Paying taxes
So I fI was going to put 30,000 in retirement can I use that as collateral or finance a toyhauler?
Forum Discussion
Just to answer the original question which was not out of line since tax avoidance is perfectly legal and expected. Tax evasion is a totally different thing and can buy you time in a penal institution.
You didn't specify what kind of retirement account but you cannot use an IRA as collateral. You are also limited to 5,000/year contribution unless you are old enough to qualify for a 6,000 contribution. You would be much better off using the toy hauler as collateral for its loan and deducting the interest as mortgage interest on a second home IF you currently itemize.
You didn't specify what kind of retirement account but you cannot use an IRA as collateral. You are also limited to 5,000/year contribution unless you are old enough to qualify for a 6,000 contribution. You would be much better off using the toy hauler as collateral for its loan and deducting the interest as mortgage interest on a second home IF you currently itemize.
