Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago,

User Stats

27
Posts
6
Votes
Grace B.
  • New York City
6
Votes |
27
Posts

Need advice - How to handle account been closed by Equity Trust without my consent

Grace B.
  • New York City
Posted

How to handle account been closed by Equity Trust without my consent ( They did informed me for 30 days, I was overseas and can't do much logistically to transfer out real estate properties, I just came back to the States) and they told me now I have to deed assets into my own name and then deed to the new custodian. I am still fighting this treatment and fully confused what should I do. In general I can't touch any assets, it needs to transfer from custodian A to B. But Equity Trust refused to do direct transfer. My questions are two folds,

1. Did you have experience negotiate with Equity Trust to re-open account to get the direct transfer -out done quickly

2. If re-open not successful, if I I use the indirect transfer (deed twice) and before triggering the 60 days ruling, do I still avoiding distribution tax? I know when I fail the negotiation, that Equity Trust will send a 1099-R to report distribution sometimes, and

3 I need a IRA experienced CPA to help me to write a opinion letter to IRS to explain the situation. Can anyone recommend an CPA specialized in custodian companies operations and clients who use self-directed IRA for real estate transactions?

4. Do you have similar experience and how did you handle your closed account by Equity Trust?

Loading replies...