Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Monkey Business with the IRS can cost you the bankruptcy exemption. Creditors typically can’t grab funds from an IRA. But the rule doesn’t apply when the debtor uses some of that money for personal self-direction. An example here the owner with a self-directed IRA went and brought a vacation condo and two cars. He tried to keep it all nice and safe within an IRA. And that is going to put the exclusion of self-dealing. You cannot have any self-interest in your IRA. So if you’re using a self-directed IRA for personal use, just know that you’re on the verge of losing those funds for tax purposes.
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