The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: IRA to Fund New Business||Date: 3/7/2013 7:39 PM|
|Author: JAFO31||Number: 117984 of 121351|
TMFBreakerRob: "I'm retired, 60..... and I'm in the process of starting up a business that is franchised. I expect to be building a number of stores and plan to tap my IRAs to fund it, most likely in combination with bank financing for part of the hard assets (leasehold improvements, store fixtures, signs).
Questions: Is it feasible to have the IRA fund the business in such a fashion that I don't have to withdraw the money, pay taxes and invest the proceeds? It seems that it would be nice to defer the whole tax thing. :)"
I am bout 99.5% certain that the answer to your question is no; see the rules about related party and self-dealing.
I am 100% certain that someone will correct me if I am wrong.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|