Checkbook IRA/ Checkbook 401K: Its is Legal or Illegal
I have known about self direct IRA but not Self Directed 401K and 'Checkbook' IRAs. I wanted to take control of my personal debt and let my IRA benefit from the loan but still maintain tax preference.
- What circustances and conditions would i have to follow for this to be legal?
- What kind of reporting is needed for this to maintain a legal status?
- If this completely illlegal, what areas would this follow under?
Thanks