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How To Sell Physical Gold and Precious Metals from Your IRA

Do You Liquidate Gold or Silver From Your Precious Metals IRA Account?

Many self directed IRA clients hold precious metals in their IRA account, but what happens when you decide to sell off the metals? How can it be done to ensure a smooth transaction with the depository, your IRA custodian and the buyer of your assets?

Possible Reasons for Selling Gold Owned by IRA

1. You turned 70 1/2 within the last six months of the previous year, you own a traditional IRA, and you must arrange to take a Required Minimum Distribution (RMD) from your IRA to remain compliant with the IRS rules.

2. You want to diversify your IRA funds into separate allowable IRA investment.

Whatever the situation or motivation, you must follow the IRS rules to avoid an IRA prohibited transaction, and you must know and follow the process required by your gold IRA administrator to avoid any hiccups with both your IRA and the buyer.

The Process of Selling Gold From Your IRA

There are two ways of holding metals in your IRA.

The first is directly in your gold IRA account with Sunwest Trust and Delaware Depository and the second option is through a gold IRA LLC and a 3rd party depository of your choosing.

If you wish to sell the metals, and you have purchased directly through your Sunwest Trust gold IRA, then it will require you send us a direction of investment form telling us who you are selling to, how much you are selling them for and where to send the metals. It is critical to avoid needless errors and provide Sunwest Trust with the correct information.

In the case of a gold backed IRA LLC sales transaction, the metals should be held at a minimum of a qualified 3rd party; either a depository or in a bank safety deposit box.

When you decide to sell the metals, you will want to make sure to put the LLC’s name on the invoice or receipt. You can sell the metals to anyone you choose, as long as the person or entity (coin shop or precious metals broker) is not a disqualified party to your IRA.

Once you have found someone or entity to sell to, you will send them the metals and the proceeds resulting from the transaction will go back into your IRA LLC checking account.

Client Responsibilities When Selling Assets From Inside IRA

We recommend securing and receiving funds for your sales transaction before having Delaware Depository (the depository who holds coins for Sunwest Trust clients) send any coins to the buyer.

If a person chooses to sell out of their LLC, then you will need to make sure you receive funds before sending coins to the purchaser. In either case, it’s 100% up to the account holder to make sure that they are getting paid for the transaction.

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Terry White

About Terry White

I started my business career after getting my degree in Accounting from the University of New Mexico in 1983. My first job was as a controller for a local title company, and in 1987 I started First Financial Escrow, Inc. Over the years I played a part in several startup companies including First Financial Equities, Inc., First Financial Trust, Inc., First Financial Marketing, Inc. and Asset Ventures, Inc. In 1997 First Financial Escrow, Inc. was able to purchase the escrow accounts from Sunwest Bank and changed its name to Sunwest Escrow. As the market changes, Sunwest has grown and changed along with it. Besides my wife, Sheila, we have three boys, two daughters-in-law, one grandson, another grandson on the way and a future daughter-in-law. Sunwest is my passion, and I enjoy coming to work every day to see what will happen next. I enjoy fly fishing, spending time in Colorado, biking and watching my boys play soccer.