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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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Hi I have a roth ira account and if I used the money

Customer Question

Hi      I have a   roth ira account   and if I used the money from the account to buy a real estate investment property,can the interest and expense and depreciation be deduct from my personal taxes.
Submitted: 8 years ago.
Category: Tax
Expert:  Ed Johnson replied 8 years ago.

Dear Tucker,

 

It will not matter where you got the money from for the investment property. How you treat expenseds depends on the type of investment property it is. For example:

 

If it is a rental property you will be able to take mortage interes, taxes, insurance, depreciation and other expenses related to the management of the rental unit using schedule E.

 

My answer assumes that this is a situation where you withdrew IRA funds to pay for the realestate. IF the fund bought the property and the property is owned by the Fund, the fund takes any deductions and expenses and you do not.