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Updated over 9 years ago,
Solo401K - Can I use my small farm as qualifying self employment?
Hello everyone. Recently joined BP and have learned much from the forums, articles and blogs.
I am retired, have an IRA with a brokerage, and would like to set-up a self-directed IRA/LLC or Solo 401K and rollover a portion of that IRA to invest in real estate. I prefer the Solo 401K, but not sure I would qualify.
I have a small farm where I raise sheep. I claim the income and expenses for the farm on my taxes (Form 1040, Schedule F). Does anyone know if this would qualify as self employment for the purposes of setting up a Solo 401K? If not, I will probably have to go with the self directed IRA/LLC.
Thanks!