What Your Broker Hasn’t Told You About Your IRA
Brokers and banks have a vested interest in keeping a little secret from you. What’s the secret? The secret is you don’t need them to hold your IRA or tell you what you can or can not invest in. For the most part, the IRS doesn’t care what you invest it as long as you meet certain requirements. You can buy raw land, live animals, a Subway franchise, even create a corporation inside your IRA as an investment medium, complete with a a checking account and a debit card. Obviously you can’t buy your own home with IRA money and attempt to live there free, nor can you rent it to a family member. But you can remodel it and sell it for a profit - no taxes since it is inside a tax qualified entity.
Banks and brokers know this but have no incentive to see you transfer your IRA to another custodian like Sterling Trust Co. who has a who department dedicated to show you how to use your IRA money to invest in almost anything. Be careful and consult your adviser.
For more information contact:
David H. Disraeli, CFP(r)
david@lifepln.com
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Comments
I recently switched to a self directed IRA and am investing in real estate. the profits are pouring in and I have all control over them.
http://www.myrealestateira.com
Interesting, i’ll need to look into this further.