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There are some ads offering private storage for IRA assets such as gold and other precious metals. The idea is to store your gold, silver, palladium or platinum in your home. Be careful because most of the time, it’s really just a safety deposit box.

Not only do you need to be careful of the quality of the safety deposit box but of the fact that, legally, you cannot have a home storage for gold IRA.

IRS considers gold and other bullions as “collectibles”. Under the law, collectibles must be in the physical possession of a custodian and depository.

That means, as per IRS rules, you cannot keep your gold IRA at home. If you have a gold IRA, you need a third-party custodian and a depository to store your assets.

If your precious metals are not held by a custodian or a depository, there are two things that could happen:

1- it is treated as a taxable distribution from your retirement account. Your gold IRA will lose their tax-deferred status and be subject to immediate taxation if you have a traditional gold IRA.

2- if you are under age 59 1/2, you face a 10 percent penalty for early withdrawal.

Remember that the IRS has the right, power and resources to pursue anyone they feel is in violation of their rules.

This could also start a string of potential IRA audits. If the IRS finds out about your self storage IRA, you could find yourself getting audited. An audit could mean additional fines and penalties, depending on what it finds.

Some people find a way around it by setting up an LLC to be able to get up a home storage for IRA assets including gold.

However, this is really complicated. I would suggest you consult a lawyer, your business manager, and accountants to get a full understanding of what you need to do.

But if you have a private storage for your IRA in your home or office now, immediately consult a lawyer and business managers on what you can do.

They will most likely advise you to store it back to a depository but it is very important that you consult a lawyer and accountant. This is a delicate and legal matter. You can never be too careful.

If you really want to have your gold bars and bullions with you, just have gold delivered to your homes or any location of your choice.

You just can’t just put those assets in your IRA.

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