| Use your IRA to Purchase Real Estate! | ||
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You can use your IRA money to buy Real Estate!! The process is simplier then you would think but the Banks and Mutual Fund companys do not make any money so it is not in their best interest that you know how. I will now give you the step by step process to purchase property using your IRA. There is not intent to provide you with any legal advice just to show you the process. We always recommend you get legal advice before you make any transaction. The first step is to set up a Self Directed IRA account. All types of existing IRA accounts qualify for this type of account. All it really means is that you are the one directing how your IRA funds are used to make you money. Now there are many things you cannot do and may result in penalties. I highly recommend you review these rules. http://www.irs.gov/publications/p590/ There are now several companies that manage these kinds of accounts like http://www.entrustarizona.com/. Next you either buy a property naming your IRA account as the beneficiary. There is special wording needed to get this right and your Directed IRA advisor can help you with this. You may also buy a property through a Limited Liabilty Company (LLC) which also requires special wording in the formation of your articles and operating agreemnt. Your manager for the Directed IRA can help you with the forms needed to complete this process. If you decide to buy property through an LLC you must also name your Direct IRA company as the manager within the operating Agreement. Again your IRA manager can help you with these details. When you sell your property or LLC you will need to fill out some forms with your IRA manager before you do so. Again they can help you with this process. Once you understand how the LLC process works, you can even use an online company to form your LLC like http://www.legalzoom.com. If your knowledge is limited we recommend using an attorney. Disclaimer - The information contained in this Site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this Site. Accordingly, the information on this Site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult with a professional accounting, tax, legal or other competent and professional advisers. While we have made every attempt to ensure that the information contained in this Site has been obtained from reliable sources, Rocky Link is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this Site is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Rocky link, its related partnerships or corporations, or the partners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this Site or for any consequential, special or similar damages, even if advised of the possibility of such damages. Certain links in this Site connect to other Web Sites maintained by third parties over whom Rocky Link has no control. Rocky Link makes no representations as to the accuracy or any other aspect of information contained in other Web Sites. | ||
