How To Access Your IRA Tax-Free (Avoid Federal Income TAX!)

Thinking about accessing your IRA tax-free? In this video, I'll discuss a powerful method that allows you to tap into your IRA and invest in real estate without hefty tax burdens.
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💰 Imagine pulling out your IRA funds and avoiding income tax, enabling you to kickstart your business or real estate ventures with full financial freedom.
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Show Notes:
0:00 Intro
1:32 IRA Example
4:22 Solving Your Tax Issue
6:32 Cost Segregation Study
9:33 Final Notes
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#ira #taxfree #taxtips

[@yenrac123]

Clint great video! I have 2 questions: 1) I am over 59 1/2 so I’m guessing that this strategy would work even better for me since I don’t have to pay the 10% penalty correct? 2) In your example, you put 20% down, and the cap rate of 8% produced NOI of 48,000 per year. But the cap rate does not include any loan payments so if you only put 20% down the net cash flow would be a lot less than $48,000 on a 80% LTV loan of $480k. Does this strategy work a lot better with a 100% cash purchase or for a high income earner? Thanks

[@ClintCoons]

Its all about the numbers. It might be better.

[@user-jw8on6xl4y]

@Clint can you pull IRA funds for adding a unit to an existing rental without getting taxed?

[@robhemmerle643]

How much is the depreciation recapture typically? This would definitely reduce the sting of the initial income tax but eventually you would have that final charge when selling.

[@Higgs000Boson]

Clint, nice video! To be fair, don't we simply defer those taxes to the day the property will be sold? There will be a depreciation recapture, right? Still, an interesting idea.

[@ClintCoons]

Yes, exactly

[@SatorisDojo]

Does cost seg work on a regular property? If so, I could eliminate my entire income tax from my corporate job couldn’t I? Assuming it fits in that percentage value.

[@ClintCoons]

What is regular property?

[@JustinGuerin]

Maybe I glossed over it being referenced, but does UBIT not come into play here as with any self directed IRA holding real estate? Is it implicit in your discussion that the owner isn’t pulling any levers directly at the property?

[@ClintCoons]

Yes UBIT is an issue for IRAs that hold debt encumbered real estate. Correct as to the levers.

[@gayleabramson1461]

Isn't the 10 % early withdrawal penalty for someone who's yournger than 59.5?

[@Higgs000Boson]

yes, but this is what he described

[@Weavingabundance]

Does this work with a purchase of a LONG TERM Rental?

[@ClintCoons]

Yes by you must be a real estate professional.

[@Weavingabundance]

I purchased a duplex January 2023 and ended the lease with the upper flat to remodel and update the property. Took roll outs on a pension and some from my IRA to pay for it debt free. Put on a new roof in October 2023 and new windows go in in May this year. Remodeling the upstairs - myself - for mid term nurse rentals.... does it work for me here to avoid the taxes on draws of $200K? My other business was reduced with the property work to do! So only about $30 K earned (self employed artist/teacher) in 2023.

[@ClintCoons]

What do you mean by draws? Where is the money coming from that you plan to take out of the property?

[@pamelahermann6436]

@@ClintCoonsI withdrew money from my ira

[@ClintCoons]

@@pamelahermann6436 If you turn the property into a STR you will have the ability to cost seg the property with bonus depreciation. If you keep it long or mid term then you will need to meet REPS status.

[@DrMelInvests]

Why not roll the IRA into a Business Directed account (ROBS), buy property with the new business, and pay yourself a W2 wage from the earnings? Im sure there might be caveats im not thinking about ..

[@ClintCoons]

Make sure you work with a professional on that strategy.

[@DrMelInvests]

@@ClintCoons 💯. I did. Mostly curious about your thoughts on that strategy. Might be worth a video in the future.