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Updated almost 10 years ago,

James Sullivan's profile image
James Sullivan's profile image
James Sullivan
  • Investor
  • from Birmingham, Alabama
  • Member since Aug 5, 2012
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User Stats

30
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2
Votes
James Sullivan's profile image
James Sullivan's profile image
James Sullivan
  • Investor
  • from Birmingham, Alabama
  • Member since Aug 5, 2012
Connect
James Sullivan
  • Investor
  • Birmingham, AL
2
Votes |
30
Posts
Tax, SDIRAs & Cost Segregation

SDIRA checkbook status and credit card

James Sullivan
  • Investor
  • Birmingham, AL
Posted

I have recently went through the process of setting up my SDIRA with checkbook status. The bank that is housing the LLC insisted that I have a credit card. Is it a prohibited transaction to use the LLC credit card to pay contractors to do work on the property or as a down payment to purchase a property?

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