IRAs and Owning a Business Through an IRA

Every so often a client asks me, “Can I fund/purchase/own my business through an IRA.” My general answer is don’t do this! You may be able to do it legally, but there are so many gotchas that it’s rarely worth the aggravation.

A taxpayer tried to own his closely-held C-Corporation through his IRA. The results weren’t pretty. Joe Kristan has the details on what went wrong and the troubles the taxpayer now faces.

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This entry was posted on Sunday, May 12th, 2013 at 9:41 am and is filed under Tax Court. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “IRAs and Owning a Business Through an IRA”

  1. Tax Roundup, 5/13/2013: Modified limited hangout edition. And a tax blog hijacking! « Roth & Company, P.C says:
    May 13, 2013 at 8:27 am

    […] Fox,  IRAs and Owning a Business Through an IRA and  What Can Go Wrong?  Nevada Democrats Want to Give Tax Breaks to Movie […]