Posted by Mike (WA) on December 11, 2011 at 16:08:20 from (174.31.195.75):
In Reply to: OT: old employer 401.k? posted by Dave from MN on December 11, 2011 at 10:58:18:
You can own real estate in an IRA, but its tricky. Main thing is, you can't co-mingle your personal funds with the IRA money. Ever. Or the whole thing gets thrown out, and its penalty time. IRA money has to buy it, pay property taxes and maintenance, everything. Income from the property goes back into the IRA. You have to have a separate management company involved.
Google IRA real estate. And you have to do it right, because the IRA folks fire off a 1099 to IRS every time you do something, so you can't just do what you want and hope you don't get caught. "Don't try this at home."
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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