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Self Funded IRA Question - Printable Version

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Self Funded IRA Question - sqzig - 09-02-2009

My company was bought out by another firm. Leaving me a fair amount of company stock (which is being considered a valid retirement plan) and a 401k I can roll into a self funded traditional IRA. With the result of the housing bubble pop, I'm sitting on a bad real estate deal set up in an LLC as a 50% owner.

My question

If I lower my %owner to 49%. Can I use my self funded to invest the amount of the loss I intend to take after liquidating the property? Fold the property and chalk up the loss in the IRA to a bad investment? Do I have to pay this back to the IRA? The advantage being that I pay the loss with tax free dollars.

Thanks in Advance,