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Metal Storage
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Top ForumsGold/Precious Metals I currently have a self-directed Checkbook IRA LLC and I purchased American Gold Eagle Coins. I currently have the coins stored in a safe deposit box at a local Federal Credit Union in the name of the LLC. In light of the McNulty decision I am trying to find IRS documentation that this form of storage is permissible. My current IRA Custodian sent me an article citing you, that this was an acceptable storage option for precious metals, but I cannot find this in any IRS regulation or code. The McNulty decision seemed to indicate metals must be stored in a third party depository. Any specific help would be much appreciated. Thank you
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Top ForumsSolo 401k, Solo 401k Contributions The McNulty case confirmed what was already well-understood (i.e. that at-home storage of self-directed IRA and 401k investments is not allowed). Instead, they must be stored with a depository-taking institution such as a bank. For example, see the private letter ruling cited in our post on McNulty here: https://www.mysolo401k.net/checkbook-control-ira-llc-recent-u-s-tax-court-case-mcnulty-v-commissioner-157-t-c-no-10-nov-18-2021/
