tang91766[at]yahoo.com wrote:

- quote -

Obviously, you have never read the sections of Pub 590 which
deal with prohibited actions for your IRA. IRA funds are
prohibited from being loaned or used as collateral for a
commercial loan. Doing so will cause the IRA to lose its
tax-deferred status immediately, and will result in a
distribution, taxes, and 10% penalty. Not a good result.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Moderator:
This may be either a duplicate post or an omitted post.
I do not recall reading them and found them as I was
cleaning up some disk space
================================================== ==========

I have about $60k in my IRA. Is it possible to borrow that
money from myself for a down payment on a house?

There are some investment properties that I would like to
buy and they are in the $380,000 range. I would like to put
that IRA money as a down payment.

Please enlighten me.

thank you in advance.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >