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Updated almost 8 years ago on . Most recent reply
IRA LLC and Mortgage BAnk not sending 1098's?
hello, a question about my existing IRA LLC. I have had an IRA LLC for about 5 years. I have two properties within the IRA LLC.
I like to leverage the properties and use that money for other investments and have the two rent payments pay off the leverage.
In February 2016 I took out a IRA LLC loan from eFirst bank. I leveraged one of the paid off properties.
eFirst bank tells me this year they stopped issuing 1098's and they don't send anything to the IRS anymore for these type of real estate loans.
According IRS form 990-T we have to file for IRA debt financed real estate loans.
Has anyone encountered what my Bank is telling me?