Self-directed IRA and residential mortgage


T

Texas Yankee

I'm 55. I'd like to use assets from a self-directed IRA
(post-tax money) as a 30% down-payment on a residential
property (condo) that I'd rent for a few years before moving
in after I retire. I'd like to finance the remainder of the
property with a traditional mortgage outside of my IRA.
I've received conflicting answers from two Self-directed IRA
custodian companies that I've talked with - one says I can
mix IRA money with non-IRA money on the same property - the
other says that it's gotta all be inside the IRA or all be
outside of the IRA - can I mix it up under IRS regs? If
not, any suggestions? Thanks!
 
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B

Belinda Charpentier www.1040rus.com

I don't believe you can use a self-directed IRA in this
manner. You might check with the retirement departments of
Fidelity or Edward Jones.
 
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D

David Woods, EA, ChFC, CLU

Texas Yankee said:
I'm 55. I'd like to use assets from a self-directed IRA
(post-tax money) as a 30% down-payment on a residential
property (condo) that I'd rent for a few years before moving
in after I retire. I'd like to finance the remainder of the
property with a traditional mortgage outside of my IRA.
I've received conflicting answers from two Self-directed IRA
custodian companies that I've talked with - one says I can
mix IRA money with non-IRA money on the same property - the
other says that it's gotta all be inside the IRA or all be
outside of the IRA - can I mix it up under IRS regs? If
not, any suggestions? Thanks!
I won't answer the mixing of moneys question.....because I
don't have to. You can't move in while the IRA owns a
portion without disqualifying the IRA.
 

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