A recent Private Letter Ruling (PLR) from the IRS may be of interest to IRA owners who are thinking about using IRA funds as a short-term loan. There are a couple of factors in this ruling that you need to understand if you’re looking to use IRA funds for a short-term loan (hint: it’s not recommended!).
PLR 202033008 was issued August 14, 2020. The taxpayer had, upon the advice of his real estate agent, taken a withdrawal from his IRA in order to purchase a home. At the time, his old home had not yet sold, so he needed a …Read More