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|Subject: Re: Real Estate in IRA/Roth IRA||Date: 11/11/2002 10:56 AM|
|Author: jrr7||Number: 35203 of 74759|
The article states you can buy a home with your IRA with the intention of moving in but this requires approval of the Labor Department and would cost about $3500 in fees.
My reading of the tax code suggests that you cannot have a house in your IRA that you (or your family) live in or plan to live in. But I'm not a tax lawyer.
If the property purchased is a rental property, its not clear if you could rent one of the units from your IRA
This sounds like it would be a conflict-of-interest situation.
Can your IRA take out a mortgage? It sounds like it can.
The tax code is very clear that no part of the IRA assets may be pledged as security for a loan.
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