Self-Directed IRA
Not sure if this is allowed but you guys will know.
A CPA called me about his client. He is hoping to open a self-directed IRA and use his IRA funds to pay-off a HELOC on his home. He’d be the bank and the owner of the house which somehow doesn’t sound allowable.
But thought I’d toss it out there anyways. Anyone know?
Thanks
Permalink Submitted by Alan - IRA critic on Tue, 2015-11-03 02:20
You are correct. It would be a prohibited transaction in the form of self dealing.