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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 37952
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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Several years ago I rolled over 17000 from my USAID tax free

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Several years ago I rolled over 17000 from my USAID tax free savings plan into an IRA I created for making RE investments among others. It was only a small portion of the 90,000 the condo cost me but I do not use it for my family. I am renting it out. Now I am old enough so I want to draw out the 17,000. Can I do that without reducing the overall value of the property.
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: The property in in Manta, Ecuador. My Ira is registered in Minnesota
JA: Has any paperwork been filed?
Customer: Yes I submitted it for the last 3 years to my IRA holder but they say I can't (or imply) that I can't just take out the 17000
JA: Anything else you want the lawyer to know before I connect you?
Customer: I guess not. The issue seems to be I mixed my taxed money with this tax free 17000 to make the original purchase

Hello,

If you are at least 59.5 years of age, you can withdraw any or all of your IRA account without penalty. But, you cannot borrow against an asset in the account -- you can only withdraw accumulated cash.

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Customer: replied 1 month ago.
You did not answer the question. This is a special IRA account that allows one to make investments in real property. As I said I made a mixed investment of taxed and non-taxed money in a condo. Now (I am 73) I want to withdraw the 17000 non taxed money out over the next several years. Can I do that?

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