What to do with 401k from prior employer

[tps7742]

I would get a professional (financial advisor/CPA, etc). Advice & experiences of folks on the green screen are ok if filtered but in the end if you make a wrong choice you will pay the bill.

[wes122984]

There are options to roll into the self directed ira and purchase land with it.

Find a custodian, set up an LLC, open bank account , deposit funds into account, purchase land/house etc . You will pay a set up fee, and annual fee. Pay attention to the rules.

Here’s a list of some self directed ira custodians http://selfdirectedira.nuwireinvesto...ra-custodians/

[Outback]

I rolled mine into Fidelity and doubled my money then moved it to Equity Trust, a self directed real estate ira and bought a house then saved the rent, rolled over some more into equity trust and bought another house.

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[Outback]

Pm if you want to to chat

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[1riot1ranger]

There are options to roll into the self directed ira and purchase land with it.

Find a custodian, set up an LLC, open bank account , deposit funds into account, purchase land/house etc . You will pay a set up fee, and annual fee. Pay attention to the rules.

Here’s a list of some self directed ira custodians http://selfdirectedira.nuwireinvesto...ra-custodians/

I did this years ago. Best decision ever. And did same with pension.

[topshot]

You can open a self directed ira, transfer the funds, pay the tax. You can then use the self directed ira to buy land, rental property, ownership in a business, or a thousand other investments.

[1riot1ranger]

You can open a self directed ira, transfer the funds, pay the tax. You can then use the self directed ira to buy land, rental property, ownership in a business, or a thousand other investments.

You do all of this in a Self Directed IRA except pay the taxes. It is an IRA. If you transfer and pay taxes/penalties then it's free and clear and you can do whatever you want without the IRA requirements.

[dhall1414]

The self directed IRA seems like the closest to what I want to do with the account. After I do some research I might message a few of y'all about them.

[1riot1ranger]

The self directed IRA seems like the closest to what I want to do with the account. After I do some research I might message a few of y'all about them.

Do some research for what you want to accomplish. There are rules and you want to be sure to follow them. For a true self-directed IRA I prefer to have checkbook control. My brother has done this without checkbook control and it's another administrative burden that requires you submit receipts to them for payment.

I've used this company twice to set up self directed accounts and been very happy with them. Lots of information on their site: https://www.checkbookira.com/

[boy wonder]

If you do a self-directed and purchase land, can you use the land personally? I'm uncertain on this and would really, really like to do this, if I can use the property.

[unclefish]

Can't use the land/real estate in a self directed IRA...this is why I didn't do it.

[1riot1ranger]

Can't use the land/real estate in a self directed IRA...this is why I didn't do it.

True. No personal use if in an IRA. Same as a vacation home on the beach. It has to be treated as an investment and no personal use. Do the research and be sure to stay within the rules if converting to self -directed IRA's.

You can invest in land and convert it to personal use at a later date by paying income taxes on the value of the land when "withdrawing" it from your IRA. Problem is likely your investment increased in value and income taxes are owed on the market value, not on the purchase price. This can work though if you haven't reached the age where withdrawal penalties apply and you want to buy and rent or hold the property until you can transfer without the early withdrawal penalty.

[topshot]

Can't use the land/real estate in a self directed IRA...this is why I didn't do it.

you are not allowed to receive any personal benefit from the investment - nor can your direct family members (parents/siblings/children) however, aunts uncles and cousins can from my research.

[gingib]

Roll it over. Never pull it out as a means for money.

[ATI]

I don't think you can take the money penalty free unless you are 59 1/2 YO.

This.