Selling Assets from a self directed IRA

[WaterfrontSML]

I have a single family home that was purchased by my self directed IRA several years ago. I want to move this property out of the IRA into joint ownership with my wife. Self directed IRA rules say I cannot move the home directly into our names. I would appreciate any suggestions or referral to a tax professional that could make this transition easier and with minimum cost. I reside in Virginia.  Thank you for your Help!

[Melanie Sikma]

Moving property out of the IRA in your joint account is called a prohibited transaction and it will disqualify your IRA. The property would need to be sold to an unrelated third party and then repurchased by you, probably after a reasonable time goes by. Hope this helps!