What are considered prohibited transactions for a self-directed IRA account?
Self-directed IRA transactions must be for the exclusive benefit of the retirement plan and must not directly or indirectly benefit the IRA owner. Prohibited transactions include: borrowing money from your IRA, using the IRA assets to secure a personal loan, selling property to your IRA, or buying property for personal use with IRA funds.
Related Questions
- With respect to a self-directed IRA account, would a statement from the custodian be acceptable as a proof of claim, in lieu of a copy of the check or wire transfer?
- Can you compare the pros and cons of opening a self-directed IRA account with a sole provider vs. a one-stop shop?
- What are considered prohibited transactions for a self-directed IRA account?
