What Kind of Precious Metals Can You Hold in a Gold IRA
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While it’s called Gold or Silver IRA account, it isn’t all-encompassing. There are limits to the forms of metal that you can hold when you make an IRA account. These limits are outlined by IRS—the Internal Revenue Service—rules for gold, silver, platinum, and palladium.
Although the full list of rules and regulations covers a lot of ground, such as information on credits and deductions, filing taxes, and more, there are generally just two rules that you need to worry about. The first of these is about fineness and the second is about collectible status.
Shortly put, the fineness rule dictates that gold coins in IRAs need to be 99.99% fine whereas gold bars need to be 99% fine. As far as the collectibles go, these are concerned with rare coins, which are made more valuable given their scarcity.
Keeping these in mind, what are the kinds of metals that you can have in a gold IRA account? Some of these are listed below.
Bars, Coins, and Rounds
These are the regulars that are often invested in when it comes to IRA accounts. However, bear in mind that they need to be fine as per the IRS rules (0.995). They should also uphold manufacturing standards.
Both, the American Eagle gold bullion coin and American Eagle gold are eligible to be held in an IRA account. You can find the golden eagle at Orion Metal Exchange for as low as $1,452.52 for 1 oz.
American Buffalo Bullion Coins
Also known as the gold buffalo, these are manufactured by the government of the United States under a presidential act and carry guarantees of purity from the government.
Canadian Maple Leaf Bullion Coins
Other Important Rules
The physical custody of precious metals is a critical element of IRAs, especially if you’re seeking to evade tax penalties. If you’re purchasing precious metals for your IRA account, you need to send them to approved depositories. They will remain there until you reach the retirement age defined by the IRS.
Interested in a Gold IRA?