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Updated over 7 years ago on . Most recent reply
SD IRA - when can I start drawing income?
I'm 56. If I purchase a property through a SD IRA, can I start drawing income from it at 59 1/2?
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Dmitriy Fomichenko
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Dmitriy Fomichenko
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Pearce, the same tax and distribution rules apply to SD IRA as for conventional IRA. You are allowed to take distributions from your account at 59 1/2. You are required to take RMD at 70 1/2. You will be taxed on the amount of distribution you take out.
One caveat: you can't take rental income payments directly, the rent must be going into your IRA custodial account and then you take distribution from there.
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