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Hold Your Own Gold IRA & Survive Any Crash | Will Lehr

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2 comments to Hold Your Own Gold IRA & Survive Any Crash | Will Lehr

  • randy0302

    I spoke with Tom Clouds people about precious metal IRA’s you hold.
    NOT LEGAL!
    My self directed IRA people said the same.

    • JMiller

      randy0302,

      You are correct. An a IRA owner can’t take physical possession of any of their IRA assets including precious metals and store them at home.

      An IRA owner is a disqualified person.

      http://www.innovativewealth.com/wealth-management/self-directed-ira/disqualified-person/

      One of the things a disqualified person cannot do is furnish goods, services, or FACILITIES for the IRA plan. Doing so is a prohibited transaction which is then treated as a distribution of the IRA.

      http://www.innovativewealth.com/self-directed-ira/ira-prohibited-transactions-that-tax-your-ira/

      So an IRA owner, who is a disqualified person, cannot buy precious metals through an IRA LLC and then store those IRA assets in his home, in which he is providing a FACILITY for his IRA assets.

      The only guaranteed way presently to have actual physical precious metals in you IRA is to have them stored in an approved third-party facility. Any thing else then you risk having your IRA being declared a taxable distribution if you get audited.

      Will Lehr and others who try to tell people that they can store certain precious metal coins at home within an IRA LLC are wrong. They never deal with the obvious prohibited transaction which I stated above. Instead they say that there is a loop hole in the Internal Revenue Code but there really is not if you look how the IRC is original written. All IRA assets have to be held by a third party custodian. The IRS has gone to great lengths to make sure that it is so.

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