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Financial Planning / Tax Strategies
|Subject: Re: Buying rental land...||Date: 5/6/2011 7:07 PM|
|Author: vkg||Number: 113372 of 122852|
When I make a trip to the area (~$1200 in plane tickets for the family), would I be able to claim that as a business expense to go collect the rent and inspect the property?
There is no way that passes the sniff test.
And what would be the pros/cons of buying it in a Roth IRA?
Or a regular IRA?
A regular IRA would convert captial gains to regular income tax.
What type of fees are you going to pay to hold land in an IRA?
Buying from your uncle is not prohibited from self-dealing, but it does mean that none of your family (spouse, parents, children, grandchildren) can use or buy the land.
Do you have sufficient assets in an IRA to pay cash for the land? What happens if you uncle is no longer able to farm and ends the rental agreement?
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