How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ed Johnson Your Own Question
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
Type Your Tax Question Here...
Ed Johnson is online now
A new question is answered every 9 seconds

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.