Hello. I bought bare investment land back in 2009 and placed it in a traditional IRA custodial account. The land is currently worth well less than originally paid for. (And no capital gain is ever expected.) The quarterly custodial account fees are rather high and I'm considering removing the land title/property from the custodial account. My question is, "When would taxes be due?" The year the property is removed from the IRA account? If so, would it be the current county-assessed value? Or would taxes be due on capital gains when the land is actually sold (maybe years from now)? [If taxes are less than fees in the long run, then I'd remove the land.]
