Couple Stored IRA Gold At Home: The Story

Andrew C. McGuire

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The McNultys were a couple who decided to take their retirement savings into their own hands. They chose to store some of it in gold, and opted for the convenience of keeping it at home instead of investing in an IRA. Because they did this, they ended up owing the IRS ~$300,000.  You need to understand the law before thinking you can have a home storage gold IRA.  This is exactly why the McNultys got in trouble.  Check out the detailed report the NY Times put together here. 

To make sure you're following the law, you'll need to talk to Augusta Precious Metals to get the right gold IRA setup and learn what is lawful and what is not.  Augusta will help you do it right and have the best team to educate you on your decision.  It's not legal for you to store gold at home in your IRA.  There are IRS rules that specifically state you cannot do this.  

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When you're looking at having a home delivery gold IRAthere are both potential benefits and risks that need to be weighed carefully before making this choice.

A gold IRA or precious metals IRA is one of the best options for you to diversify your risk and you get to hold gold and silver coins in your IRA.  I love the precious metals IRA because it's one of the options you can setup when funding your self directed individual retirement accounts. 

In this blog post we'll look closely at what happened with The McNulty's story as well as other considerations when deciding if a home delivery gold IRA is right for you or not.  You’ll also find out more about the IRS rules and what it means to hold and own physical precious metals.  

The McNulty Story

After researching different investment strategies, they decided that gold was the best option for them. They looked into purchasing gold coins and bars through a home storage gold IRA, which allowed them to have their purchases delivered directly to their home.  The issue with that is that you can't legally store gold at your home in an IRA.  

The McNultys chose an approved dealer and purchased several coins and bars in various sizes. The precious metals arrived at their doorstep securely packaged, with all paperwork included. The couple stored the gold in a secure location within their home like a safe or bank vault.

Storing gold at home provided the McNultys with many benefits including greater control over when they could access it as well as more privacy than other forms of investments like stocks or bonds offer. Additionally, having physical possession of the metal gave them peace of mind knowing that no one else had access to it but themselves.

What they didn't realize was that they would owe the IRS ~$300,000 due to what happened here.  The ruling came from Andrew McNulty et al v. Commissioner that they'd owe $270,000 on a IRA of $730,000 plus penalties of $50,000.  It's a bit crazy to think about that by making the decision to store gold at home caused them to do this and thinking it's part of their gold IRA.   

Ultimately, you should just use a gold IRA company like Augusta Precious Metals to help you store it properly so this doesn't happen to you too. 

The McNulty story serves as an example of how individuals can use precious metals and gold investments to protect their wealth from inflation and a recession.  It also shows you that you need to make sure you're storing it properly otherwise you're going to be taxed. 

Key Takeaway 

Storing gold at home creates risks involved such as theft or damage due to natural disasters if not properly insured against these events occurring on your property. 

What is a Home Storage Gold IRA?

A home storage gold IRA needs to be called a home delivery IRA (individual retirement account).  You cannot legally store gold at your home in an IRA as the story above from the McNultys clearly states. 

You will need to follow the IRS guidelines to determine the best way for you to  store physical gold in your IRA.  You will need to find a custodian or financial institution that follows the IRS guidelines. This type of IRA offers investors the ability to diversify their retirement portfolio and protect their wealth from inflation and a recession.

Gold has been used as a form of currency for centuries, so it’s no surprise that many people are turning to gold investments as part of their retirement plan. Gold is one of many tangible assets that your IRA account will be able to hold as a part of your retirement funds.  With a home delivery gold IRA, you can also purchase gold coins or bars, have them delivered to your home and stored near your home in an approved facility. 

The McNulty Story: The McNulty family was one such example who chose to invest in gold for their retirement savings. They decided against storing their precious metals with an approved facility because they wanted more control over how much money they were investing in each asset class within the portfolio. 

Because they did this they ended up in a situation that caused them to owe the IRS $300,000.  You need to talk with a trusted gold IRA partner and understand the law before you take possession of the physical gold and silver.  If you don't do this correctly it will cost you and it's illegal. 

