Buying Property in Mexico with Funds from a US IRA

[terriolinda]

Has anyone here had experienced purchasing property in Mexico, using funds from a US IRA? I know it can be done and has been done, but we're having a little trouble finding a Gto notario who knows how to accomplish it. Thanks.

[The Duck]

Terry the answer I think is found in your question: "...using funds from an IRA." Funds are funds - and are the color of money. Presumably the buyer is 'funding' his/her ability to purchase by withdrawing funds from his/her IRA. Since the funds are no longer in the IRA what I see happening is the notarios getting confused by having too much information especially information that is not needed. They don't need to know anything about the IRA as it isn't buying the property - its the funds withdrawn from it and those funds should now be good old efectivo.

[jrobillard]

I've done it. Used Carmen Nieto, #19, who I highly recommend.

Has anyone here had experienced purchasing property in Mexico, using funds from a US IRA? I know it can be done and has been done, but we're having a little trouble finding a Gto notario who knows how to accomplish it. Thanks.

[GTOROCKS RACING TEAM]

Mr Duck, your right on track.

It is important to realize that the reason for contributing to an IRA in the first place is to avoid paying taxes. If you withdraw early, you lose the tax advantages and are required to pay all the taxes immediately.

Your better off just paying the funds in cash or wire transfer.