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From: wetcw@pyuxa.UUCP (T C Wheeler)
Newsgroups: net.taxes
Subject: Re: Can you borrow from an IRA?
Message-ID: <598@pyuxa.UUCP>
Date: Tue, 6-Mar-84 12:13:15 EST
Article-I.D.: pyuxa.598
Posted: Tue Mar  6 12:13:15 1984
Date-Received: Thu, 8-Mar-84 08:06:59 EST
References: <6845@cca.UUCP>
Organization: Central Services Org., Piscataway N.J.
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No you can not borrow against an IRA in any way shape or form.
If you do, you lose all tax exempt status for the IRA.  If 
someone is doing it, they will lose the tax status plus 10%
penalty.  It might be possible to take the IRA out on a
rollover, deposit the money in a bank, take out a loan for
59 days, then pay off the loan, and put the money in another 
IRA.  This sounds a little dumb unless you are really in need
for less than 60 days.  You can only do this once per calander
year.  I suspect that this method of obtaining a loan using
an IRA would be looked on as a no no by the IRS.
T. C. Wheeler