There are very strict rules for property within a retirement account.
Q. I wanted to buy a condo for my son, where he would pay rent that would cover the monthly carrying costs. If I wanted to buy it within an IRA, can I? I’d rather not take a mortgage.It is possible to buy real estate within an IRA but there are variousFirst, only a self-directed IRA with an agreeable custodian can be used to hold such real estate, said Steven Gallo, a certified public accountant and personal financial specialist with U.S. Financial Services in Fairfield.
Gallo said the property needs to be titled in the name of the IRA and there are closing costs that will need to be paid from the IRA as well. None of the real estate-related costs can be paid through your personal funds under the IRS guidelines, he said.they specifically forbid the real estate to be used by the taxpayer or any member of the taxpayer’s family,” Gallo said. “This, on its face, appears to preclude you from achieving your goal.
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