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Title: solo 401k vs self directed IRA for investing in bitcoins Post by: zeetubes on March 08, 2013, 03:51:27 AM I've seen a couple of threads talking about the possibility of using self directed IRAs + LLC to invest in bitcoins. But a solo 401k looks like a better option, if you have a solo business. Has anyone looked into it?
Title: Re: solo 401k vs self directed IRA for investing in bitcoins Post by: hackjealousy on March 08, 2013, 03:54:01 AM I was actually wondering this myself the other day. You can certainly hold physical PMs in your self-directed IRA.
I'd be very interested if someone here has looked into this further. Title: Re: solo 401k vs self directed IRA for investing in bitcoins Post by: zeetubes on March 08, 2013, 04:05:30 AM I'm going to start the process tomorrow and rollover my SEP. I read through all of the prohibited transactions and I didn't see anything that would prohibit it. Yet. :)
Title: Re: solo 401k vs self directed IRA for investing in bitcoins Post by: zeetubes on March 08, 2013, 04:12:40 AM You can be your own administrator and broker but the admin part sounds like a lot of work (financial/IRS statements etc) but forex certainly seems possible.
Title: Re: solo 401k vs self directed IRA for investing in bitcoins Post by: URSAY on March 20, 2013, 01:31:29 AM Any further info on this? :)
Title: Re: solo 401k vs self directed IRA for investing in bitcoins Post by: zeetubes on April 02, 2013, 01:45:39 AM Just to follow up, today I made my first solo 401K purchase of bitcoins. The 401k plan I chose doesn't require a trustee to manage the bank account - I am the trustee. Many plans require you to use a trustee and they are quite limiting. This will be interesting.
Title: Re: solo 401k vs self directed IRA for investing in bitcoins Post by: ParsnipCommander on May 15, 2014, 06:52:58 PM Just to follow up, today I made my first solo 401K purchase of bitcoins. The 401k plan I chose doesn't require a trustee to manage the bank account - I am the trustee. Many plans require you to use a trustee and they are quite limiting. This will be interesting. Can you elaborate on what you did? how has it worked out so far? Title: Re: solo 401k vs self directed IRA for investing in bitcoins Post by: mrhelpful on May 15, 2014, 08:18:57 PM This might be a good option for those who are working for a long time employee or have had a 401k.
You`d have to probably setup an LLC right? And then reinvest toward that to the LLLC bank account to pay in cash for the bitcoins? It would be great, if you explain some details for those who want to consider this. :) |