Buying 2 Condos for investment
How to buy 2 condos for investment in my IRA account, How to use IRA funds to purchase /pAY FOR condo using IRA funds and not be taxed on money used and leave the condos as assets in my IRA?
Terry Says: Check the archives at Huffington Post on my website. I wrote about buying real estate and other assets in an IRA about three months ago. BUT, I do want to remind you that this real estate cannot be for personal use. And if you need to make repairs or pay taxes and the amount you need exceeds the rent that is paid to the custodian of this IRA, then the money must come from INSIDE the IRA. Same thing if you do not have a tennant and condo fees must be paid. This is complicated, must be done through a knowledgeable trustee, and is a red flag for the IRS. Thus, custodial fees will also eat into your return. Make sure this is a worthwhile IRA investment, because real estate is not necessarily liquid.