Using IRA for business investment

Submitted by Joseph Wallace on Mon, 2019-02-18 17:48

I’m considering to use my IRA to invest in a business – using the “ROBS” strategy. What would be a reasonable amount to pay a consultant to set this up and service it?

2nd question – Knowing that Mitt Romney put his IRA money in an offshore holding company and then used it for his investments, will this strategy work for a business that I would run?

JBW



Submitted by Alan - IRA critic on Mon, 2019-02-18 18:54

  • I have no idea what the cost would be to retain a firm to make sure you do not run afoul of the IRS, now that the IRA is essentially targeting ROBs. You might want to reconsider this given the complexity you would have to deal with on an on going basis as part of the IRS compliance project. Below is what the IRS has to say on the subject, and their article contains a link to more details.
  • https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project


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