A self directed IRA, and receiving multiple 1099S forms

[John Johnson]

I have a question for you tax gurus out there. Obviously with the real estate market being hot, it is/was a good time to sell some rentals acquired during the market downturn.

**My Situation**
I sold some a large quantity of "cheap" rental properties that were owned by my self directed IRA, and turned around and put that cash directly into owner financed notes (I bought houses & sold them on a note). These were debt-free properties.

This of course is going to generate multiple 1099S forms, from both the sale of the original rental properties AND from the closing/sale of the owner financed notes.

I know this income is not subject to UBTI, so I won't have to file a 990-T, but altogether this is probably going to generate 40-50 1099S Forms associated with the EIN that my IRA LLC has - accounting for millions in sales in fiscal year 2014.

My IRA custodian will file a form 5498 to show the value of my self directed IRA (it has in essence quadrupled in value; I doubled my money from the sale of the rentals, and doubled my money again by selling houses bought below market, for an above-market price, and creating notes [assets] at a high interest rate)

**My Question**
I keep great records, etc, etc...but is there anything I need to do / file to account for these transactions with the IRS, beyond having my IRA custodian file their normal form 5498 showing the increased value of my IRA? OR should I just wait and see if the IRS sends a nasty-gram wondering if taxes are due or not, and of course they're not due, but just be prepared to send a professional response? Haha.

Thanks for any advice!