Gold IRA Rules and Regulations: Simplified
The process of backing an IRA account with gold, and understanding all of the Gold IRA Rules and Regulations, may sound confusing and difficult to many new investors, but read on. This page will provide a great overview for you, while guiding you through all the necessary steps and letting you in on all the necessary Gold IRA Regulations you need to be aware of.
The Internal Revenue Service has several rules in place to regulate what type of gold and other precious metals can be used in a precious metals IRA. Knowing these laws will ensure that your transition remains hassle free.
Gold IRA: The Process
Before getting into the laws, let’s go through the 3 steps needed for a Gold IRA.
Step 1: You can either add the precious metals bullion to an existing IRA or create a new one. For those who do not have an IRA, the first thing you need to do is to set up a self-directed Individual Retirement Account. Under a self-directed IRA, you are allowed to decide where your funds will be invested. Along with that, you can also decide what type of Self-directed IRA account you would like to set up. A traditional IRA, a Roth IRA, a SEP-IRA or a SIMPLE IRA.
If you do not already have a self-directed IRA, you must create a new one with an approved custodian or trustee. If you need help with selecting an authorized custodian, please call Regal Assets at the number to your right. Their team of Gold IRA specialists will assist you in finding the Best Gold IRA Custodian. They will also assist with the necessary paperwork, step by step. If you already have an existing IRA, you have the option of either transferring, or rolling over funds, from your current custodian to the new one.
Step 2: Once your IRA is funded through your custodian of choice, and if you haven’t decided on your specific precious metals investment, our advisors will then discuss all options available. We will help you decide the portion of the funds you should invest and which precious metals should give you the most profit, diversity and security, depending on your individual needs. Click here to see what products we carry.
Step 3: We will notify the custodian about your investment preferences though a filled and signed Investment Direction Form. Once your custodian approves the IDF, you can then place your order of precious metals with us.
After you successfully place an order we will send you a confirmation. That’s it! Diversifying your portfolio with precious metals has never been easier.
Gold IRA Regulations
Some regulations that custodians use to control IRA investments are as follows:
1. Funding the IRA
The IRS does not allow investments in the form of collectibles, which includes works of art metal or gem, antiques, coin, stamp, alcoholic drinks and other tangible assets. This has given rise to the misconception that any kind of gold investments as not allowed.
Under 26 U.S.C. section 408 (m), depending on their sizes and fineness, most U.S minted coins and gold bullions are acceptable.
From 1986- 1998, the IRS only allowed the contribution of gold and silver American Eagle coins and bars. But since 1998, the IRS has expanded their acceptable metals to include palladium and platinum. Make sure to do your research to ensure that your coin is not off limits.
GOLD: American Eagle gold coins, , Austrian Philharmonic gold coins, Australian Kangaroo/Nugget gold coins , Canadian Maple Leaf gold coins, Credit Suisse gold – PAMP Suisse gold Bars .999, U.S. Buffalo Gold Uncirculated coins (No Proofs), and Gold Bars and Gold rounds.
SILVER: American Eagle coins, Australian Kookaburra coins, Austrian Philharmonic coins, Canadian Maple Leaf coins, Mexican Libertad coins, and Bars and rounds.
PLATINUM: American Eagle coins, Australian Koala coins, Canadian Maple Leaf coins, Isle of Man Noble coins, and Bars and rounds.
PALLADIUM: Bars and rounds
2. Investment Choices
Other than not being a collectible, there are several other requirements your precious metal investment should follow:
- Coins that have undergone certification are not allowed.
- Bars and rounds should be manufactured by LBMA, LME, NYSE/Liffe/CBOT, Nymex/Comex, and ISE-9000 or a national mint.
- Minimum fineness required for precious metal bars are: Gold (.995+), Silver (.999+), Platinum (.9995+) and Palladium (.9995+).
Precious metals meeting this criteria can be found at Regal Assets.
3. Custodial Maintenance
IRS prohibits you from taking personal possession of the assets. This means that you cannot store the coins and bullion in your safe. A personal metal depository will be required. Tax rules regarding IRAs and precious metals can be found here.
Gold is one of the most attractive investment options today. Why? Because of its stability when compared to other investment options like mutual funds, stocks, bonds, annuities and fiat currencies. Whether you wish to save for your retirement or get enough capital to start another venture, gold has always proven to be a safe and secure option.
