Self-directed IRA investment question

[lbeane]

I just read that my IRA custodian can be directed to move my IRA funds in the retirement plan of my S-corp. I have a sailing charter business. Could I purchase a sailboat to be used in my charter service with these funds? If so, would it be a prohibited transaction to also use the boat occasionally for personal use? I assume living aboard would be a big no-no - right?

[ZingerIntl]

From my understanding, (depending on your custodian) you can not take money out for personal(without paying taxes and fees), only investments. Right now my real estate team is doing this. They get a contract on a house, put it in the business name, then have one of the owners mother, sign a doc with her custodian that states, she wishes to purchase that note off of this business. she then is forced to pay herself 4% interest and she charges her sons company 18% as hard money loan. It is the smartest way to invest right now because they retirement funds are shrinking daily, so people are itching to put money to work.

Also Remember... Everything is work related, you are on the boat for the weekend (writing everything off) trying to find a new beautiful trip for business. or taking your loved ones on a "Salesman of the month" prize package.

[AdamKappel]

Hey guys,

I'm actually hosting a webinar this Thursday May 7th on exactly how you can use your IRA in business. We talk a lot about real estate but you can get some great information on exactly how you can use your IRA and exactly what you can't do with your IRA. It's a great little webinar with a ton of information. Also, we have a question/answer session at the end.

We are hosting it along side Equity Trust Company.

To sign up for free copy and paste this link in to the browser (I would make it a link but it says I can't post links yet, sorry!)

877kwkkash-atl.com/IRA_Secrets_Revealed.php


Hope this helps!

Sincerely,
Adam Kappel