Who is a disqualified person?
· the IRA holder and his or her spouse; · the IRA holders ancestors, lineal descendants and their spouses; · investment advisors and managers · any corporation, partnership, trust or estate in which the IRA holder has a 50% or greater interest; and · anyone providing services to the IRA such as a trustee or custodian.
• the IRA holder and his or her spouse; • the IRA holders ancestors, lineal descendants and their spouses; • investment advisors and managers • any corporation, partnership, trust or estate in which the IRA holder has a 50% or greater interest; and • anyone providing services to the IRA such as a trustee or custodian.
• The self directed IRA holder and his or her spouse; • The self directed IRA holders ancestors, lineal descendants and their spouses; • Investment advisors and managers • Any corporation, partnership, trust or estate in which a disqualified person has a 50% or greater interest, and • Anyone providing services to the self directed IRA such as a trustee or custodian. What are some types and examples of prohibited transactions and/or self-dealing transactions? • Self dealing with a family member (your self directed IRA purchases a home from your mother) • Self dealing with yourself (you self directed IRA purchases a home from yourself) • Personal use of a self directed IRA property (buying a vacation home with self directed IRA money and then staying in the home when on vacation) • Receiving personal benefit from your IRA (paying yourself for work that you do on the property such a repairing the roof) What is an exemption? Exemptions are permission to invest in something or in some way t
