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Financial Planning / Tax Strategies


Subject:  Re: Storing IRAs at Home Date:  12/15/2017  7:53 PM
Author:  BruceCM Number:  126614 of 131759

From Ed Slott

Your IRA must buy the gold. You cannot take money out of your IRA, buy the gold, and put the gold in your IRA. You also cannot buy the gold with IRA funds and keep it at your house, your business, in your car or any other special place. It must be bought by your IRA, with your IRA funds. Money leaves your IRA and gold comes back into it. You don’t get to see it, touch it or smell it. Only your IRA can do that.

The general rule is you may not self-deal your IRA, to include providing services to it.

Some have argued you can service the IRA through an LLC without violating the self-dealing prohibited transaction. I cannot imagine why anyone would want to push this rule. Remember, if the IRA declares the transaction a prohibited transaction, the entire IRA is treated being distributed in the year of the PT.

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