Lots of people are interested in owning property in their individual retirement account (IRA). It can be done, but in this video, “Big Al” Clopine, CPA offers six things you might want to consider first.
1. You can’t have a mortgage in an IRA
2. You cannot work on the property yourself
3. There are no tax benefits
4. You must pay all your property taxes in the IRA
5. No personal use is allowed
6. RMDs must be taken from real estate in your IRA
For more useful information about individual retirement accounts, check out our comprehensive blog post, IRAs: Everything You Need to Know