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Welcome to Prohibited IRA Transactions! This website was created to provide accurate information regarding prohibited transactions for those who have Self Directed IRA accounts. Through my own experience and interest, developing this IRA website has been a fun hobby and a new learning experience. Please keep in mind that everything you read on this website is for information purposes and should not be seen as tax, legal or investment advice. Always consult with a professional before making decisions. I will cover lots of topics in this website regarding prohibited ira transactions and Disqualified Persons starting with a Prohibited Transaction Definition. All of the definitions provided on this website are direct quotes from the IRS tax codes.
I will also give lots of Prohibited IRA Transaction Examples through different investment scenarios. Many scenarios are generic and can be applied to similar situations that you're considering. This section of the website is to help people realize what is and is not a prohibited IRA transaction.
There are several IRA Court Cases that have involved Self-Directed IRAs and this website will address some of the articles written by different individuals and IRA providers to bring an understanding/interpretation regarding the case results and court decisions.
Through my experiences with several IRA providers, I have found the folks at New Direction IRA offer the best customer service and value when it comes to Self Directed IRAs. They are always prompt at returning my calls and carrying out my investment instructions. While getting started I did lots of research regarding different self directed IRA providers and am now very thankful for calling New Direction IRA when I did. After talking with another top IRA Provider, who's name will remain unknown, I was under the impression that my first investment scenario was completely legal. After calling New Direction, someone on their staff explained that what I was trying to invest in would result in a prohibited transaction. Needless to say, that doesn't say much for this other top dog IRA provider. It was this very scenario that spawned my interest in creating this website.
What is a prohibited transaction and happens when someone makes a prohibited transaction?
A prohibited transaction is an investment that is in violation of the IRS tax laws. In the event someone proceeds with an investment that is against the rules and created a prohibited transaction, the IRS can distribute your IRA investment/s and pose additional penalties. Take a look at our Prohibited IRA transaction examples to learn about some of the basic types of Prohibited Transactions.
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IRA Provider Comparison
IRAProviderComparison.com has done a great job at putting together comparison charts for different self directed IRA providers. They give fee scenarios and help you decide which provider offers the best service for your needs. I recommend looking at this website before starting an account somewhere.
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New Direction IRA
Self Directed IRA Administrator. We recommend New Direction because their friendly staff have always been so helpful in explaining things and making sure our transactions are within the guidelines of the IRS.
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IRA Tax Services
Our family uses IRA Tax Services to help with the UBIT resulting from our rental property. IRA Tax Services was easy to work with and more knowledgable that my family CPA. Check these guys out!
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