tax docs for SD IRA

[Lindsey Kocher]

I moved parts of an Trad IRA and Roth IRA correlating SD-IRAs that formed LLCs and purchased a home in full, later renovated using the same funds. The accounts and transactions are complient with IRA rules.

Question:  Is there anything different I have to submit to IRS for 2023 regarding these changes?  No additional changes were made EXCEPT that I rolled over $20k from trad to ROTH to increase those funds. So outside of the THAT, anything else I need to show receipt of?

[Dmitriy Fomichenko]

Your custodian should take care of all the reporting.

Did you pay cash or financed?

[Lindsey Kocher]

I paid cash, for property and updates.  I don't need to track/report or provide receipts of updates to them, should I?

thanks so much for your advice!

[Dmitriy Fomichenko]

@Lindsey Kocher,

You do need to track all related expenses, but you don't need to report any of those details to the IRA. The only report IRS requires for an IRA is the annual valuation. Your IRA custodian is responsible for this reporting but you must provide LLC value to them.

[Jim Peret]

You need to track, have records and receipts of every dollar going in or out of the IRA. You typically won't have to show them to anybody unless your audited. The total value needs to be given to your custodian annually. My custodian only requires documentation if the value changes over a certain percentage annually. I forget the number but will know it when I report the value to him.