Posted by John Merchant on November 16, 2005 at 15:58:23:
Your IRA can only lend to you, legally, for 60 days…after that, it’s considered legally that made a taxable withdrawal from your IRA.
While your SDIRA can buy RE and notes and make loans, YOU cannot be the borrower without big penalties including destroying your IRA.
using retirment account to purchase property - Posted by Jamie, CA
Posted by Jamie, CA on November 16, 2005 at 10:21:24:
Hi everyone? This is a tax question? If I borrow money from my retirment account at x amount interest rate, will I get a tax savings off of the retirment account or the property that I buy? And the property that I buy is a rental. Thanks, I hope someone can help me.
Jamie
Re: 401 k invests? - Posted by Dallas
Posted by Dallas on November 17, 2005 at 01:29:02:
IRA can’t loan money to you, but as in the previous post, you can take it out and roll back into the IRA in 60 days. Is that enough time to close, resell, and close again? Also, a self-directed IRA custodian is required if you want to plain invest with IRA money.
You may borrow money from your 401(k) in some cases, but who will make the payments back. You yourself, outo f your regular income? The rental income? Consider and invest carefully.