Real Estate in a Profit Sharing Plan

I need help with the issue of real estate in a profit sharing plan. I have a profit sharing plan and the only remaining asset in it is a property worth about $1.3m. I am 78 and am required to take RMD every year, however there is no more cash left in the plan, just the property. I don't want to have to sell the property if I can avoid it. Other than putting an equal amount of cash back into the plan to replace the property, is there any other way I can take the property out of the plan without incurring a heavy tax penalty? Can it be divided up into "slices" and then use that for the RMD? How does that work? Ideally however I would like to take the property out of the plan with as little tax burden as possible. Thank you.

You need way more help than you can get from this board for free.  There are people on this board who are qualified to help you but it won't be cheap.  Your problem is fraught with all kinds of legal issues. 

I know that isn't answer you wanted but it really is the best answers.   Unfortunately, the people who helped you in the past didn't warn  you about issues like this long ago.  You can literally search real estate in plans on this board and you will find threat after thread of people having this and other problems of putting this kind of asset class in a plan like this. 

I feel for your problem but it won't be cheap nor easy to get a fix.  

Ms Jenny, my only free advice is to arrange to sell the property to an unrelated individual as soon as possible. You’re 78 and your long term investing days are over. 

@jenny: I agree with @ESOP Guy. If you don't see more replies to your comment, odds are it's because of what he said (and it's Memorial Day weekend).

Your question raises a hornet's nest of issues, and the only helpful answer anyone can give you is that you need advice of a competent ERISA/benefits attorney.

Just as an example: Do you know whether your plan document allows in-kind distributions? If not, you would not be able to transfer the property out of the plan as a benefit distribution, even if that ended up being your only viable option... Or else your risk violating the plan's terms and therefore the plan's tax qualified status (and, depending on whether it was an owner-only plan from the start) ERISA 404(a)(1)(D)).