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Feb 12th, 2024
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 Purchase question
#9145849
11/29/24 04:43 PM
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Joined: Nov 2017
Posts: 20,522
Biscuit
OP
THF Celebrity
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OP
THF Celebrity
Joined: Nov 2017
Posts: 20,522 |
I read somewhere you can use IRA money to buy land without paying tax on the withdrawal. Does anyone have any credible sources on this?
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Re: Purchase question
[Re: Biscuit]
#9145860
11/29/24 05:04 PM
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Joined: Sep 2004
Posts: 3,076
easton1025
Veteran Tracker
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Veteran Tracker
Joined: Sep 2004
Posts: 3,076 |
believe its up to 200k a year as long as it goes in a long term investment.. I sold 100 acres 2 years ago to neighbor and we had to be closed by Dec 29th so he could pull the funds before the 31st....the sale price was 400k..He put the 200k down and was giving the land bank the other 200k after Jan 1....Call a Capital Farm Credit office... They are very helpful for people asking questions...
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Re: Purchase question
[Re: Biscuit]
#9145870
11/29/24 05:21 PM
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Joined: Oct 2008
Posts: 18,149
68rustbucket
THF Celebrity
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THF Celebrity
Joined: Oct 2008
Posts: 18,149 |
Interested in this myself.
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Re: Purchase question
[Re: Biscuit]
#9145922
11/29/24 07:14 PM
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Joined: Jan 2008
Posts: 1,282
batman
Pro Tracker
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Pro Tracker
Joined: Jan 2008
Posts: 1,282 |
I’m thinking if you use pre tax money, you can’t personally use the “investment “ property. But, not real certain on the rules.
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Re: Purchase question
[Re: Biscuit]
#9145940
11/29/24 08:09 PM
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Joined: Aug 2005
Posts: 33,122
txtrophy85
THF Celebrity
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THF Celebrity
Joined: Aug 2005
Posts: 33,122 |
Question for the CPA but yes, it can be done with certain limitations.
For it is not the quarry that we truly seek, but the adventure.
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Re: Purchase question
[Re: Biscuit]
#9145943
11/29/24 08:21 PM
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Joined: Sep 2006
Posts: 156
armadillophil
Woodsman
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Woodsman
Joined: Sep 2006
Posts: 156 |
It can be done but if you are buying for personal hunting ranch the answer is no. Strictly investment and I’m no expert on this but I don’t think you can be the one that runs ag on it
Farm, Ranch and Recreational Land Sales in Texas and Oklahoma.
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Re: Purchase question
[Re: Biscuit]
#9146026
11/30/24 12:21 AM
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Joined: Jun 2006
Posts: 8,802
Dave Davidson
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jun 2006
Posts: 8,802 |
If you’re a Texas Veteran, the State has a pretty attractive loan program. I used it as my down payment many years ago.
Without a sense of urgency, nothing ever happens.
Boy, if I say "sic em", you'd better look for something to bite. Sam Shelley, Rancher Muleshoe Texas 1892-1985 RIP
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Re: Purchase question
[Re: Biscuit]
#9146080
11/30/24 02:34 AM
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Joined: Feb 2019
Posts: 85
GaryRI
Outdoorsman
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Outdoorsman
Joined: Feb 2019
Posts: 85 |
I have done this. For a rental property and land. You need to have a company buy it in trust for you. Pacificpremiertrust.com can do it. The concept is that this is an arms length transaction. Same as someone like Charles Schwab buying and selling stock for you in an IRA. Can't be used by you or relatives.
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Re: Purchase question
[Re: Biscuit]
#9146085
11/30/24 02:44 AM
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Joined: Oct 2012
Posts: 27,037
Creekrunner
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 27,037 |
This is the last place I would come to get guidance on this question.
...and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth. Gen. 1:28
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