Quote:
Originally Posted by billthecpa
Using the IRA for personal purposes is fraught with danger that IRS will invalidate the entire IRA to be taxable income. As a CPA, I would never recommend, and would strongly discourage, a client doing any such thing. In fact, if a client went ahead and did it anyway, I would terminate the relationship so.....when it blows up in their face....they could not say....."the CPA said it was OK."
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I completely agree! Also, very few IRA custodians will also the holding of real estate. When I was practicing, I fired several clients also. We always told our clients, “We love our clients, but not enough to be your cellmate.”