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Updated over 7 years ago, 06/20/2017
Checkbook IRA/401k Scenario Opinion
Hi all, I'm curious if anyone can offer their opinion on how this prohibited transaction should be restructured:
"Scott desires to purchase a rental property for $100K and would like to own the property personally but does not have enough money in his account. Therefore, he uses $10,000 from his Solo 401k Plan and $90,000 from his personal fund to finance the purchase."
For a new investor that doesn't want or doesn't have 100k in his checkbook 401ki, what are some ways this could be restructured to be valid?
Thanks!
Ben