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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15301
Experience:  15years with H & R Block. Divisional leader, Instructor
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I want to borrow from an inherited IRA 150,000 than 60 days

Customer Question

I want to borrow from an inherited IRA 150,000 for less than 60 days to flip a real estate investment. Can I do without losing the status of my IRA. Can I receive the profit from the transaction as income instead of returning all of it to the IRA.
JA: Hi Ira. The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I want to use my LLC to proceed with the transaction. Put the Borrowed funds in the LLC and close on the property, fix it and sell it. After I will return the 150,000 back to the account.
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


You cannot borrow from an IRA. You are allowed to rollover amounts form your IRA to another IRA within 60 days and some people think of this as borrowing.

You can take money out of the inherited IRA but you cannot rollover amounts form the IRA to another unless you were the spouse of the deceased.

If you were not the spouse you cannot do what you want to do. You can take the money out and use it but it will be taxable to you.

Expert:  Robin D. replied 1 year ago.

I wish I could tell you that you can carry on with your plan.

You are required to click a positive rating if I am to be credited with the response.

Expert:  Robin D. replied 1 year ago.

Checking to see if you responded

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