QUESTION: I would like to know if I can pay some bills online from the properties purchased with Solo 401K with my personal Credit card and then recover the amount from the Solo 401 K.
ANSWER: No you cannot use your personal credit card to
pay expenses in connection with the solo 401k owned real estate even if you
have the solo 401k refund the credit card company instead of you. Reason being,
it is prohibited for the solo 401k owner to loan funds to the solo 401k or the
solo 401k owned real-estate owned property, because the solo 401k owner is a disqualified person.
QUESTION: I don't have Credit Card from the Solo 401k and cannot pay
online in other way.
I have Debit card from Solo 401k but
is no safe to pay online with debit card.
I going to have all proves of this
transaction.
ANSWER: First, the solo 401k cannot obtain
a credit card but only a debit card. Again, you cannot use your personal credit
card to pay expenses associated with the solo 401k owned real estate as
detailed above.
Thanks, Lois in Montana
No comments:
Post a Comment