Rental Property Investor · FL · Member since 2015 · 16 posts · 10 votes
Hello Everybody,
Quick question, Can I buy an investment property by taking a temporary withdrawal from my IRA Account and avoid paying taxes/10% penalties by putting the money back in the account within 60 days from the time of the withdrawal?
Can this be done on an investment property without tax implications?
What you are referring to is called "60-day rollover" (or indirect rollover). Technically you could do that, but this is not what this rules is designed for. And you are running a risk of missing the repayment and be subject to taxes and penalties. Generally speaking on the best idea.