Posted by Bud Branstetter on January 21, 2001 at 11:35:49:
Buying your own home in the ROTH would be self dealing. Second it would not be needed since ther is a lifetime exclusion big enough to handle most gain on the ultimate sale. Third, you could not then take the deduction on your personal taxes for interest and property taxes. Finally, as I commented below, there is not the privacy because they title it FBO your name.
BUY HOME TAX FREE… - Posted by Patrik
Posted by Patrik on January 20, 2001 at 13:17:33:
Does anyone know why more people aren’t buying investment properties using IRA money?
A self-directed ROTH IRA would be tax free. BKs and other lawsuits would have a difficult time getting to IRA assets.
An IRA trustee also offers privacy protection from the
outside world.
Property title also recorded under trustee name.
No land trust needed. No trust needed period.
I think you mean SELL a home tax free! - Posted by William Bronchick
Posted by William Bronchick on January 22, 2001 at 20:55:18:
A couple points worth mentioning . . .
#1) An IRA is fairly easy to break as a creditor; there is little protection under state law for IRAs
#2) An IRA is not a substitute for a land trust, but rather in conjunction with (buy in land trust, beneficiary is IRA trustee).
#3) Buying an HOLDING real estate in an IRA is not very safe from a liability standpoint because it subjects ALL of your IRA assets to collection if suit is filed against it.
Re: BUY HOME TAX FREE… - Posted by Patrik
Posted by Patrik on January 20, 2001 at 13:21:08:
Even better.
Why not purchase personal residence using ROTH IRA mney. TAX FREE, and PRIVACY through IRA trustee?