There are several advantages associated with having a home delivery gold IRA:

  • Lower Fees
  • Increased security measures (such as keeping your investment safe from theft)
  • Convenience (no need to travel far distances just to access your assets)
  • Having full control over how much money is being invested into each asset class

While there are some benefits associated with self-storage options like those offered by home delivery gold IRAs, there are also potential risks that must be taken into consideration before deciding whether this option is right for you or not. 

Some of these risks include

  • Possible damage due to natural disasters such as floods or fires
  • Theft risk if proper security measures aren’t taken seriously enough
  • Lack of insurance coverage if anything does happen 

Ultimately, whether having a home delivery gold IRA depends on factors such as budget constraints (self-storage tends to cost less than traditional custodial accounts), personal preference regarding security/convenience tradeoffs between different types of storage solutions available today - including both traditional methods like banks/financial institutions offering custodial accounts alongside newer options like self-directed IRAs allowing investors more autonomy when managing investments themselves - among other considerations unique only unto yourself.

A home delivery gold IRA is an investment strategy that allows you to store physical gold in an approved facility near your home, providing a secure and convenient way to protect your wealth from inflation and recession. Next, we will explore the benefits of investing in gold for retirement savings.

Key Takeaway

A home delivery gold IRA is always a great way to diversify and protect your retirement portfolio. It offers lower fees, increased security measures, convenience, and full control over investments without any outside interference. 

However, it also comes with potential risks such as damage due to natural disasters or theft if proper security measures are not taken seriously enough. Ultimately, whether self-storage is right for you depends on budget constraints and personal preference regarding the tradeoffs between different storage solutions available today. 

Potential Risks of Storing Gold at Home

Remember, you cannot store gold at your home in an IRA.  You need to follow the IRS guidelines to make sure you're storing gold in an approved facility and manner that follows the rules. 

Besides the fact that you cannot store gold at home in your IRA, there are other potential risks associated with this option that must be taken into consideration before making the decision to store gold at home.

Below are some of the biggest challenges.  Let's get into it.



Gold is an attractive target for thieves due to its high value and portability. If you choose to store your gold at home, it’s important to make sure it’s kept in a safe or some type of secure location that cannot easily be accessed by unauthorized individuals.



Another risk associated with storing gold at home is damage due to natural disasters or other events such as fires, floods, earthquakes, etc. Gold coins and bars are generally very durable but they can still be damaged if exposed to extreme temperatures or pressure over time. It’s important to keep your stored gold away from any areas of the house that may experience these types of conditions in order to minimize the risk of damage occurring.


Difficulty Liquidating Assets

Finally, another potential risk associated with storing gold at home is difficulty liquidating assets if needed in an emergency situation such as medical bills or other unexpected expenses. While some people may have access to buyers who will purchase their stored gold quickly and for fair market value prices, others may not have this luxury which could lead them into financial trouble if they need quick cash but cannot find willing buyers for their stored assets quickly enough.

Storing gold at home can be a risky endeavor, and it is important to consider the potential risks before making any decisions. Next, we will discuss the advantages of investing in gold as an inflation hedge.

Key Takeaway

Storing gold at home is one of the great ways to protect your wealth from inflation and recession, but there are potential risks that must be taken into consideration:

  • Theft 
  • Damage due to natural disasters or other events 
  • Difficulty liquidating assets in an emergency situation. 

It's important to take these risks into account before deciding whether storing gold at home is the right option for you. 

Should You Store Your IRA Gold At Home?

The first thing you need to do is make sure you are storing gold IRA properly and the best way to figure that out is by attending the Augusta Precious Metals webconference.  It's going to be an education session so you can learn what to do and not do.  You'll learn about the best way of storing gold in your IRA so you are following the IRS guidelines. 

Devlyn Steele is Augusta Precious Metals Director of Education and on-staff Harvard Economist.  He teaches you what's really going on in the economy through an amazing webconference.  

Click on the video below to listen to what he has to say about it.

