Can I purchase a fax machine/scanner using my Solo 401k bank account? This will be used exclusively for the properties that I will purchase using the Solo 401k. It will not be used for any other personal purposes.
We strongly recommend against doing so.
While your intention may be to use this scanner/copier/printer/fax machine exclusively for the Solo 401k, the machine will be located in your home. This makes it likely that either yourself or someone else in your household will use the machine for personal benefit, even without meaning to or without you knowing. This would create a prohibited transaction.