Updated over 2 years ago on . Most recent reply
Pulling money from IRA's
Hello BP Community,
I've got a few Private Lenders that are interested in moving forward and have money in their self directing IRA that they are interested in pulling money from to put towards investments.
I know that they can label their withdraw as a "loan" to avoid paying taxes or something of that nature. I'm looking to learn a little more about how I can direct my PML in the right direction so I can avoid them paying taxes and other unnecessary fees.
Thank you
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
It is not possible to take a loan from an IRA.
What they need is a "self-directed IRA". After they set one up, they can transfer funds from their existing IRA (tax-free) and then invest inside of their IRA. In this case the IRA would be the lender and all interest income will be sheltered from taxes.