Hello! I'm a 67 year old retiree that wants to buy a condo for my son in Ocean City, MD... My house is paid off and I am set for life with my pension and SS..
My question is how do I buy a place for my son using my Rollover IRA money to pay for it all? He's going to get it anyway as a beneficiary so I'd like to see him enjoy it while I'm still around.. Is there anything I can do to minimize the taxes? Does the IRS really care how I spend my retirement money after it's already been taxed?
Thanks!
OCMD
My question is how do I buy a place for my son using my Rollover IRA money to pay for it all? He's going to get it anyway as a beneficiary so I'd like to see him enjoy it while I'm still around.. Is there anything I can do to minimize the taxes? Does the IRS really care how I spend my retirement money after it's already been taxed?
Thanks!
OCMD