Solo 401k

Invest My Self-Directed Solo 401k in a Boat

August 7, 2023 | By Mark Nolan

QUESTION:

Can I purchase a large boat that can be lived in with my solo 401k without it being a taxable event. 

ANSWER:

No, the IRS rules do not allow for use of solo 401k for investing in a boat. What is more, the IRS rules don’t allow for the use of a solo 401k asset such as real estate, for example, for personal use.

Another option is to take a solo 401k participant loan and use the borrowed funds for any purpose. When you borrow funds from your solo 401k plan, there are no restrictions on how you use the funds since they are no longer considered solo 401k funds. To learn more about the solo 401k participant loan limits and the rules, VISIT HERE.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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