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Here at Chadmere Capital Inurance and Financial Services, we are adhering to state and local guidelines in order to protect both the health and safety of clients and staff. Keeping our clients and staff safe is our highest priority and we’re taking all appropriate measures to ensure a safe environment. Should you prefer to not meet face-to-face, we are continuing to serve our clients through virtual settings such as Zoom or phone calls.

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INHERITED IRAS AND REAL ESTATE IN IRAS: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD
Director of Retirement Education
Follow Us on Twitter: @theslottreport

Question:

I inherited an IRA from my brother back in 2019. I have been taking required distributions from it each year. Can I do a qualified charitable distribution from this inherited IRA this year to satisfy the required distribution requirements from this IRA?

Answer:

It is possible for a beneficiary to do a qualified charitable distribution (QCD) from an inherited IRA. You must be age 70 ½ and the maximum amount that can be taken for 2023 is $100,000. A QCD can satisfy a required minimum distribution from an inherited IRA.

Question:

I have a client who is interested in having his IRA purchase a vacation home. Can this be done?

Answer:

An IRA can invest in real estate. It is an allowable investment. However, your client should be aware that that there are prohibited transaction concerns with using his IRA to invest in a vacation property. The prohibited transaction rules do not allow you to personally benefit from investments in your IRA. That would mean that your client (or his family) could never use his vacation home. He also could not do any work on the home, such as repair work, without violating the rules.

Investing an IRA in alternative investment such as real estate, while allowed, comes with additional risks and complications. Your client should understand these factors before deciding to move forward.

https://www.irahelp.com/slottreport/inherited-iras-and-real-estate-iras-todays-slott-report-mailbag

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