The Rules That You Should Be Aware Of When It Comes To Gold IRAs

by IRA Rollover in Gold IRA with Comments Off on The Rules That You Should Be Aware Of When It Comes To Gold IRAs

Even the most savvy and knowledgeable accountants are having difficulty trying to stay updated with all of the new regulations that are tied to the contributions that individuals make into their IRAs. The Internal Revenue Service has devised these rules and it is critical that individuals make sure these rules are followed on their accounts. It does not matter whether they manage the account alone or with the help of someone else.

The Gold Coins And Silver Coins That Are Acceptable Investments

There are two types of coins that have been known for many years as being the most accepted forms of investment for those who are looking for physical IRAs. The two coins are:

  • American Gold Eagles
  • Silver Eagles

However, in the late 1990s, several other coins were added to the list. The criteria for these coins were that they had to be considered legal tender and the coins had to be over 99 percent pure. The coins that were added to the list were:

  • Austrian Philharmonics
  • Perth Mint Lunarsinvest in gold
  • Canadian Gold Maple Leaf
  • Australian Kangaroo Nuggets

Coins that are 90 percent or 91 percent pure are not considered investments according to the IRS regulations.

Investors also have the opportunity to purchase gold bullion bars. The bars that are the purest are the only ones that the IRS will consider as proper investments for IRAs. The list of approved gold bullion bars are:

  • One kilogram gold bars
  • Bars that weigh less than 10 grams
  • Bars that weigh less than 10 ounces

Where Can Physical IRAs Be Held?

If you purchase physical gold coins or silver coins for your IRA account these coins must be kept in a depository that is approved to hold physical IRA accounts. You cannot manage these accounts yourself. The accounts must be managed by a trustee of your choosing.

What Are Gold IRA Rollover Physical Accounts?

As an investor you will have the choice of rolling over your physical gold IRA account into another IRA account. You can then choose to manage the account alone or you can choose a custodian to continue managing your account. Many IRA accounts may not be able to accommodate the addition of a physical gold IRA account. It is pertinent that you discuss your options with your IRA trustee so you will know whether or not you have to open a new account for your physical gold IRA investments.

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