Keep your IRA safe by having it delivered to your home.
Beverly Hills, CA (PRWEB) December 08, 2015
Augusta Precious Metals is committed to providing its customers with stellar service and transparency about its operations. For more than forty years, the family behind the company has taken care of its customers through the ups and downs of the market, helping them with their investments and life’s savings.
A gold IRA is a tax deferred retirement account. It can be a great way to secure one’s future in spite of market fluctuations because investment diversity can reduce the amount of overall risk in the portfolio.
While a gold IRA is a very attractive investment opportunity, it must be understood that the responsibilities associated with keeping and maintaining a gold IRA are many. While the IRS has not directly addressed the legality of the home delivery gold IRA structure, multiple attorneys retained by Augusta Precious Metals conclude that this structure is legal.
Section 26 USC 408 of the United States tax code specifies what an IRA cannot invest in, like life insurance and certain collectibles. However, there is no list of “approved” avenues of investment, according to the IRS itself, and it is therefore assumed that anything that is not explicitly prohibited in Section 26 USC 408 is allowable. One non-traditional example of an IRA holding is that of investing in real estate through a self-directed IRA, which is set up in a manner quite similar to how the Augusta™ Home Delivery Gold IRA is set up. A limited liability company is formed with the owner of the IRA acting as the manager of the LLC, which can then invest its funds in real estate. Neither the IRS nor the United States tax code explicitly prohibits investment in real estate within an IRA. Section 26 USC 480(m)(3)(A) indicates that certain coins, including gold American Eagle coins, can be held within an IRA but does not specify how they must be stored.
The owner and operator of the IRA must adhere strictly to certain specified rules to make sure that they do not run afoul of the rules and regulations that govern the handling of gold and other precious metals when in use as tax deferred investment instruments. If these guidelines are not maintained, the IRA may be deemed distributed and subject to taxation and penalties. Although multiple attorneys believe that storing American Eagle coins at home in personal custody is legal, it is recommended that all precious metals bought under an IRA, including American Eagle coins, be stored, at minimum, in a registered safe deposit box at a U.S. bank to reduce these risks.
Responsibility to the Customers
Augusta Home Delivery IRA is, according to multiple attorneys, structurally sound and legal if and only if the rules set forth by the IRS are followed to the letter; upon violation of these rules, the IRA will be subject to taxes and penalties. Neither the IRS nor any court has specifically addressed the gold IRA structure. If the structure is determined to be non-compliant with IRS regulations at a later date, the investment will then be subject to appropriate taxation.
Augusta Precious Metals believes in full disclosure of risks and concerns with its customers. In the interest of complete transparency with these customers, the opinions of some of the attorneys retained by Augusta on the structure and operation of Augusta™ Home Delivery Gold IRA have been posted online. Please note that these letters were prepared for Augusta. These letters do not create under any circumstances an attorney-client relationship between the reader of this article and these attorneys. All prospective customers are encouraged to consult their own legal counsel of choice and obtain an opinion letter as to the legality and the structure of the Augusta™ Home Delivery IRA operation for their own purposes and peace of mind.
About Augusta Precious Metals
Augusta Precious Metals is an A+ graded accredited business by the BBB and the family behind the company has offered trustworthy and able financial guidance to the American people for over four decades. Augusta has always done and continues to engage in business practices rooted in values and principles on which this company was initially founded. The flagship product of Augusta Precious Metals is the Augusta™ Home Delivery IRA Program, which allows customers to invest in gold through a self-directed IRA account.
For further information, you can visit: https://www.augustapreciousmetals.com/attorney-opinion-letters/.
Augusta Precious Metals does not provide legal, tax, or investment advice. Prior to making any investment decisions, please consult with your own chosen legal, tax, and investment professionals for advice.
Augusta Precious Metals and multiple attorneys believe that the home delivery gold IRA structure is legal. However, the IRS has not specifically addressed the legality of the home delivery gold IRA structure, home or safe deposit box storage of gold coins and precious metals. If it is determined that the home delivery gold IRA structure, or home or safe deposit box storage is not permitted, the amount transferred may be deemed a distribution, resulting in the loss of your IRA’s tax-exempt status and subjecting it to immediate taxation and tax penalties. Prior to making any investment decisions or opening a home delivery gold IRA, please consult with your own chosen legal, tax, and investment professionals for advice.