Transferring house out of IRA

[Cheyenne Davis]

We're considering taking a house out of a SEP IRA and giving it to a family member. I have a question if anyone could be kind enough to answer?

Do we have to pull it out and sell or gift at the current market value, thus adding to doc stamps and taxes paid for removing from IRA? Or, could we sell at under market value and benefit accordingly?

Also a little concerned that it could put us in a higher tax bracket.

I realize this is something that will require professional and licensed advice prior to moving the property, but at this point I'm just looking for general input. We haven't made a final decision one way or the other, so just hoping for some solid advice :)