Submitted by: Shelly
Hi there:
Totally love both of you.
I have multiple accounts at Directed IRA. I would like to use funds in my solo Trad 401K to purchase a property in the UK (my LLC here will own an LLC there, that will own the property).
Based on my research, there is a tax treaty between US and the UK. I understand that I will have to file and pay yearly taxes on the property there. As I pay taxes there yearly, I would like to withdraw the USD equivalent here (from my 401k Trad) with the expectation that I don’t have to pay taxes on that equivalent money here.
Is that a correct assumption?
Does my thought process make sense?
What am I not thinking about?
What am I missing?