Hi Mark and Matt,
I am 61 years-old and retired. I currently have an SDIRA that owns a Tennessee single family rental worth about $250K. Is it possible to get the property out of the IRA? Could I take a full distribution by requesting the IRA custodian deed 100% of the property to me in my personal name and pay the tax on this distribution at fair market value of the property? If yes, then could I take these distributions in 25% increments to stay in a lower tax bracket to reduce my tax liability? I have been told by another attorney that my only option is to liquidate the property by selling it within the IRA and then take a distribution from the cash assets in the account resulting from the sale. I do not want to sell the real estate, and I would rather add it to my portfolio of rentals outside of my IRA. I would rather have the property rather than the cash.
Real Estate Owned In a SDIRA
1 Answers
Answered on today’s show. 8/3/22