HELP! ANY FINANCIAL/PROPERTY GURUS OUT THERE? Do any of my financial guru friends have any significant knowledge of self-directed IRAs? I have been researching the potential of buying a second (vacation) home by turning a portion of a conventional IRA into a self-directed IRA with the advantage of using the funds from the latter to purchase the home while not having to claim the funds as ordinary (taxable) income. There are some stipulations about having to use the home as an investment (rental) property for a period of time before being able to occupy it for personal use. The websites Ive seen all say its a fairly complicated procedure and they recommend hiring a lawyer and a financial services professional to do the transaction. Some questions I have concern themselves with the rental process. Can you rent to a family member and use the property as a summer home with the permission of that family member? In other words, I dont want to rent the property to a stranger. There are also some rules that involve age 59 1/2. I am older than that age and my wife is nearing that age so is that any kind of an advantage we can use to accomplish this purchase and occupy it fairly immediately? Naturally the goal is to purchase the property, occupy it for at least a part of the year and minimize the tax impact. I am not interested in a conventional mortgage of any type.
Posted on: Sun, 20 Jul 2014 14:07:59 +0000
Trending Topics
Recently Viewed Topics
© 2015