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View Diary: How to turn $25K in cash, into a $25 Million dollar IRA (13 comments)

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  •  IRS rules would seem to disallow that. (1+ / 0-)
    Recommended by:
    KenBee

    IRS.gov: Publication 590

    Prohibited Transactions
    Generally, a prohibited transaction is any improper use of your traditional IRA account or annuity by you, your beneficiary, or any disqualified person.
    Disqualified persons include your fiduciary and members of your family (spouse, ancestor, lineal descendant,and any spouse of a lineal descendant).
    The following are examples of prohibited transactionswith a traditional IRA.
    · Borrowing money from it.
    · Selling property to it.
    · Receiving unreasonable compensation for managing
    · Using it as security for a loan.
    · Buying property for personal use (present or future) with IRA funds
    I'd really like to know how investing IRA funds into a company that you make managerial decisions for escapes the Self Dealing prohibitions.

    -7.75 -4.67

    "Freedom's just another word for nothing left to lose."

    There are no Christians in foxholes.

    by Odysseus on Mon Aug 06, 2012 at 08:54:56 AM PDT

    [ Parent ]

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