Source: True Jersey —
Q. I wanted to buy a condo for my son, where he would pay rent that would cover the monthly carrying costs. If I wanted to buy it within an IRA, can I? I’d rather not take a mortgage.
A. That’s a very generous move.
It is possible to buy real estate within an IRA but there are various requirements and ramifications that must be considered.
First, only a self-directed IRA with an agreeable custodian can be used to hold such real estate, said Steven Gallo, a certified public accountant and personal financial specialist with U.S. Financial Services in Fairfield.