Augusta® Home Delivery IRA To-Do List
Augusta consulted with several attorneys regarding the home delivery gold IRA structure. Below are some tips compiled from their research. Please note: with control comes responsibility. Augusta does not provide legal or tax advice, so it is imperative that an investor conduct the proper research and employ the services of a tax and/or legal professional well-versed in single-member LLCs inside an IRA. Structured correctly, the IRA-owned LLC can be a viable investment structure for a self-directed IRA.
- Do ensure you fully understand a home delivery gold IRA and are comfortable with the risks associated with this IRA structure.
- Do create a brand new LLC for the specific purpose of owning IRA assets.
- Do ensure that the LLC remains in compliance with all state laws related to the upkeep of the LLC. Promptly file any paperwork or fees required by the state in which your IRA's LLC is formed. If applicable, pay any required registered agent fees.
- Do not commingle non-IRA assets with the IRA assets held in the LLC.
- Do ensure that both you and the LLC file all necessary tax forms related to the LLC and the IRA transactions.
- Do consult your tax professional regularly, so you remain in compliance with all tax requirements related to this structure.
- Do regularly communicate with the IRA custodian in order to remain in compliance with all requirements of the custodian.
- Do consult your chosen legal or tax professional prior to storing IRA precious metals at home or in a bank safe deposit box in the name of the LLC so that you fully understand the risks associated with doing so.
- Do understand there are other storage options for your precious metals, including storage of metals at a highly-secure, non-government, threat-averse, insured private facility, managed by a custodian/trustee.
- Do understand it is recommended that you sign an affidavit stating the coins in the IRA are being held solely for the benefit of the IRA and not for any personal benefit or other benefit.
- Do ensure no “disqualified persons” engage in any “prohibited transactions” in their dealings with the LLC. Do consult your attorney with any questions, so you remain in compliance with all legal requirements related to this structure.
- Examples of disqualified persons include (but are not limited to) the IRA holder and his/her spouse; the IRA holder’s lineal descendants and ascendants (children, grandchildren, parents, grandparents, etc.); investment advisors, managers and fiduciaries; any entity in which disqualified persons have a 50% or greater interest; anyone providing services to the IRA.
- Examples of prohibited transactions include (but are not limited to) borrowing money from the IRA LLC; selling property to it; getting paid to manage it; personally guaranteeing a loan to it or using its assets as security for a personal loan; buying property or precious metals for personal use with IRA funds or buying property or precious metals for the IRA from a disqualified person; paying personal expenses with IRA assets.