Can I Place Precious Metals That I Own Personally into my IRA?

No, you generally cannot place precious metals that you personally own into your IRA. The IRS has strict rules about what types of assets can be held in an IRA, including specific requirements for precious metals. Here’s why:

IRS Rules on Precious Metals in IRAs

1. Approved Metals Only: To hold precious metals in an IRA, the metals must meet specific fineness requirements. For example: Gold must be at least 99.5% pure. Silver must be at least 99.9% pure. Platinum and palladium must be 99.95% pure.

Coins like American Gold Eagles and Canadian Maple Leafs often meet these standards, but personal jewelry or collectible coins do not qualify.

1. Custodian Requirement: Precious metals in an IRA must be held by a third-party administrator or custodian. This ensures the assets are properly stored and safeguarded. Under the rules set by the IRS, personal possession of IRA assets, including precious metals, is prohibited.
2. Prohibited Transactions: Transferring precious metals which you already own into an IRA would constitute a “self-dealing” transaction, which is prohibited. Such a transaction could disqualify your IRA and lead to significant tax penalties.

Key Takeaway

You cannot move precious metals you currently own into your IRA. However, you can purchase IRS-approved metals through a self-directed IRA custodian to include them as part of your retirement portfolio. Always consult with a financial advisor or tax professional before making decisions about precious metal investments in an IRA to ensure compliance with IRS rules and alignment with your financial goals.

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This post is for informational purposes only and should not be considered financial advice. Please consult with a financial advisor for personalized advice.

Mountain West IRA, Inc. does not render tax, legal, accounting, investment, or other professional advice. If accounting, tax, legal, investment, or other similar expert assistance is required, the services of a competent professional should be sought.