Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Personal Finance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

22
Posts
19
Votes
Berridge Thomas
  • Flipper/Rehabber
19
Votes |
22
Posts

Using IRA funds for real estate

Berridge Thomas
  • Flipper/Rehabber
Posted

Hello,

I have an old IRA from a company I worked for years ago. There is about 40k in the account. I don't contribute to it so it just kinda sits there. I'm 38 yrs old and will be purchasing my first brrrr this year and want to be able to have access to those funds if needed. Would it be wise to transfer to a Roth or should I cash out given the current tax breaks due to covid19.

Most Popular Reply

User Stats

9,014
Posts
9,377
Votes
Dave Foster
#1 1031 Exchanges Contributor
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
9,377
Votes |
9,014
Posts
Dave Foster
#1 1031 Exchanges Contributor
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
Replied

@Berridge Thomas, There's a window right now to pull that out without paying the 10% early withdrawal penalty.  So you could actually get it into your personal use and not have to go the Roth route.  I can't remember the details on taxability but I do know you can avoid the prepayment penalty.

I tend to invest in real estate outside my retirement where I can get depreciation and expenses as write offs.  And I invest in private lending and other things that have no write offs inside my retirement accounts.

  • Dave Foster
business profile image
The 1031 Investor
5.0 stars
95 Reviews

Loading replies...