Setting up an LLC and controlling your IRA purchases yourself is an option, but you still can't store the gold in your home. It must be kept in a safe deposit place in the name of the LLC, such as a safe deposit box. The IRS has made it clear that home storage of gold IRAs is not allowed, and probably never will be. There are two rules that apply to precious metals owned by an IRA: they must qualify under IRC § 408 (m) and they must meet certain fineness requirements.
Money Reserve can help make the process easier, from opening your IRA with an approved custodian to arranging for the safe and discreet delivery of your gold to an IRS-approved depositary. However, if it is determined that you are not eligible, the purchase will be treated as a taxable deduction from your retirement account. Ads for “selling and shipping gold directly to your home” are often scams, as you can't just buy gold from anywhere and ship it. You are not allowed to act as the trustee of your gold IRA for home storage until the IRS approves your application.
A metals trader acts as a custodian and sells currencies allowed by the IRA, such as American Gold Eagles and Canadian Maple Leafs, as well as other pure forms of bullion. IRA investments in other unconventional assets, such as closed-end firms and real estate, risk disqualifying the IRA due to prohibited transaction rules against self-trading. If you try to store gold in a home that is supposed to be in a self-directed IRA, the IRS will likely see it as a taxable IRA distribution and, if you are under the age of 59 and a half, an additional 10 percent penalty for early withdrawal. For more information on this topic, please refer to our white paper on the subject found at the following link. American Bullion is a well-respected pioneer in the IRA Gold and is well-equipped to help you take advantage of this valuable but underutilized retirement tool.