Pretty rare so I am guessing not, but thought i'd throw it out there.....
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I feel like Hardwood11 has talked about this before on a land buying thread.Pretty rare so I am guessing not, but thought i'd throw it out there.....
I feel like Hardwood11 has talked about this before on a land buying thread.
The government is not high on sending CRP checks to the IRA? At least in my case that was the case."but not CRP."
I hadn't even thought of that. That would be fantastic.So i have given this idea some thought from a tax standpoint and fortunately my wife deals in taxes. We looked at it from an individual vs IRA standpoint. Lots of variables to numerous to list but the one huge advantage to the IRA would be the ability to sell a farm when prices are stupid high and not have to worry about a 90 day sec 1031 repurchase. Then hold that money as long as you want and buy more land when prices get better. It can give you the luxury of time. Unless there is some rule i am unaware of.
Who gets the management fee?Yes..I have 40 acres in a Self Directed IRA. You can convert an IRA or 401k to a SD IRA … and then buy real estate.
I’d recommend income generating real estate, but not CRP.
I’d advise not to take a loan out with your IRA or you could trigger a tax.
Most banks/bankers do not understand Self Directed IRAs !
I’m semi-knowledgeable about it, so you can PM me if you want more information. There is also a management fee every year so keep that in mind !
Cannot be used for personal use. How they would police that... I have no idea.If you buy land with your IRA can you use it yourself without penalty?
Guessing that is more geared for rental property purchases.Cannot be used for personal use. How they would police that... I have no idea.
Can def buy farm ground with it. A highly tillable piece would be ideal.Guessing that is more geared for rental property purchases.
As I understand it, you nor your family can have any connection with the property, period. Not even to manage / repair the property. Everything must be managed through a custodian and contractors. Can't imagine how it would be enforced on a land / hunting perspective, seems like they'd have bigger fish to fry. A good friendly custodian surely would be beneficial.Guessing that is more geared for rental property purchases.