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Larry Hotz
"All Denver Real Estate"
- 22 Helpful Answers
- 22 Answers
- 6 Listings
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Experience:
Broker for The Kentwood Company
January 1990—present
As a top selling real estate broker for The Kentwood Company, Larry sold hundreds of homes…
As a top selling real estate broker for The Kentwood Company, Larry sold hundreds of homes…
Managing Broker for Perry & Butler Real Estate
July 1978—December 1989
Sold real estate in Denver and the Suburbs while managing the Cherry Creek Office. Developed…
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Sold real estate in Denver and the Suburbs while managing the Cherry Creek Office. Developed…
Specialties:
Certified Residential Specialist, Among the top 3% of Realtors nationwide
About:
I've been selling homes throughout the Denver metropolitan area since 1978. I've been a managing broker for a large real estate firm. I've taught continuing
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Larry Hotz answered:
I went to a seminar on this topic 3 years ago. The essence of it was that it was possible if you use an Custodian like the firm who put on the seminar and used a non-recourse loan like the one I have have linked below.
There were other restrictions like not using the property yourself as a second home.also, all rentals had to be arm lengths transactions and not made to family members.
When I researched this, I found that there were IRS cases where IRA holders were penalized when they made withdrawals to purchase rental property. I discussed this with my accountant, he pointed out that the advice that the IRS get you over the telephone is not binding in this matter and he would advise against it.
So, I suspect that it may be possible but also not without some risk.
There were other restrictions like not using the property yourself as a second home.also, all rentals had to be arm lengths transactions and not made to family members.
When I researched this, I found that there were IRS cases where IRA holders were penalized when they made withdrawals to purchase rental property. I discussed this with my accountant, he pointed out that the advice that the IRS get you over the telephone is not binding in this matter and he would advise against it.
So, I suspect that it may be possible but also not without some risk.
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