Posted by John on July 20, 2005 at 07:13:18:
I don’t believe this is possible, but don’t take that as gospel.
I own 2 properties within my IRA one traditional and one a Roth. I am the benificary of both. It works out great. But I don’t believe you can partner with your IRA to own a property
Investing in RE along with your IRA - Posted by Tim Olesski
Posted by Tim Olesski on July 20, 2005 at 04:54:51:
Can you invest in real estate with your IRA? Say you put in $25,000 and the IRA puts in $25,000. Can’t find the answer.
Recent US Tax Court decision - Posted by John Merchant
Posted by John Merchant on July 31, 2005 at 11:17:44:
Maybe, depending on how many partners in the deal.
Swanson vs. Commissioner, a '94 Tax Court decision sets out the rules on this as decided by the Tax Court of the US and the IRS can’t deny this legal authority.
Just go to Google or another search engine and put in Swanson vs. Commissioner and you’ll quickly find and be able to read that court decision.
Re: Investing in RE along with your IRA - Posted by Doug
Posted by Doug on July 24, 2005 at 08:17:00:
Yes you CAN invest along with your IRA.
Step 1 - form a LLC
Step 2 - purchase the property in the name of the LLC
Step 3 - make sure all deposit money comes from the LLC (you’ll need to set up a bank account in the name of the LLC).
Step 4 - make sure that you have at least one (preferably 3 or more) third party investor that is not related to you invest in the LLC.