Foreclosure in 34112>Question Details

Kmobile, Real Estate Pro in 34112

If I buy a property with my self directed IRA in my LLC name - can I homestead that property?

Asked by Kmobile, 34112 Sat Feb 25, 2012

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12
Legal questions are best answered by an attorney or accountant. But you can see many Real Estate related rescources at our website http://www.agent4naples.com on our buyers page under vendors.
Web Reference: http://www.agent4naples.com
0 votes Thank Flag Link Tue Jul 10, 2012
No, can't do that with IRAs. KathyBC 448-3411 ext 601
0 votes Thank Flag Link Sat Apr 14, 2012
you cannot buy a property from an IRA direct or not and live in it. If you can not live in it you cannot homestead it. It is in violation of IRS rules governing those purchases. You can purchase and use it for rental property. You have to use a company like ENTRUST to do it. they would get the rents make disbursements for rentals expenses etc.
0 votes Thank Flag Link Fri Apr 13, 2012
I am not an attorney or investment counselor. I am a real estate professional who is fully aware of the many ways to buy and sell real estate. This is closely related to the many more ways one can benefit in areas associated with real estate. You may find, as I have, that you could lose ALL THE BENFITS of an IRA by creating a situation where you DIRECTLY benefit, such as living in the property. Matter of fact, it must be greater that arms length to protect your interests. (see attached link below) OF course you will want to have a personal dissucssion with your tax adviser, accountant, investment advisor or attorney. They are the most available autorities on this subject.

You can also read the educational information available from The Entrust Group.
http://www.theentrustgroup.com/investment_options/investment…

Best of success to you.
Annette Lawrence
Broker/Associate
ReMax Realtec Group
Palm Harbor, Fl
727. 420. 4041
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Sun Feb 26, 2012
The least expensive way would be to contact whomever already manages your IRA. They will be aware of your current investments, what legal ramifications there are to purchasing real estate as an investment and how it can be used after the purchase. Since you're already paying them to manage your IRA, there should be no additional charges for this advice.
0 votes Thank Flag Link Sun Feb 26, 2012
You need to ask your exchanger or attorney or call the register of deeds in Collier County for the best response; have done a number of exchanges, but that question has never been an issue. Need an exchange attorney...call me KathyBC at 800-448-3411 ext 601 as I have a very good one.
Web Reference: http://AroundNaples.com
0 votes Thank Flag Link Sat Feb 25, 2012
Wow! I can see you have some good answers to your question, however, I agree with the first answer and feel it is always best to check with a real estate attorney. This way you know for sure if you are protected Or Not. I have one you can consider whom I've worked with on several issues such as yours. If you would be interested in speaking with him, you can give me a call and I would be happy to give you his information.

Good Luck
Claudette Looker
239-601-6088
0 votes Thank Flag Link Sat Feb 25, 2012
I would suggest contacting a real estate or estate attorney as there may be legal ways to handle the title issues and homestead issues at the same time. Many attorneys of a free 30 minute consultation so a client can determine if the attorney can help or not. Good luck.
0 votes Thank Flag Link Sat Feb 25, 2012
Sorry No, only if purchased in your name not a LLC.
If you need any help with your home search I will be happy to help you.
Thanks so much,
Stu. Sosna 239-273-2064
(a buyers best friend)
0 votes Thank Flag Link Sat Feb 25, 2012
Kmobile,

Ask your accountant. I think you can as the funds are for your retirement. You are allowed to homestead 1 property you call home of course its considered your primary residence.
0 votes Thank Flag Link Sat Feb 25, 2012
No is the short answer. Call the County 239-252-8999 or email me
http://www.NaplesBeachRealtor.com
0 votes Thank Flag Link Sat Feb 25, 2012
No. Purchasing property with your IRA is for investment purposes only. Personal use is prohibited
0 votes Thank Flag Link Sat Feb 25, 2012
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