IRA for real estate questions...

Hello,
Is there any way I can use a distribution from an IRA and not have it income taxed? I'm not talking about the "10k first time home buyer with no penalty."
I am 60 years old. What if I rented out part of the house, and lived in the other? Any other possible way to shelter the down payment on a house for this real estate investment?
Just looking for any way possible to not pay the tax on the distribution. Thanks for input.
Jack
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Jack Hubler wrote:

I'm pretty sure tht if you donate the entire distribution to charity , you won't end up paying any tax on it.....
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On Monday, March 7, 2016 at 8:47:03 AM UTC-8, Jack Hubler wrote:

Disclaimer: I'm not a tax pro.
Other than the charitable donation that MikeJones mentioned, I'm not aware of any way to get a tax-free distribution from an IRA account. The deal of non-Roth IRAs is that you get the tax break up front when you contribute the money but have to pay taxes at distribution time. You don't get a tax break at both ends of the transaction.
If you have post-tax money in a traditional IRA, then a portion of the distribution will not be taxed, but it won't be fully tax-free (unless the IRA has done really poorly and the value is less than the post-tax money you contributed. Note that this is across all IRAs you own, so it would only rarely come up.)
I suppose that technically you could do a Roth conversion and then get tax-free distributions, but since you would pay taxes on the conversion amount it wouldn't really help.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.