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WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3675
Experience:  Experienced real estate lawyer and real estate broker.
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I won the lottery affordable apartment in a luxury building

Customer Question

I won the lottery for an affordable apartment in a luxury building on NYC's Upper West Side, and I filled out all the paperwork with my financial information. Though my annual income is within the acceptable range, I'm being denied the apt. because my assets are deemed to be too high. Here's why I'm writing: they are counting the money I have in my IRA and other retirement funds ONLY because I'm self-employed. If that some amount of money was in a 401K plan through the company I was employed
JA: Real Estate issues can be tricky and expensive. The Real Estate Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: No
JA: Is there anything else the Real Estate Lawyer should be aware of?
Customer: I realize that the last part of my explanation was cut off: the rest of what I was going to say is as follows: "...I was employed by, that money would have been excluded from their calculation of my assets.
JA: Our top Real Estate Lawyer is ready to take your case. Just pay the $5 fully refundable deposit and I'll fill the Real Estate Lawyer in on everything we've discussed. You can go back and forth with the Real Estate Lawyer until you're 100% satisfied. We guarantee it.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.

The assets held in your IRA should not be counted. You can explain that there are many other situations in which IRA assets are excluded when evaluating a person's personal assets for purposes of wealth.

The most notable example is under the US federal bankruptcy laws, where your IRA assets are not included at all in the assets that you have to work with to pay off your creditors. In other words, the bankruptcy laws dont' look at all at how much you have in your IRA account.

I think you should make this argument to the building and that they should allow you to move in.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.