Investors Should Exercise Caution Investing in Gold Individual Retirement Account with Home Storage
Some precious-metals bullion dealers recently have been advertising “home storage” as a legal and beneficial option for storing bullion that may be invested in a gold individual retirement account (IRA). The “home storage” concept may conflict with the laws that allow for tax-advantaged IRA investments. The Industry Council for Tangible Assets (ICTA) has produced a white paper which explains why the “home storage” concept may conflict with the laws that allow for tax-advantaged IRA investments. The purpose of the paper is to try and make it as simple as possible to understand.
The paper has been released to ICTA members to aid them in understanding how the Internal Revenue Code §408 applies to individual retirement accounts. To access the white paper, ICTA members log in at ictaonline.org and select Resources > White Papers > Miscellaneous > IRA Home Storage.
ICTA is also making the paper available to non-members. For information to obtain the white paper, visit ictaonline.org\ira-home-storage-white-paper.
North Carolina Dealer Honored with Service Award
Industry Council for Tangible Assets dealer member Mitch Hyatt (Hyatt Coin and Gun Shop, Charlotte, North Carolina) was honored during the ICTA dinner and update cruise aboard the yacht StarShip II in Tampa, Florida, on January 3 as the recipient of the 2017 Diane Piret Memorial Outstanding Service Award.
Right: Industry Council for Tangible Assets chief operating officer David Crenshaw (right) and ICTA treasurer Patrick Heller (left), present Mitch Hyatt (center) with the organization’s Diane Piret Memorial Outstanding Service Award at the organization’s dinner and update cruise.
In the fall of 2016, Hyatt started collaborating with ICTA on a campaign to obtain a state coin, currency, and precious-metals bullion sales-tax exemption. Hyatt hired Chris Emanuel (C.G. Emanuel Group, Charlotte, North Carolina) as the campaign’s lobbyist. He also paid 100% of ICTA’s expenses in aiding the campaign. Hyatt, Emanuel, ICTA treasurer Pat Heller, ICTA chief operating officer David Crenshaw, and others worked tirelessly to get the legislation enacted. The legislation passes in both the House and Senate in an unprecedented 10 months.
“The ICTA partnership, along with lobbyist Chris Emanuel, was invaluable to the success of our efforts,” said Hyatt.
The team effort these gentlemen displayed is an example of how ICTA members working together can accomplish the passage of such legislation.
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ICTA is a 501(c)(6) non-profit association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. The Diane Piret Memorial Outstanding Service Award commemorates the 25-year ICTA career of the organization’s industry affairs director, who died in 2015.
To join and/or learn more about ICTA, please visit our website — ictaonline.org.