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Updated almost 8 years ago on . Most recent reply

Robert Burns's profile image
Robert Burns's profile image
Robert Burns
  • Wholesaler
  • from Baton Rouge, Louisiana
  • Member since Jul 21, 2008
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Robert Burns's profile image
Robert Burns's profile image
Robert Burns
  • Wholesaler
  • from Baton Rouge, Louisiana
  • Member since Jul 21, 2008
Connect
Robert Burns
  • Wholesaler
  • Baton Rouge, LA
96
Votes |
471
Posts
Tax, SDIRAs & Cost Segregation

Best Way to Handle Prohibited Transactions

Robert Burns
  • Wholesaler
  • Baton Rouge, LA
Posted

What's the best way to handle prohibited transactions in an IRA, ie, mistakenly taking monthly lease payments and claiming as income and paying taxes on that income.

What should I do to resolve past prohibited transactions as I have become aware there are some potential tax consequences for doing this?

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