take money from ira

Asked by terra renee, Tempe, AZ Fri Dec 28, 2012


can any one give me the steps of what my mother has to do to pull money out of her traditional ira to help me her only child with getting my first house. when she ask her cpa all he said was it was difficult


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Jeffrey Masi…, Agent, Scottsdale, AZ
Fri Jan 4, 2013
Dear Rich:

Your mother can set up a self directed investment IRA for real estate investments. She would own the home through her IRA. She can buy and sell her homes through her IRA. Your CPA or financial advisor can set this up for her.

Jeffrey Masich
HomeSmart Realty
1 vote
David Vought, Agent, Chandler, AZ
Sun Dec 30, 2012
I am not an accountant nor a financial broker but I can share with you my experiences with my accountant and financial broker. I too have a traditional IRA and I have been told since my first contribution that withdrawals or disbursements don't begin until the age of 59 1/2. The account grows tax free and is only taxed at retirement...presumably at a lower rate. In a tradional IRA, all disbursements/withdrawals are taxed as income. However, if the withdrawal is prior to 59 1/2 , a penalty may apply.

If your mother is at retirement age, she is entitled to begin withdrawals. Your mothers' CPA should have all the expertise to handle all aspects of this transaction. There may be more complexity due to the IRA but it is an everyday accounting activity that retirees do everyday.

Again, I am not a CPA and this information comes from the conversations I've had with tax/financial experts over many years.

I hope this helps.
0 votes
Stephanie We…, Agent, Gilbert, AZ
Sun Dec 30, 2012
That's because she will be possibly penalized financially for doing so and there will probably be tax implications, thus the reason for the CPA' s response. She should call the financial institution where the funds are being held and get specifics.

0 votes
Debbie Nieman, Agent, Phoenix, AZ
Sat Dec 29, 2012
Unfortunately all the below answers are correct as Realtors can not give tax advise. If your mom's accountant is not assisting in answering the questions, maybe you need to find another accountant.

The answer that it is difficult- is not an answer. I would ask him/her for the steps and contact the institution that the money is tied into.

If you need a referral for a qualified accountant, cpa I can share some with you.

Maybe the lender that you've aligned yourself with can assist with that process and can answer those money questions.

When you're ready and looking for a quality Realtor to help you find a property and negotiate on your behalf- then I can assist you.

Debbie Nieman
Keller Williams Sonoran Living




happy new year and good luck!
0 votes
Doug McVinua, Agent, Gilbert, AZ
Fri Dec 28, 2012
Realtors are not accountants and should not give tax advice, however I'm not sure it's difficult is the complete answer either?

I typically look to my CPA for Tax, Accounting advice, not whether or not it's difficult?
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Dec 28, 2012
Realtors do not give LEGAL nor TAX advice:
If your CPA tells you something, do not look for a more favorable answer here.
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Fri Dec 28, 2012
You need to talk to another CPA!
0 votes
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