manu06
Member
Cash: $ 3.70
Posts: 18
Joined: 18 Oct 2005
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| Can I do this ? |
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My wife is changing jobs. Can we take the vested pension place it a a
self directed IRA, and then buy our house as an investment ? This would
allow us to save 5.5% interest on our mortgage balance an free up income
to fully max out our 401ks. We would adjust the rest of our portfolio to
meet our investment goals.
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Fri Jul 28, 2006 1:25 am |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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See http://www.irs.gov/publications/p590/ch01.html#d0e7182 for more details:
The following are examples of prohibited transactions with a traditional IRA.
Borrowing money from it.
Selling property to it.
Receiving unreasonable compensation for managing it.
Using it as security for a loan.
Buying property for personal use (present or future) with IRA funds.
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Fri Jul 28, 2006 8:43 pm |
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