Jilliandiz Posted June 26, 2006 Posted June 26, 2006 Are there any rulings regarding purchasing land from your IRA?
jevd Posted June 26, 2006 Posted June 26, 2006 If it's YOUR IRA then its a PT and the entire IRA is disqualified as of the first day of the transaction year and entire value is taxable. JEVD Making the complex understandable.
Ron Snyder Posted June 26, 2006 Posted June 26, 2006 The appropriate manner of transferring land from an IRA to the IRA holder is a distribution, not a purchase. The DoL has no jurisdiction over IRAs, so no rulings would be available through them.
Guest mjb Posted June 26, 2006 Posted June 26, 2006 VG: DOL issues PT letter on IRAs since it has jurisdiction over all PT issues including IRC 4975. IRS enforces payment of PT tax and violations of PT rules by IRAs subject to DOL opinions.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now