Can You Use Your IRA To Invest In LLC To Buy Commercial Property
Does anyone know if this is a viable way of using your IRA to invest.
I read something in either Forbes or Kiplingers that there are specific circumstances that this is an option.
Any help would be appreciated.
Yes, as long as YOU do not own the LLC.
Here's a site that gives the low down on what is prohibited in self-directed IRA's
http://www.trustetc.com/links/prohibited.html
I too asked this question recently.
I posted my question in the Tax / Tax Stratagies Forum on 9 - 17 04. You may wish to look at the repies that were posted. From the replies I looked back at their profiles that include previous posts / replies such as John Merchant. From there I got addl info through their posts / articles about the firms that provide self directed IRA services.
Then I did some more www.research.There are a few national firms geared to the SD IRA for REI. Pensco, Guidant, Sterling Trust. I reviewed their websites. They contain a lot of info.
I specifically focused on www.guidantfinancial.com as they seemed to have a stratagy that works for me. Including checkbook control of the SD IRA. The others may involve longer fund approvals and disbursements that need to be approved by their trustee that could cost a deal in my situation. All the firms explain how to keep the REI on the up and up using SD IRA's for REI.
I also read 'IRA Wealth" by Patrick W. Rice. It is a good read of how to use IRA's for REI. I read it in a few hours. I think it was $12 from Amazon or any bookstore.
I am going to be executing this stratagy in coming weeks due to the input from the TCI community.
Life is good.
Happyhome