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Get your taxes done using TurboTax
Thanks for the information! I'm trying to understand the best way to handle inherited assets like a gas well and minimize taxes. I know you can't give investment advice, but could you clarify a few things for me?
I've heard that you can't directly transfer the gas well into a Roth IRA. Is that correct? If so, what are some strategies to leverage its value to fund my Roth IRA within the contribution limits?
I understand selling the well and contributing the cash is an option. Are there other possibilities, such as using the income generated from the well or even taking out a loan against its value to fund contributions?
Could you also address these points:
Are there any tax implications or benefits to consider with each strategy?
Would the earnings and distributions within the Roth IRA be tax-free?
I'm not a tax expert, so any clarification and ideas you can provide would be greatly appreciated!