- 1,405
OK folks, I need some advice on this.
I am, of course, very worried about the devaluation of our currency. I am also very nervous about the stock markets.
I am interested if anyone has advice about setting up an IRA which allows you to hold real-estate. There seem to be two ways to go. First, you can hire a trust company to do it for you, and pay fees everytime someone sneezes. The second alternative seems to be the establishment of an LLC company, which you control and manage, which is then considered an IRA, and which you transfer IRA money in to and use the money to buy real estate.
I understand that you cannot personally benefit from the real estate in the IRA, or risk it being deregistered.
Does anyone have any experience with this stuff. I am especially interested in any IRS horror stories in regard to this strategy.
My goal is to own low cost, high acreage rural land for 10 to 20 years. I am not looking to make a killing, I just want to get a portion of my IRA out of paper and into land.
I look forward to your advice.
Bob Barney
Compulife
I am, of course, very worried about the devaluation of our currency. I am also very nervous about the stock markets.
I am interested if anyone has advice about setting up an IRA which allows you to hold real-estate. There seem to be two ways to go. First, you can hire a trust company to do it for you, and pay fees everytime someone sneezes. The second alternative seems to be the establishment of an LLC company, which you control and manage, which is then considered an IRA, and which you transfer IRA money in to and use the money to buy real estate.
I understand that you cannot personally benefit from the real estate in the IRA, or risk it being deregistered.
Does anyone have any experience with this stuff. I am especially interested in any IRS horror stories in regard to this strategy.
My goal is to own low cost, high acreage rural land for 10 to 20 years. I am not looking to make a killing, I just want to get a portion of my IRA out of paper and into land.
I look forward to your advice.
Bob Barney
Compulife