 |
Prohibited Self Directed IRA Transactions Info & Help Guide:
Examples: Purchasing Real Estate from your spouse or family > Back to Real Estate
If your family/spouse has a great investment opportunity for you, you'll need to look at the disqualified list to make sure your IRA can purchase that property. Below is a list of disqualified persons that your IRA can NOT do business with:
- You
- Your Spouse
- Your Ascendants
- Your Direct Descendants
- Your Direct Descendants' Spouses
- Certain Fiduciaries (CPAs, Attorneys, Financial Planners, etc.)
- Retirement Plans Held by Disqualified Persons
- Entities Owned or Controlled by Disqualified Persons
Just to reiterate the list above, your IRA may NOT invest in a property that your parents, grand parents, children, grand children, or their spouses own.
Result: NOT ALLOWED!
IRC tax code 4975 strictly prohibits an IRA holder from purchasing or selling an item to/from their direct lineal family using IRA funds. Any arrangement that leads to a self-benefit results in a prohibited transaction.
Note: Other family members such as Aunts, Uncles, Brothers, Sisters, Cousins, etc. are allowable by IRC Code 4975.
|
|
|
 |
|
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.
|
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.
|
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!
|
|
|
 |
|
|
|
