You have options when it comes to purchasing precious metals. You can purchase the metals and hold onto them yourself. That tends to be risky. That is why many people purchase them and store them offsite, in a recognized location. Doing this allows you to invest in a self directed IRA with tax benefits. However, a self directed IRA precious metals self storage option may come with some risks.
Does the IRS Allow It?
The IRS warns that a self directed IRA precious metals self storage solution may not be the best choice for many people. The key, if you hope to do this, is to follow the specific guidelines and requirements set by the IRS to ensure you are able to reap the benefits of this type of retirement account. If you are unsure, speak to a broker, or be sure to reach out to your accountant.
There are storage requirements. Precious metals must be stored in what it recognizes as a credit union, bank, or a trust company. Personal storage is not allowed if you want to claim it as an IRA.
Finding the Right Way Forward
By using a storage organization that is recognized, you reduce the risk of problems later. A self directed IRA precious metals self storage is something you may want to look into closely to ensure you follow all requirements. If you do not follow the requirements, you could find yourself without the tax advantages these accounts offer.
