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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12635
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Personal Finance: How does a person use his/her IRA to invest

Resolved Question:

Personal Finance: How does a person use his/her IRA to invest in Real Estate, not REITS, but actually buying a property?
Submitted: 8 months ago.
Category: Finance
Expert:  Megan C replied 8 months ago.

Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you today

Megan C :

To invest in real estate, you will have to have your IRA with a custodian that allows you to have a self directed IRA. Many custodians do not allow this.

Megan C :

Also, your IRA should be liquid enough to pay for the property AND all the other bills that come along with it.

Megan C :

For example, come tax time if you don't have the funds for property taxes, you can't just write a check and deposit it into your IRA...you still have to adhere to the limits set by the IRS

Megan C :

If there's a major repair, such as a roof or HVAC system, that too must be paid out of the IRA

Megan C :

You cannot self deal, meaning you cannot have an ownership interest in the property nor can you rent from yourself.

Megan C :

Here's a good article on the topic: CLICK HERE

Customer:

I understand there are custodians in Nevada that can assist a person in this venture.

Megan C :

Yes, you would just have to locate one of those custodians and do a rollover

Customer:

Can you have borrow from your IRA to make a purchase as a loan, and return principle and interest to the IRA?

Megan C :

No, you cannot do that -- loans are not allowed from IRAs

Customer:

Can the IRA invest with other peoples' IRAs to make a purchase, or should this be done via limited partnerships?

Megan C :

You could have an LLC, and have the IRA a part owner of the LLC

Megan C :

And other IRAs could be other members of the LLC

Customer:

Can you recommend a good book on this topic, and a good website?

Megan C :

Here's a book CLICK HERE

Customer:

Awesome, thanks.

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12635
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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