Hey guys. Big advocate of the song you sing! I am CPA and CFP and send clients your way all the time. I was listening to the Q&A on 8-16-22 and one question about a guy owning an interest in a fitness club (or possibly the building that the fitness club was owned in-not sure) and then he paid the normal fee to be able to be a member. You said good as long as no funny business or special perks with his membership, he could participate just like any other member and not be a prohibited transaction. Wondering why that would be different than owning vacation rental and paying full price to use a vacation rental owned by your IRA, etc? I have heard you say that is a no no, so I am in the works of buying a condo in a town where my daughter lives personally (thru LLC) but if I could make that work with my solo K I would do that. What is the difference? Thanks in advance. Was not excessively gratuitous to Mark so Matt will have to pick this up. 🙂 Just kidding-love you both!
Your question was answered by Mat and Mark on Directed IRA Podcast EP 71: Open Forum.