ACCESS Newswire
09 Jan 2021, 14:13 GMT+10
CHARLOTTE, NC / ACCESSWIRE / January 9, 2021 / Recently, Self-Directed IRA administration firm American IRA took to its blog to explain the various retirement investing rules present within a Self-Directed IRA. Pointing out that these rules exist for all retirement accounts, but that they're something that Self-Directed IRA investors in particular have to watch out for, the blog post pointed out issues such as disqualified persons and prohibited transactions-and what these terms mean for retirement investors.
According to the Self-Directed IRA administration firm, one of the most important things for investors to understand is the nature of prohibited transactions. Different prohibited transactions might include purchasing a life insurance policy within a retirement account, for example, or collecting fine art within a retirement account. Because these are not appropriate retirement assets as outlined by the IRS, even Self-Direction does not make it possible for investors to hold these types of assets within a Self-Directed IRA.
Some assets by their very nature, according to the post, are not appropriate for retirement investing. For example, while precious metals are an acceptable asset in retirement investing, there are limitations to this, as some precious metal products may be too difficult to grade to be appropriate within a retirement account.
'With this post, we at American IRA wanted to show people that there are certain rules with the Self-Directed IRA,' said Jim Hitt, CEO of American IRA. 'And while there is a tremendous amount of freedom that occurs when investors approach things this way, there are also some limitations that investors need to know if they're going to avoid trouble.'
The post also talks about disqualified persons, who would be prohibited from transacting from a retirement account even in the case of legitimate retirement assets being used. More information is available in the post, which details who may count as a 'disqualified person.'
For more information, interested parties can access the blog post at www.AmericanIRA.com. Contact American IRA by dialing 866-7500-IRA.
About:
'American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term 'they' refers to American IRA, located in Asheville and Charlotte, NC and Atlanta, GA.'
SOURCE: American IRA, LLC
Get a daily dose of Miami Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Miami Mirror.
More InformationPALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...