Join us as Mat and Mark go through the 10 ten rules when it comes to Self-Directing your IRA. There are multiple Prohibited Transactions that could get you into trouble. Learn about these rules to stay out of hot water!
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Haha That shirt definitely looks like BIF.
I tried but couldn't get through the banter.
Can I buy a property from myself that I own free and clear?
If a group of people, through IRAs and individually, invest in creating a retirement home ("Independent Living Facility"), can those same people then rent apartments at that Facility? What about if they sit on the Board of Directors of the Facility?
Gentlemen, I haven't seen this addressed directly; can I trade futures in my SDIRA?
Rule #1. What if your IRA cannot pay for the entire investment? Does the retirement account get a percentage of the investment?
So here's a corner case question.. When I first heard of a self directed IRA, I had already agreed to purchase a property. I had to put the earnest money down before the IRA/LLC was created and thus it had to be personal funds. Isn't there the first transaction exception to that? I guess I could ask the lawyer to let me give them an LLC check for the money and have them refund back to personal? The asset is already purchased
You mentioned parents & grandparents, then went on to clarify ancestors are prohibited. lineal descendants? Children were mentioned and I am currently looking for clarity using google. Ctrl F just doesn't seem to cut it in tax code.
( 19 * 3 = 57 )
Regarding rule #6, you said the IRA can't invest in a business that any prohibited person owns 50% more. What if the business is 100% owned by a group of people in which everyone owns 25%. No individual meets that 50% threshold.
Or is it more about being 50% owned (in the aggregate) by prohibited persons?