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Prohibited Self Directed IRA Transactions Info & Help Guide:
Examples: Loaning IRA funds to your spouse or family > Back to Notes
Many people that find out about self-directed IRA accounts get excited when it comes to lending IRA funds because they get this idea in their head about lending themselves IRA funds to avoid taxes or reap a personal benefit.
Result: NOT ALLOWED!
IRC tax code 4975 strictly prohibits an IRA holder from lending to themselves using IRA funds. Any arrangement that leads to a self-benefit results in a prohibited transaction.
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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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