Updated 7 months ago on . Most recent reply
IRA Rollover to buy lot
I want to use my IRA to buy an investment lot. I want to use my IRA and do a 60 day rollover and put the money back in the IRA before 60 days to avoid early IRA withdrawal penalties. . I want to be able to do a cash deal to get a lower price and avoid all the cost that go along with a lot loan, fees, points, etc. Do IRA laws still permit this typed of rollover?
Most Popular Reply
Dmitriy Fomichenko
#1 New Member Introductions Contributor
Tax & Financial Services
Pro Member
#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
- 6,290
- Votes |
- 17,886
- Posts
Dmitriy Fomichenko
#1 New Member Introductions Contributor
Tax & Financial Services
Pro Member
#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
You can use the 60-day rollover rule to access IRA funds for 60 days, but how are you going to pay it back if you use the proceeds to buy the land? Because if you don't - the entire amount you pulled from the IRA will be taxable, plus penalties for premature distribution. I would not recommend it.