Flipping Property Using A Roth IRA For Tax Free Gains
I went to a seminar a while back and they were trying to sell there services. They were attorneys, and one thing they mentioned was flipping property and using a Roth IRA to hold the property in, and when you flip it there is no taxes to be paid, I have talked to another attorney and a CPA since then and they say it can be done, But I need to find a company that will let me do a Self managed Roth IRA that I can Buy and sell Real estate with. This is the problem I am having , trying to find a company that will let me do this. Anyone know of a company that will do this? Thanks for any info that you can send my way.
This sounds really great! How would you get the property into an IRA? The only way I can think of is to roll your current IRA into this self-managed one, and then buy real-estate. Does this sound right to you?
Thanks I will check their site out. Do yu know personally that they will let you flip real estate?
I personally use Pensco Trust for my self-directed IRA. They say they are going to offer a new prodeuct in Febuary that is BETTER than an IRA. It is a Solo Roth 401(k).
With the 401(k) you are supposed to be able to leverage and NOT pay UBIT taxes. This is hugely important as UBIT can be a bookkeeping challange/frustration and also eat up a lot of your profit.
We work with Guidant and American Pension Svcs (we provide the nonrecourse loans to partner with SDIRA) and can recommend both of these organizations.
Do they have a web site, I did a search and found lawsuit against guidiant, not a good start, maybe wrong Co.
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On 2006-01-16 15:15, lassitermarketing wrote:
We work with Guidant and American Pension Svcs (we provide the nonrecourse loans to partner with SDIRA) and can recommend both of these organizations.
Flipping property is an active income business. There are a lot of rules governing IRAs that prohibit the IRA from operating a business. Lots of tax consequences is you do, mainly Unrelated Business Income Tax.
I seriously doubt the validity of the information you are hearing if you have not left out any details.