Avoiding Ordinary Income Taxation
any way to get capital gains taxation and not ordinary
income taxation regarding the profits made from conversion of old factory building to condos & selling them after 2 years
any way to get capital gains taxation and not ordinary
income taxation regarding the profits made from conversion of old factory building to condos & selling them after 2 years
I might have been vague, but I dont plan on using the primary residence as an investment. I would be living in it for a few years before considering any options. I would just be trying to get a distribution from my IRA to pay for closing costs and if any deposit was required.
I am starting to look into the 5 year rule and it appears you may be right. Ill look deeper to see if there is a way around it. Anyone else know?
Like you said, I am leaving the 5% deposit in the condo so i would do a loan to avoid the PMI.
thanks for reply...
Can you buy rental property w/ an IRA? Does all rental income go back into the IRA?
Are there any negatives associated w/ REI and a directed IRA?
Is there a good website to read more about it?
Thanks,
Marc