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Take Possession of IRA Metals Webinar July 22, 2015 - Mike Maloney - Goldsilver

Internal Revenue Code 4975 language suggests that whether the gold is held directly by the IRA or by an IRA LLC (which is nonetheless still subject to the requirements of holding in an IRA, since it is not owned by the individual IRA-holder, but by the IRA itself), precious metals must be held in a third party location such as depository or bank safety deposit box. It is extremely perilous for IRA LLC clients to hold metals which are owned by their IRA LLC in their personal possession -- the risk is of dissolution of the entire IRA itself (not just the holdings of that IRA LLC), with the associated tax consequences, plus penalties.

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Beginning of the headline :One of the most common questions IRA clients ask is, Can I take possession of my IRA metals?" Not all of the IRA custodians we work with allow their clients to use an IRA LLC. American Estate & Trust is one that does and we explain the benefits and disadvantages of using this strategy in this webinar. ... Read More

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