IRA
By William Piotrowski, Just Call William 630-881-8655
(Diamond Residential Mortgage Corporation )
Individual Retirement Accounts (IRAs) and 401k plans are long-term savings accounts that offer tax advantages if you comply with various Internal Revenue Service (IRS) regulations. While many financial services firms will not allow you to invest in real estate with your IRA due to increased paperwork requirements, the IRS does not forbid such investments. You can make transfers or take loans against your 401k to access the funds for investment. Careful planning with either type of retirement plan can result in little or no tax ramifications. 1. Contact your retirement plan administrator. As many IRA custodians do not permit real estate investments, you must determine whether your IRA is eligible for real estate purchases. While your 401k is restricted by law from investing in real estat...
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