Posted by phil fernandez on February 22, 2001 at 19:07:50:
Your accountant was half right. You, yourself can not actively buy or loan money out of your IRA, but your custodian or trustee that you appoint can on your behalf.
There are some good articles in the How To Articles section that are written by Richard Disich and Hugh Bromma that explain the concept much better than I can.
Richard Disich is Mid- Ohio Securities. Both Richard and Hugh actively participate in the CREOnline conventions. The convention is a good time to corner them with your questions.