Discussion:Vacation Home in LLC - can I put it in IRA?
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Discussion Forum Index --> Tax Questions --> Vacation Home in LLC - can I put it in IRA?
Psaund9860 (talk|edits) said: | 21 June 2007 |
| My client Karen and her "ex-husband" have a vacation home in a LLC. It is not rental property. Each year thay take turns using it in the Summer. They share expenses equally.
Karen has an IRA and wants to buy him out using the IRA and putting the vacation home under the IRA umbrella. Technically it appears that she could only put 1/2 of the home in the IRA since she already owns the other half. Is this possible or are they other options she could use. | |
| 21 June 2007 | |
| 1) is a transaction with a former spouse a prohibited transaction for an IRA?
2) Have you read all the threads on the problems of real estate in an IRA? If not, <<<use the search feature. Also, any personal use after being in the IRA would blow it up, wouldn't it? I mean, is she really only sitting on the half of the toilet seat that is not in her IRA? And what side is the flush handle on? | |
| 21 June 2007 | |
| There are self directed IRAs that might allow this. However as mentioned, if the ex is bought out with IRA money, only have the house w/b in the IRA. | |
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