Can I buy real estate inside of my IRA?

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.

— Dad

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.

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