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<p>[QUOTE=&quot;desertgem, post: 2901259, member: 15199&quot;]While surfing the news outlet over lunch, an ad did come up showing a certain Precious metals IRA company commercial with the citizen counting his gold coins in a safe provided by the company. A little googling came up with</p><p><br /></p><p>Quote from <a href="https://www.law360.com/articles/661562" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.law360.com/articles/661562" rel="nofollow">https://www.law360.com/articles/661562</a></p><p>“What if markets crash like 2008? And what if your IRA custodian becomes bankrupt?”</p><p><br /></p><p>“The [REDACTED] Home Storage Gold IRA is different — YOU have total control. As sole manager, you decide what to buy and when. You don’t pay depository fees — or most other ‘service’ fees ....”</p><p><br /></p><p>“Best of all, you can keep approved gold, silver and platinum coins in your home safe, or store them in your safety deposit box at a local bank — no far-off depository needed ....”</p><p><br /></p><p>In tiny print, however, the website notes — “*See disclaimer for details.” When you eventually locate the disclaimer, in tiny print, at the bottom of the website, the company announces that it does not provide legal or tax advice and that, you, the investor are completely on your own:</p><p><br /></p><p>*Disclaimer: [The company] does not provide legal, tax, or investment advice ... All statements in the website related to home storage gold IRAs are the opinions of an attorney retained by [the company] and are not the statements or opinions of [the company] ... [The company] encourages each individual to consult with his or her tax attorney prior to opening a home storage gold IRA and subsequently investing in precious metals to be stored in your home or safety deposit box.</p><p><br /></p><p>Indeed, the website’s 11-page transaction agreement, which all customers are apparently required to sign, goes further, expressly disclaiming any responsibility for, well, anything to do with creating this account:</p><p><br /></p><p><img src="https://dlbjbjzgnk95t.cloudfront.net/0661000/661562/Home%20Storage%20Gold%20IRA.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> </p><p><br /></p><p>But therein lies the rub; the company makes absolutely no promise that any of this is legal. And the old adage is true, if it sounds too good to be true, it probably is.</p><p>END Quote.</p><p>and from same source:</p><p><br /></p><p>If your precious metals are not held by a trustee, the purchase is treated as a taxable distribution from your retirement account. Your IRA assets will lose their tax-deferred status and be subject to immediate taxation (at current applicable rates), plus, if you are under age 59 1/2, you face a 10 percent penalty for early withdrawal in addition to any taxes owed. Some states impose additional early-withdrawal penalties.</p><p><br /></p><p>Try not to be scammed. It doesn&#039;t pay to mess with the IRS and your retirement.[/QUOTE]</p><p><br /></p>

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