Updated almost 8 years ago on .
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contributing vacant lot to Roth IRA?
I wonder how I could move a vacant triple lot I own into a Roth IRA. I believe the maximum contribution is $ 5500.00 .
How is the value determined?
I initially paid $ 2500 for it, in 2005. Is that what the value would be based on?
Tax assessment right now is $ 8800.
Present market value about 150K.
It is part of an assemblage that I've put together in the past years and I expect a developer to buy everything in the next 4-5 years. I think it would be really great, if I could then put most of the purchase price on the lot and lesser amount on the adjoining parcels ;-).
So, if I could move this lot into a Roth IRA, it would be beneficial for me.