UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76238  
Subject: Re: sale of land Date: 11/14/2003 12:01 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Beckj asks:

My husband and I are recently retired, and each of us has an IRA. It's too late in our lives to be worth changing those to a Roth. But, we are now selling lots off our farm, and wonder if we may invest some of that money in a Roth, if it's unearned income. We don't anticipate needing the money for several more years.

Sorry, but the short answer is "No." Unless you have earned income (i.e., salary, wages, commissions, self-emploment income, alimony or separate maintenance payments), then the income you derive from the sale of farm lots is ineligible for use as the basis for a contribution to any type of IRA. The only time you could use it would be if you were engaged full time in the sale or purchase of real estate for profit. For details, see IRS Publication 590, Individual Retirement Arrangements, available for download at http://www.irs.gov/formspubs/lists/0,,id=97819,00.html

Hope that helps.

Regards...Pixy
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Value Hounds

Considerable Headwinds for Profire Energy?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement