Posted by JoeS on February 25, 2002 at 14:24:06:
My suggestion would be to call Mid-Ohio securities, they also have a web link from this site. My understanding is that you have to use a custodian and you can direct which investment avenue to use, thus the term self-directed. Hope this helps.
self directed IRA’s - Posted by jackNJ
Posted by jackNJ on February 25, 2002 at 13:28:13:
My question is this: Is it mandatory to use a third party to administer a self-directed IRA, or can I write the checks and manage the account myself? Also, can I use the money for flipping or rehabbing, or does the government limit it’s use to long-term (buy and hold)transactions? Thanks in advance.
Mandatory TPA - Posted by Bud Branstetter
Posted by Bud Branstetter on February 26, 2002 at 14:03:25:
A number of years ago I would rehab a property in the IRA and send in the receipts to reimburse myself for the expenses. The custodian changed that policy because it was to hard to explain to the IRS that it was not a distribution of funds from your account that would be a taxable event. It will depend on your custodian how you handle the TPA. Custodians like Mid-Ohio will allow you to create a trust account at a bank and fund your purchases and expenses through that. You can be your own trustee. You do need to keep track of everything and periodicly account to them the income and expenses.
Re: self directed IRA’s - Posted by Bill Taylor
Posted by Bill Taylor on February 25, 2002 at 19:05:57:
I just called Mid-Ohio todya to check something on my account. I wanted to control all the moeny so i could do sheriff sales due to the fact I have to have the money the same day here. They said I could transferr moeny for that day and then transferr any remaining amount back. I could also set up a non-interest bearing account to buy properties in and then use that moeny for the rehab. She did tell me that they would not let me have the whole account though due to the fact the reporting would be questionable with the govt. You don’t want to mess this baby up its way to good a deal.
Re: self directed IRA’s - Posted by phil fernandez
Posted by phil fernandez on February 25, 2002 at 14:38:04:
It is my understanding that you can do flips, rehabs as well as hold long term rentals in your self directed IRA’s. Check with Entrust or Mid Ohio. Both companies advertise on this site.