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Self directed IRA'sIf I purchase an investment property with my IRA can I move into it for 2-5 years and rent out my other property ---using the rent as living expenses instead of reinvesting them back into the IRA. Then eventually selling the original IRA purchase and putting the sale money into the IRA? Attorney answers (1)
Reputation Level 14
Answered almost 3 years ago.
Foreclosure Attorney in Jacksonville, FL.
No, This would be a prohibited transaction. You cannot receive a benefit from your IRA nor can your IRA receive a benefit from you..
David Goldman Apple Law Firm PLLC 331 East Monroe Street Jacksonville, FL 32202 Tel (904) 685-1200 Fax (904) 212-0678 http://www.JacksonvilleLawyer.pro/ http://www.GunTrustLawyer.com/ http://www.FloridaEstatePlanningLawyerBlog.com/ 3 people marked this answer as good
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