Can my self directed IRA purchase real estate already owned by me or my spouse?
A. The simple answer is no. The not so simple details are associated with IRS Code Section 4975, which indicates that you cannot purchase property from yourself or other disqualified individuals. Disqualified individuals includes yourself, your spouse, your lineal descendants and their spouses, your investment manager, and any corporate or other such partnership where you have 50% or more of ownership interest.
