My (CPA, attorney, broker, friend, other person) said that buying and selling real estate in my self directed IRA was illegal. Why?
They may be influenced by self interest or they may simply be uninformed. Attorneys generally stick to their core competencies and rarely deviate from them. Tax preparers are taught to do just that – prepare taxes. Your financial advisor’s company or agency may either be disinterested in this type of business or have not been educated regarding this type of investing format. A stock broker makes money when they sell stocks, bonds and mutual funds – not real estate or other types of investments.
