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

[Grace B.]

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?

[Dmitriy Fomichenko]

@Grace B.

2. Yes, you will avoid distribution tax as long as the assets are transferred to another IRA. Equity Trust will issue 1099-R reporting distribution but the new IRA custodian will issue form 5498 showing that they accepted the same amount into new IRA, which will offset the 1099-R.

3. There is no need for that. See above.

Regardless of the Equity Trust refusal you can transfer the assets directly to the new custodian and avoid the double transfer of the title. Reach out to me directly and I will provide you with some guidance.