You can also think about the additional risk of theft.  Gold stored at Equity Trust or another custodian is the best way for you to do this.  They are going to have better security measures in place to protect against burglary and other forms of theft. Additionally, if you store your gold at home and something were to happen such as fire or flood damage, you would likely not receive any compensation for the loss since insurance companies typically do not cover precious metals stored outside of a financial institution.

Another risk associated with storing gold at home is liquidity concerns. If you need access to cash quickly due to an emergency situation or other unforeseen circumstance, having physical possession of your gold may make it difficult for you to liquidate quickly enough without incurring substantial losses on the sale price due to market fluctuations over time.

In contrast, if your IRA investments are held by a custodian such as Fidelity Investments or Charles Schwab & Co., they will typically allow you access funds within 1-2 business days after receiving written notice from you requesting withdrawal from the account(s).

Finally, when storing gold at home there is also the risk that its value could decrease significantly over time depending on market conditions which could result in large losses if sold during periods where prices are low compared to when purchased originally (i.e., buying high and selling low). This can especially be true if one does not regularly monitor their investments’ performance and/or fails to diversify appropriately across different asset classes within their portfolio(s).

Overall, whether or not one should store their IRA gold at home depends largely on individual circumstances and risk tolerance levels but these potential risks should always be taken into consideration before making any decisions about where best to keep one’s retirement savings assets secured long-term.

Storing your IRA gold at home can be a great way to protect your wealth, but it's also important to consider the risks and rewards before making this decision. Next, we will explore the pros and cons of storing your IRA gold at home.

Key Takeaway

Storing gold at home for an IRA is not something you should do.  The McNultys story clearly articulates why.  It will cause legal and tax issues for you so learn the law and attend the webconference with a gold IRA company to learn the right way to store your gold in an IRA.

If you are going to store gold at your home (not in an IRA) some of the other risks you'll find are:  

1. Possibility of theft

2. Liquidity concerns

3. Market fluctuations resulting in large losses if sold during periods where prices are low compared to when purchased originally. 

It is important to assess individual circumstances and risk tolerance levels before making any decisions about where best to keep retirement savings assets secured long-term. 


In conclusion, you can have a home delivery gold IRA but not store it at your home.  

While there are some advantages to a home delivery gold IRA, such as increased convenience, it may not be suitable for everyone. It is important to remember that if you do decide to have a home delivery gold IRA, you will need to ensure that it's at an approved IRS facility. 

Ultimately, only you can decide whether the McNultys' story of couple that caused the massive IRS bill is a good idea for you.  I think we know the answer. 

Investing in precious metals, such as gold, can be a great way to protect and grow your wealth. With an IRA-stored gold account you have the security of physical ownership without having to worry about storing it yourself. Click the button below and take a look at my top 5 gold IRA recommendations. 


Can I store my IRA gold at home?

No, you cannot store your IRA gold at home. The Internal Revenue Service (IRS) does not allow individuals to store their Individual Retirement Account (IRA) assets in a personal residence. All investments held within an IRA must be stored with an IRS-approved custodian or trustee that is qualified to hold such assets. Furthermore, any gold purchased for the purpose of investing in an IRA must meet certain purity standards set by the IRS and should be stored in a secure facility approved by them.

Where can I store my IRA gold?

You can store your IRA gold in a variety of ways, including self-directed IRAs, precious metals depositories and banks. Self-directed IRAs allow you to purchase and hold physical gold as part of your retirement portfolio. Precious metals depositories are specialized storage facilities that offer secure vaults for storing gold coins or bars. Banks may also provide safekeeping services for certain types of investments such as gold coins or bullion. Whichever option you choose, make sure it is insured and compliant with IRS regulations before investing in any type of IRA gold.

Is a gold backed IRA a good idea?

A gold backed IRA can be a good idea for those looking to protect their wealth from inflation and a recession. Gold has historically been seen as an effective hedge against currency devaluation, making it an attractive option for long-term investors. Additionally, gold is typically less volatile than stocks or bonds, so it may provide more stability in times of economic uncertainty. However, there are certain risks associated with investing in gold that should be considered before deciding if this type of investment is right for you.

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