Sign up to save your podcasts
Or
Share Self-Directed IRAs
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Self-Directed IRAs
Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Monkey Business with the IRS can cost you the bankruptcy exemption. Creditors typically can’t grab funds from an IRA. But the rule doesn’t apply when the debtor uses some of that money for personal self-direction. An example here the owner with a self-directed IRA went and brought a vacation condo and two cars. He tried to keep it all nice and safe within an IRA. And that is going to put the exclusion of self-dealing. You cannot have any self-interest in your IRA. So if you’re using a self-directed IRA for personal use, just know that you’re on the verge of losing those funds for tax purposes.
Contact me if you need help.
Announcer 0:52
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.
View all episodes
By Dr. Friday Tax & Financial Firm
5
11 ratings
Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Monkey Business with the IRS can cost you the bankruptcy exemption. Creditors typically can’t grab funds from an IRA. But the rule doesn’t apply when the debtor uses some of that money for personal self-direction. An example here the owner with a self-directed IRA went and brought a vacation condo and two cars. He tried to keep it all nice and safe within an IRA. And that is going to put the exclusion of self-dealing. You cannot have any self-interest in your IRA. So if you’re using a self-directed IRA for personal use, just know that you’re on the verge of losing those funds for tax purposes.
Contact me if you need help.
Announcer 0:52
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.