All Forum Posts by: Marijuana (MP) Vandyck

You are absolutely right. Their own SDIRA told them how to do it but told them to ask their tax professional about the tax implications. The situation made me go "hmmmm" and I thought it would be a great one to throw out here on a slow Sunday morning.

Yes. As I mentioned in my post, they are speaking with their tax professionals (and they both have lawyers). 

I want to know what the folks on Bigger Pockets think. 

Thank you John.

A spouse  wants $50,000 of the $140,000 value of a real estate property being held in their spouse's SDIRA in Florida- an equitable split property state when it comes to divorce. The spouse who owns the SDIRA will NOT sell the property outright as there is no mortgage and it appreciates yearly. 

All six (6) lenders the owning spouse has contacted have stated that due to the way the property is titled in the SDIRA (75% SDIRA owned and 25% ownership in spouse personal name), the SDIRA would have to disburse the property totally from the SDIRA and deed the property into only the owning spouses name in order to provide a mortgage loan, HELOC, etc of any kind against the property in order to pay the spouse. Their SDIRA company has agreed to do this... so long as the divorce decree spells out this requirement explicitly. There is no other way the owning spouse can raise $50,000 without dispursing this property. With that.....

QST: Because this is a divorce situation, can this be done without tax implications in this case just like any other IRA transfers in a divorce situation?

Naturally they are talking with tax professionals, however most of them are not very knowledgeable about SDIRA's- hence this post to you all! :-)

Thanks in advance for your answers! 

We too were concerned about that when we moved to Florida so we chose north Florida (between Jacksonville and Gainesville) in a rural area where we are on 4 acres, flood zone X, no impact fees, lower taxes, and much lower sales prices. 

When we just have to have the "south Florida" vibe, we get in the car, drive there, then come home! :-)

I am also only investing in north Florida for the same reasons.

I can't answer as I am not in your target area but saw your post and photo and wanted to say "HIiiiiiii"!  

Reach out if you wish to connect! 

Yessszzzz.... I have come to the same conclusion- yet still go back to sticks and bricks although as of last year currently have none left other than our own home. THANK GOD.

I'm actively looking for land right now in my area of north Florida to buy and resell on terms. I purchased a 1.5 acre one zoned residential/commercial a year ago, demo'd the existing house (it needed it) and am in the final permitting stages for a fixer upper commercial 900 sq ft office modular to be installed. 

@Brian Tome

Great stuff!!!

@Wesley Thompson

I'm so sorry this happened to you. Its an education... ALWAYS check with the zoning office using address and parcel ID to verify current zoning and usage before buying. I typically do this prior to writing an offer and still add it to the contract; Property must be zoned "multi- family", etc.

@Megan Dettenmaier

Sympathize with him and ask when and if he will be able to finish the job. He is "licensed and insured) (???) for a reason. That reason. Let him know however that you are willing to cooperate fully with police AND INSIST the police are called, a report is made, and you receive a copy.

NOTE: You'll probably need the police report to help prove he was the one who vandalized your property after you refused to give him an extra $10,000 for tools he currently has in the back of his own garage. Maybe.

@David Smith

1. HOA FEES

2. HOA DECISIONS

3. PAYING HOA FEES FOR THE HOA DECISIONS... OR LACK THEREOF

Did I mention being at the mercy of the HOA???