I would just add one other issue to consider — which is a concern if you are considered or have a fiduciary relationship with the partnership or individuals you could be
considered a disqualified person.
The only drawback I can see in this scenario is that my wife would likely not be able to represent the plans as real estate agent (i.e. earn commission) in those transactions, as she would be
considered disqualified person, right?
Not exact matches
That would
disqualify many
people both here in the US and around the world who definitely
consider themselves Christians.
For starters, IRA accounts for
people over the age of 70 and a half are generally
considered off - limits as assets that
disqualify a
person for Medicaid.
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Gary is
considered a «
disqualified person'to his IRA, therefore not allowed to conduct any business with the IRA (borrowing from it).
your wife is
considered to be a «
Disqualified Person'to your 401k therefore any transaction between the plan and her is prohibited.
IRS LTR 200724007 does not
consider Qualified Intermediary (QI) a
disqualified person when less than 10 % owned by
disqualified persons or should QI pay a commission to a
disqualified person such as an accountant or Realtor.
Due to conflicts of interest, neither you nor a close relative can live in the home now, as this would be
considered a prohibited transaction with a
disqualified person (IRC Â § 4975 (c)(1)(a)-RRB-.
A
disqualified person can not act as the qualified intermediary, if
considered the agent of the taxpayer at the time of the exchange.