Updated about 6 years ago on . Most recent reply
Using IRA funds for real estate
Hello,
I have an old IRA from a company I worked for years ago. There is about 40k in the account. I don't contribute to it so it just kinda sits there. I'm 38 yrs old and will be purchasing my first brrrr this year and want to be able to have access to those funds if needed. Would it be wise to transfer to a Roth or should I cash out given the current tax breaks due to covid19.
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@Berridge Thomas, There's a window right now to pull that out without paying the 10% early withdrawal penalty. So you could actually get it into your personal use and not have to go the Roth route. I can't remember the details on taxability but I do know you can avoid the prepayment penalty.
I tend to invest in real estate outside my retirement where I can get depreciation and expenses as write offs. And I invest in private lending and other things that have no write offs inside my retirement accounts.
- Dave Foster
