All Forum Posts by: Peter Thielemann

A new question on using a IRA to purchase rental real-estate. I have several IRA's and combined I could buy what I'm looking for. Would I have to combing them into 1 account?

@Matt Devincenzo WOW, now that's a lot. Thank you!

@Matt Devincenzo, so if I bought now within a Roth and in 3 yrs at 67. When I retire at 67 1/2 I could distribute the asset( house) to myself and not pay taxes?

@Nathan Meeker, a thought, if I withdraw the $ and take the tax hit I would be able to offer cash for the property and would offer less than the asking price. I doubt that would offset the tax hit but it would put me in the neighborhood I would like to retire in. If I withdraw over let's say a 3 yr period to pay less taxes. I would have to finance and rent the property until I am ready to move in. I could pay down each yr with the withdraws and or refinance if rates go lower. I don't think it would rent enough to pay the loan and I would be gambling on me paying the difference.

@Colleen F. I can't withdraw the amount of cash to cover the property. There is a limit on how much you can withdraw. I am looking at retiring in 3 yrs. I'm jumping back into BP for all the suggestions I can get. I'LL compile my uneducated plan and then hit the CPA.

@Matt Devincenzo if I converted my IRA into a Roth I believe I still can't live in the property?.

I'd I withdraw from the IRA I think I'm looking at 30% in taxes.

@Matt Devincenzo, don't know what distributing the entire property means.

@Colleen F. That's my understanding, and I'm looking for the best tax advantage. I'm thinking of withdrawing the entire amount and just taking the hit on the taxes.

@Taylor L.

Hello, and thank you. Buying real estate with a self directed IRA. Does the IRA own the property? Would I be able to live in the property? I'm looking to buy within the next yr and move in when I retire in about 3 yrs.

I have a relitive that own's several rentals. He's suggested for some time now to invest in rentals. I have a few years left before I retire and I'm digging into withdrawing some money from an IRA. I'm looking into the best tax advantage on cashing out the IRA if there is any. Getting back into biggerpockets looking for additional outside the box suggestions.