance policies/other documents you might need in an instantaneous situation such as passports etc.
IRA Vault
IRA vault storage offers investors a safe environment in which to store precious metals such as gold. These facilities are professionally maintained and equipped with state-of-the-art security features like advanced alarm systems and 24/7 surveillance; in addition, professional inventory management services and stringent access regulations reduce theft or damage risks.
Reputable precious metals custodians will assist with all necessary paperwork for your account and will guarantee its regulatory compliance, providing monthly statements as well as answering any inquiries you have about it.
Investors who prefer owning their physical gold IRA assets at home often open self-directed individual retirement accounts (IRAs). Unfortunately, however, the IRS has strict requirements regarding where precious metals such as gold should be stored.
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