Anyone got any decent rates on recent land purchases

[Muskrat24]

I have land in Self Directed IRA and yes you are not supposed to use it.. you can rent it/crop lease or take timber income off of it .

Mine is a 40 acres—you can’t see from the road . I’ve actually never hunted on it, but scooped up some sheds for it .

Never seen an IRS agent on it .. once you hit 59.5 I think the restrictions are lifted.

You personally can’t earn the income or use it, right? Income has to go to IRA until 59.5 I thought.

 

[Hardwood11]

You personally can’t earn the income or use it, right? Income has to go to IRA until 59.5 I thought.

Correct … you have to keep the money in the IRA. However, you can use that money to buy more property in your IRA…

It’s complicated, but not as bad as you’d think .

 

[Windlooker]

But aren’t there Ira contribution caps each year. If your income exceeds the cap then what?? Can you place all the income back into the acct?

 

[Hardwood11]

But aren’t there Ira contribution caps each year. If your income exceeds the cap then what?? Can you place all the income back into the acct?

The best use is a rollover ? If you have 100k, 200k, 300k? Maybe more to roll into a farm ?
You can also own it 50/50 with a non-IRA?

 

[Slick]

But aren’t there Ira contribution caps each year. If your income exceeds the cap then what?? Can you place all the income back into the acct?

Its not a contribution its your investment earning income just like any 401k investment.