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- Title
IRAs and Prohibited Transactions: Pitfalls and Potholes.
- Authors
Caudill, April
- Abstract
Loans of any kind between an IRA and its owner will trigger taxation, potentially on the entire amount in the IRA, and most IRA investments in real estate introduce a great many potential traps to the IRA owner. Financial advisors can help their clients steer clear of these problems by suggesting that if they need a loan, they pursue commercial resources or a qualified plan loan, and that if they wish to diversify into gold, real estate, or other nontraditional investments, they do so either with mutual funds designed for that purpose or with funds outside of their IRA.
- Subjects
SELF-directed individual retirement accounts; LOAN laws; RETIREMENT planning; INDIVIDUAL retirement accounts; FINANCIAL counseling; TAX planning; TAX laws
- Publication
Journal of Financial Service Professionals, 2011, Vol 65, Issue 6, p34
- ISSN
1537-1816
- Publication type
Article