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M
militaryfamily400
February 9, 2023
Question

Self directed IRA - to buy land

  • February 9, 2023
  • 1 reply
  • 0 views

So I have a self directed IRA - that I bought land with the money from a traditional IRA I had from my employer. 

 

The land in New Mexico and I no longer live there. My residence is in Oregon. We are a military family.

 

I recently took the land out of the self directed IRA and got the title to the land - I still have the land in my name. No cash just land.

 

I got a 1099-R because I took it out of the self directed IRA. 
I know I have penalties for taking out early since I am not 59.5 years old

I know I have federal taxes to pay but when it comes to paying /to reporting it - which state do I pay taxes to?

 

Oregon or New Mexico? I did not sell the land - it is still in my name.

 

Thank you in advance

 

 

My question is 

 

 

1 reply

DaveF1006
DaveF1006
February 9, 2023

It depends.  To clarify, is NM your Home of Record State?

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M
militaryfamily400Author
February 9, 2023

 

 

My home of record is in Oregon.

The Land that was purchased with thru the Self directed IRA was in New Mexico. The land has not been sold - I still have it. The title/deed is in my name still. It did get taken out of the IRA account so it is no longer considered a traditional IRA.

 

I have been in CA for about 4 years now but will be moving on to the next assignment soon.

M
MAK70
February 10, 2023

Because the retirement rules apply, you would only have to pay the income tax to your resident state Oregon.   @militaryfamily400 

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