Permalink Submitted by mk foss on Fri, 2013-12-27 17:19
An IRA/solo 401k cannot purchase anything from the owner of the account or a relative of that person. Also an IRA/solo 401k cannot receive property as a contribution. These things are prohibited transactions which can disqualify a retirement plan and make the assets fully taxable.
Permalink Submitted by Jose Morales on Fri, 2013-12-27 17:19
For a transaction that could have some very serious tax implications involving your retirement accounts, you really should be seeking the guidance of a tax or legal professional that is knowledgable in these matters. Any answer you receive on a forum such as this should only be used as general information that should not be relied upon for making a final determination for what actions to take. That being said, as you have laid out the question, I don’t see how selling an already established LLC that is also already holding property on your behalf to your IRA or 401K could be anything but self dealing.
Permalink Submitted by mk foss on Fri, 2013-12-27 17:19
An IRA/solo 401k cannot purchase anything from the owner of the account or a relative of that person. Also an IRA/solo 401k cannot receive property as a contribution. These things are prohibited transactions which can disqualify a retirement plan and make the assets fully taxable.
Permalink Submitted by Jose Morales on Fri, 2013-12-27 17:19
For a transaction that could have some very serious tax implications involving your retirement accounts, you really should be seeking the guidance of a tax or legal professional that is knowledgable in these matters. Any answer you receive on a forum such as this should only be used as general information that should not be relied upon for making a final determination for what actions to take. That being said, as you have laid out the question, I don’t see how selling an already established LLC that is also already holding property on your behalf to your IRA or 401K could be anything but self dealing.
Permalink Submitted by Nick Pappas on Fri, 2013-12-27 18:13
That was my stance also. Thanks so much!