Posted by JOHN K HASLACH on May 12, 2011 at 15:36:27:
There are tax disadvantages to owning real estate in an IRA. You do not get the potential of preferential tax rates and losses generally cannot be used.
Need more Control over IRA Money - Posted by JOhn
Posted by JOhn on April 22, 2011 at 11:27:17:
How do I set up an LLC within my Self Directed IRA so that I can have some funds set up within a bank account locally and thus avoid having to wait days for funds to be sent, forms to be sent, etc, and so I can have more control over my assets.
Thanks,
John
Re: Need more Control over IRA Money - Posted by John Hyre
Posted by John Hyre on April 25, 2011 at 13:02:53:
Upside of “Checkbook LLC”: You are in control of your IRA.
Downside of “Checkbook LLC”: You are in control of your IRA.
When we set these up for clients, we provide follow-up (e.g. “Is this deal a prohibited transaction?”, etc). It is very, very easy to accidentally blow your IRA apart. While it costs us fees, we try to talk certain clients out of CBLLC’s based on our subjective read of the client in question…some clients simply lack the detail orientation and follow-up discipline to properly run a CBLLC. For these people, it’s a disaster waiting to happen, no matter what you tell them, they will not pay attention, dot i’s or cross t’s. Of course, for clients who are careful with what they do, stay organized and follow-up, CBLLC is a very powerful tool.
John Hyre
Simply done in SDIRA owned LLC - Posted by John Merchant
Posted by John Merchant on April 25, 2011 at 11:17:40:
As my book explains in simple terms, an IRA owner can establish a SDIRA account with one of the SDIRA custodians (Pensco, etc.).
Once that SDIRA acct is open the owner can then direct it to buy shares/units in a new LLC, of which that owner is the president & manager.
That LLC, with your being in control, can have its bank acct wherever is most convenient for you and it can then invest in whatever you want (except for prohibited investments such as collectibles, etc.)
He’s so right! nt - Posted by John Merchant
Posted by John Merchant on April 26, 2011 at 11:58:56:
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