Personal Property in a Roth IRA
A client of ours has put personal property / Real Estate in her Roth IRA. A Bank is the custodian. Does anyone know where to go for advice on this situation. This is the first time I have seen this.
A client of ours has put personal property / Real Estate in her Roth IRA. A Bank is the custodian. Does anyone know where to go for advice on this situation. This is the first time I have seen this.
Permalink Submitted by Alan Spross on Fri, 2008-04-25 21:14
These are generally known as self directed IRAs. Attached is a link to a basic description of how they work. Personal use of property, whether real or personal property can disqualify the IRA and cause a taxable distribution to occur, so the client must be very careful.
http://www.businessweek.com/magazine/content/06_06/b3970114.htm