self directed
i would like to use my ira for real estate. is there no way to take advantage of depreciation under the ira. i have land tha i would like the ira to buy and develop. i am told i have to come up with a new corporation to buy it? 
If you email me I can tell you who to ask.
***see my profile******[ Edited by NC_Yank on Date 07/10/2003 ]
Unfortunately, no. Your IRA owns the real property - not you - and therefore you can not take advantage of the depreciation if you IRA owns the property. Also, don't forget to take into account that capital gain taxes have dropped and real property acquired and then sold in an IRA converts the capital gain/profit to ordinary income tax rates upon withdrawal at retirement. I would be happy to answer any additional questions that you might have, just email me at **Please See My Profile**
Bill Exeter
Diversified Retirement Services Corporation
Mullisj, First and foremost you cannot directly hold real estate assets purchased through your own IRA This is the #1 No no, I would suggest reading through IRS publication 509. Some of the things you can hold are commercial / residential notes ( not your own or close family members ) accounts recievables, leases, limited partnership , commodities, options, and certain types of precious metals just to name a few. Unless you have experience I would consider having a Qualified firm direct you in these matters. There are alot of rules. If you e-mail me I will give you an excellent source of information about IRA Investing. Good Luck!