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Tax question regarding IRA
Have a friend with a huge capital gains sale in 2012. He has never invested in the market or in any kind of retirement vehicles, only RE. He has an ultra conservative accountant that offers no ideas on how to save on taxes.
My question is can he (he is 60) set up a deductible IRA for 2012 now and take the deduction, then cash it in and pay the tax this year? Guess I am asking if there is a minimum amount of time a 60 yr old has to keep an IRA.