You can keep precious metals in any type IRA. By diversifying your financial assets, you can also protect them from taxes. Diversification as well as tax shelter are both good points, as any gold brokerage will gladly point out. Be sure to review the fine print before you get out the phone, or even the mouse. You can get the best gold IRA in this sites.
1. No Collectibles
The tax code encourages productive investing, not your obsession with baseball cards or coinage of Roman Empire. It is possible to have IRA accounts by collecting numismatic or collectible coins. If a coin is valued solely on its rarity it becomes an illegal collectible. If it’s not, it can be an IRA-eligible commodity. Your broker should tell you which coins to buy.
2. Storing in an Approved Bank
Your gold can not be buried in the backyard. It must be stored at an approved, third-party repository. It is illegal to do so, as it would be considered a distribution. Problem: Access to gold may prove costly if you are attempting to create a society that collapses.
Your gold broker and storage depository are not free. Expect to pay a transaction fee, account set up fee and annual administration fee. The idea is not to receive a low metal price only to lose the price advantage you have because of high fees. When shopping, compare the metal price with all fees.
4. Metal Price? – Is this not about Gold?
The Taxpayer Relief Act of 97 states that gold, platinum, and palladium all qualify for favored IRA status, so long as they are of suitable quality or purity. There is more flexibility for you, as the price per an ounce can vary widely among precious metals. You don’t have to buy silver at an affordable price, but your broker may be able to help you.
5. It must be a New Purchase
You think you already own gold and would like to taxproof that? No, you cannot taxproof any bullion coins or bullion that has been purchased previously. The money you used to buy the item can be old but the metal must not be.