mazske talks about a mistake he made in his Self-Directed IRA video in this short.

mazske isn’t a CPA, attorney or financial advisor. Everything mazske says is just his opinion. Always do your own due diligence prior to making any investment decisions.

email mazske at mazskefinance@gmail.com…(read more)

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Corrections to My Self-Directed IRA Video

In a recent video I made about self-directed IRAs, I provided some information that was not entirely accurate. I want to take this opportunity to correct those mistakes and ensure that my viewers have the correct information when it comes to this important topic.

First and foremost, I want to clarify that self-directed IRAs do have certain limitations on the types of assets that can be held within them. In my video, I may have given the impression that virtually any type of investment can be included in a self-directed IRA, but this is not the case. The IRS has specific rules about what can and cannot be held in these accounts, and it’s important for individuals to be aware of these guidelines before making any investment decisions.

Additionally, I want to address the issue of prohibited transactions within self-directed IRAs. It is important for individuals to understand that there are strict rules about dealing with disqualified persons, such as family members, within a self-directed IRA. Engaging in prohibited transactions can have serious tax consequences, so it’s essential for anyone with this type of account to be aware of these limitations.

Finally, I want to clarify that while self-directed IRAs can provide individuals with a greater degree of control over their investments, they also come with added responsibilities. Managing a self-directed IRA requires a higher level of due diligence and an understanding of the rules and regulations governing these accounts. It’s important for individuals to carefully consider whether they have the knowledge and expertise to effectively manage a self-directed IRA before deciding to open one.

I apologize for any confusion or misinformation that may have resulted from my previous video. It is important to me to provide accurate and reliable information to my viewers, and I appreciate the opportunity to set the record straight on this issue. I hope that this clarification helps to clear up any misunderstandings and provides my audience with a better understanding of self-directed IRAs. Thank you for your understanding.