All Forum Posts by: Gary Kane

As long as it is in the ira, it will continue in its tax deferred status...you will not pay tax until you start making withdrawals (typically in retirement).

In my opinion, purchasing SFR with an ira is not efficient, as in rental property. Best to do a Buy and hold rental outside of an ira...but that's me.

I just came across AmericanIRA, one to put on the radar.

@Ray P.

Be careful with phrases like "promissory note to myself" relative to using a SD IRA...typically you cannot directly benefit personally when using a SDIRA, all transactions have to be done in the IRAs name.

With 15 K, I would probably:

- Leave it, invest it as best you could with stocks. Might want to research 'covered calls', a conservative income generating strategy.

- <or> Go ahead and think about pulling it out, take the tax hit, and look to buy a good cash flowing rental.

Buying rental property outside of a SDIRA is best and more tax efficient.

Just my thoughts, good luck!

I don't want to be a spoiler here, but can someone talk a little about the risks with a checkbook Llc Ira (or SoloK). Let's say I have 250k in my checkbook Ira, and by some oversight engaged a prohibited transaction...what would be the ramifications?

Can someone clear up some confusion relative to SoloK and having self employment? What is the self-employment and how do you insert REI into this arena? Wouldn't the "new" REI activity tend to take over the supposed already existing business? Wouldn't this get flagged? I think there are some risks here that are not being understood...

@Amber Turner

Amber, I am a Vanguard client, great company (Warren Buffett recommends them)...be advised, they currently do not provide any Real Estate investment structures (IRA, SD Real Estate IRA, or 401K Real Estate structures). You would have to go to a separate 'custodian', which there are many to choose. This is my current understanding, you may want to double check.

@Brian Eastman

Where are the taxes paid from...would they come out of the IRA?

@Mark Nolan

Mark...can you expand on the "loan funds to the LLC"? Thx!

@Dhar Rawal

 Wow, great story and congrats!  $65K is a big chunk for the conversion, don't know if I would've done that.  Having the other loss as leverage helped ease the pain I'm sure...you must've crunched a bunch of numbers to figure that one out before pulling the trigger...paid off nice though, well done!

@Ralph C.

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