Take the first step against shielding your assets from inflation by filling out the form on the right to receive a complimentary copy of the exclusive Gold Investment Kit from Regal Assets.
Or, call and speak to one of Regal’s precious metals investment specialists and get all your questions answered today.
[expand title="Gold IRA Rules" alt="Click here to read recent Gold IRA Rules in the News" notitle="true" trigclass="noarrow"]
- Need-to-Know Tips for Safeguarding Your Precious Metals - Gold Seek
Need-to-Know Tips for Safeguarding Your Precious Metals Gold Seek However, IRS rules restrict investors from directly holding the assets. ... Note: A few IRA custodians and metals dealers are promoting “self-storage” or “home storage” IRAs that attempt a clever work around to the third-party storage requirement of ... and more »
- 'Little Men' star Theo Taplitz banks on a creative future - San Francisco Chronicle
'Little Men' star Theo Taplitz banks on a creative future San Francisco Chronicle Theo Taplitz is 13 years old and makes his professional big-screen debut in Ira Sachs' latest drama, “Little Men.” You would think he ... The son of writer-director Daniel Taplitz (“Breakin' All the Rules”) and screenwriter and author Iona Brindle, who ... and more »
- Cruz: I won't be a 'servile puppy dog' for Trump - Politico
Politico Cruz: I won't be a 'servile puppy dog' for Trump Politico Cruz didn't rule out an endorsement in the future. But he insisted that the mere fact that Trump is the Republican nominee is not reason enough to rally behind him. “This isn't just a team sport, we don't just put on red jerseys, blue jerseys, and yay ... Easy to Defend Melania's Speech Newsmax Election Buzz | U.S. ELECTIONS us elections - Associated Press all 26,066 news articles »
- Everything you need to know about the 2016 RNC in Cleveland - Politico
Politico Everything you need to know about the 2016 RNC in Cleveland Politico The Never Trump movement basically had its last stand at last week's Convention Rules Committee meeting, where its efforts to release delegates to vote their consciences, instead of being bound, went out with a whimper in the committee vote. Trump's ... Colorado High School Teacher Leading Charge to Unbind GOP Delegates Newsmax Politics|Speakers at Donald Trump's Convention: Tim Tebow, Peter Thiel, but No Sarah Palin? New York Times all 1,409 news articles »
- Home Delivery Gold IRA May Be Viable Investment Strategy - Law360 (subscription)
Home Delivery Gold IRA May Be Viable Investment Strategy Law360 (subscription) Investors who seek control over their assets by purchasing a home delivery gold IRA must understand that such control also brings with it complete responsibility over management of the assets and compliance with IRS rules. Any investor considering a ...
- Home Delivery Gold IRA Rollover Program Available Now at Augusta Precious Metals - GlobeNewswire (press release)
Home Delivery Gold IRA Rollover Program Available Now at Augusta Precious Metals GlobeNewswire (press release) Rules for storage: The owner and operator of the IRA must adhere strictly to certain specified requirements and make sure that they do not run afoul the set rules and regulations that govern the handling of gold and other precious metals when in use as ... and more »
- Gold in an IRA: What You Need to Know - Investopedia
Investopedia Gold in an IRA: What You Need to Know Investopedia Some types of gold coins could be classified as collectibles so IRA investors need to understand this to ensure they don't violate the prohibited transaction rules. The consequences of doing so can include penalties, additional taxes and the ...
- Should you have gold in your IRA? - MarketWatch
Should you have gold in your IRA? MarketWatch The coins or bullion must be held by the IRA trustee rather than the IRA owner. In other words, you can't have your IRA buy coins or bullion and then stash the stuff in your safe deposit box or bury it in your backyard. Sorry about that. These tax ...
- Are 'Home Storage' Precious Metal IRAs Legit? - Law360 (subscription)
Are 'Home Storage' Precious Metal IRAs Legit? Law360 (subscription) Americans have over $23,000,000,000,000 (that is, $23 trillion (with a “t”) dollars) in retirement savings — primarily in 401(k), individual retirement (IRA), pension and other investment accounts. While America's savings rate is often derided, in ...
- How To Invest Your IRA In Real Estate And Alternative Assets - Forbes
Forbes How To Invest Your IRA In Real Estate And Alternative Assets Forbes Yep, an IRA can legally own real estate and a lot of other alternative investments, too, ranging from private equity and promissory notes to gold, oil and gas and cattle. ... Run afoul of the self-dealing rules and your entire IRA could be immediately ... and more »