Self Directed IRA raw land distribution…60 day rule
My IRA shares an equal interest with my Wife’s IRA in raw land through individual SDIRAs. My wife and I now want to build and live on the land and thus take a distribution while somehow keeping taxes deferred. The land is worth roughly $400.000. Can I take a distribution of the appraised value of the land and replace the distribution within 60 days without triggering taxes or penalty? (I’m 53 1/2) and my wife is 52 1/2.
Permalink Submitted by Jose Morales on Thu, 2017-08-31 19:39
From Publication 575: Pension and Annuity Income, page 29 – Rollovers of Property: To roll over an eligible rollover distribution of property, you must either roll over the actual property distributed or sell it and roll over the proceeds. You can’t keep the distributed property and roll over cash or other property.