Word: iras
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...blue shirts of Rangers and Celtic's green-and-white hoops. What could it possibly mean to Rangers' Georgian striker Shota Arveladze when those cheering his team on against Celtic are singing "We're up to our knees in Fenian blood!" ? And what passions does an IRA anthem stir in the heart of Celtic's favorite forward, Henrik Larsson, whose mother is Swedish and whose father hails from the West African island of Cabo Verde? Once, Rangers only signed Protestant players; today, like Celtic, they've followed the trend of shopping in soccer's global labor market in order...
...said we're going to do this after the '94 election, we've got to have a bipartisan solution. I hope that in my account here I have persuaded people that the blame for those two big decisions rests entirely with me, because I always thought Hillary and Ira Magaziner got a totally bum rap on this. Those were big, big calls I made and they were wrong. I made a lot of big calls right, but those two I made wrong...
RESTRICTIONS. You must ensure that the custodian follows IRS rules, or you could face hefty taxes and penalties. You can't use IRA money to invest in a residence or vacation home. You also can't buy an investment property for or from your spouse, parents or kids. And you can't put a property you already own into your IRA...
...CONCERNS. You'll forgo some tax benefits associated with investing in real estate, says Islandia, N.Y., financial planner Michael Kresh. You usually can't deduct depreciation, and when you begin withdrawing money from a traditional IRA or SEP-IRA, those funds will be taxed as regular income. Since a Roth IRA lets you withdraw funds tax free after age 59 1/2, that may be your best option...
Still, Kresh warns, property values could start to slide, and you could be stuck. Also, IRA investors need to think about how they will liquidate those investments when it's time to take required distributions at age 70 1/2. But even if real estate prices taper off a bit, Housewert is convinced that investing his IRA in properties on Florida's sunny coast will lead to brighter days for his retirement savings...