If I use my self-direct IRA for down payment of a multifamily, how do I take the profit out if the funds needs to stay within the IRA. Are most people taking the profit out and incurring a tax penalty for it?
I keep my money in. This year I occurred a possible non business taxable income by borrowing ira money from another investor and flipping a house. My cpa doesn’t exactly understand all the rules so I filed for an extension and have another cpa looking at it
Income and profits from an investment owned by the IRA belongs to the IRA.
Distributions from an IRA are subject to taxes (and penalties if premature).