Talk of The Villages Florida - View Single Post - Self Directed IRA for real estate purchase?
Thread: Self Directed IRA for real estate purchase?
View Single Post
 
Old 05-18-2013, 03:44 PM
Schaumburger's Avatar
Schaumburger Schaumburger is offline
Sage
Join Date: Apr 2010
Location: Schaumburg, IL - Chicago suburb - TV Wannabee
Posts: 4,257
Thanks: 1,004
Thanked 165 Times in 81 Posts
Default More IRA questions
Quote:
Originally Posted by nanci2539 View Post
Did anyone use a self directed IRA to purchase real estate property? If so, who did you use to facilitate this.

Thanks
Hope this doesn't sound like a dumb question, but is a "self directed IRA" the same thing as a "rollover IRA"? I opened a rollover IRA in 2002 from all the money that was held in my former company's 401K plan that I accumulated from 1988 to 2002.

And do you have to wait until you are 59 1/2 to withdraw money from a rollover IRA without incurring taxes/penalties to buy a home that would not be your primary residence?

If I am still working full-time at age 59 1/2, could I withdraw money from my rollover IRA to buy a home in TV which would not be my primary residence, or do I have to be totally retired to withdraw money from my rollover IRA at age 59 1/2? And is there a certain maximum percentage of a rollover IRA that a person can withdraw at 59 1/2 if that person wants to use those funds to purchase a home that would not be the person's primary residence?