Thank so much for clarification of Beneficiary IRA. As non USA resident I shall I do to access my decendent uncle IRA Account. In addition, late died in 2010 and IRS levied the bank account. What does I do to withdraw the funds from IRA.
Is there any other option for non spouse other than taking out within 10 years, can I roll it into my own inherited Roth IRA account to let it continue growing tax free forever?
It sounds to me like all the money in the inherited account is required to be fully distributed and there is a 10 year deadline. You have choices on when to take those distributions and how much each time. I'm no expert but I presume the only way to put that money in your personal Roth IRA is to make annual contributions, following the usual rules for that.
I would like to know the required steps for taking distribution(s) from an inherited Roth IRA when the account is invested in real estate. I can guess, but I would like to hear from ETC.
Are those distributions taken as shares of ownership of the property? I see advertisements by John Bowens recommending to invest in real estate through your Roth IRA. But I haven't seen where he talks about the ramifications of taking distributions from an account invested in real property.
If taking a distribution of a property, from an inherited IRA, you would first need to obtain a fair market valuation, which would be in the form of an appraisal or Broker Price Opinion. From there, you can distribute a portion of the property to yourself, or the entire property to satisfy your required minimum distribution. When distributing a property, you will need to work with an attorney, or on your own prepare a deed, to convey the ownership from your IRA to you personally. You will then need to record said deed with the respective county recorder.
I inherited $100k when my brother passed away February 19 2021. He was 59 and I was 57. I transfer the funds over to my name i have 10yrs to deplete the funds but not in my lifetime correct?
The 10 year rule works different for when you an inherit an IRA from someone that is not more than 5 years older. You would follow the life expectancy required minimum distribution (RMD) rules.
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Best straightforward explanation
Thank so much for clarification of Beneficiary IRA. As non USA resident I shall I do to access my decendent uncle IRA Account. In addition, late died in 2010 and IRS levied the bank account. What does I do to withdraw the funds from IRA.
Hello, the best approach to understanding the steps to withdrawing funds from any IRA would be to contact your account administrator.
Is there any other option for non spouse other than taking out within 10 years, can I roll it into my own inherited Roth IRA account to let it continue growing tax free forever?
It sounds to me like all the money in the inherited account is required to be fully distributed and there is a 10 year deadline. You have choices on when to take those distributions and how much each time. I'm no expert but I presume the only way to put that money in your personal Roth IRA is to make annual contributions, following the usual rules for that.
Re listen over and over
I would like to know the required steps for taking distribution(s) from an inherited Roth IRA when the account is invested in real estate. I can guess, but I would like to hear from ETC.
Are those distributions taken as shares of ownership of the property? I see advertisements by John Bowens recommending to invest in real estate through your Roth IRA. But I haven't seen where he talks about the ramifications of taking distributions from an account invested in real property.
If taking a distribution of a property, from an inherited IRA, you would first need to obtain a fair market valuation, which would be in the form of an appraisal or Broker Price Opinion. From there, you can distribute a portion of the property to yourself, or the entire property to satisfy your required minimum distribution. When distributing a property, you will need to work with an attorney, or on your own prepare a deed, to convey the ownership from your IRA to you personally. You will then need to record said deed with the respective county recorder.
great job thx
Very helpful thanks!
Glad it was helpful!
I inherited $100k when my brother passed away February 19 2021. He was 59 and I was 57. I transfer the funds over to my name i have 10yrs to deplete the funds but not in my lifetime correct?
The 10 year rule works different for when you an inherit an IRA from someone that is not more than 5 years older. You would follow the life expectancy required minimum distribution (RMD) rules.