IRA
My aunt has an IRA and she wants to give it to me literally. Can she do this without selling it off and giving me the proceeds. Are there any ways this can be done without dying because I am the sole bene on it.
Thanks
My aunt has an IRA and she wants to give it to me literally. Can she do this without selling it off and giving me the proceeds. Are there any ways this can be done without dying because I am the sole bene on it.
Thanks
Permalink Submitted by [email protected] on Wed, 2014-01-08 16:28
Simply put, no. IRAs cannot be transferred during lifetime without triggering income tax. Splitting an IRA in divorce is an exception to this rule.Best,Jeffrey Levine, CPA