Real Estate Ira In Nc

Written by Johnny Kitchens
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North Carolina is blessed with miles and miles of beautiful oceanfront and waterfront properties. If you include all of the real estate that is beach adjacent, all of the property around North Carolina's lakes and rivers, property in the metropolitan centers, and rustic properties up in the hill country, North Carolina has something for nearly every real estate taste. North Carolina has real estate for nearly every price range as well.

Investing your IRA in real estate can be a tricky proposition if you have little experience in real estate or in non-traditional IRA investing. The rules can be rather intimidating for a first-time investor but they can be explained rather easily. All you need to do is find an IRA advisor who has experience with real estate IRA investing and will act as custodian of your self-directed IRA. Do not be shy about shopping around until you find someone who will give you the assistance you may need.

The trickiest part about owning real estate within an IRA is making sure that all expenses connected to the property are paid directly out of the IRA. This includes repairs, landscaping, maintenance, appraisals, and any other expenses. Your advisor may suggest that you form a Limited Liability Company in order to have checkbook control of your IRA which will allow you to write checks for any expenses directly from the account.

Restrictions on Real Estate Ownership in an IRA

Most any kind of real estate can be owned by an IRA but you cannot sell property you already own to your IRA. Neither can you purchase property directly from your IRA. You also cannot reside on property that is owned by your IRA except under specific conditions. The above restrictions also apply to all members of your immediate family. Once your IRA matures and you reach the age to start taking distributions, you can have the property distributed to you, at which point you can live on it.


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