Poll: Who has a "checkbook control" IRA LLC ? Has IRS audited u?

[Robert Haney]

I have a self-directed Roth IRA and set up an IRA LLC with a checking account for checkbook control. I'm the manager of the LLC which my self-directed IRA account owns.

Some Self-directed IRA Custodians (usually trust companies) in the custodian industry recommend my set up (legal structure & my management) and some warn against it. Those who warn against it (and some will not do it) do so because of the potential for an IRS audit and the risk of negative consequences from the audit.

1. If you have a "checkbook control" IRA LLC where you are the Manager please POST TO SAY SO and tell us how long you have had it.

2. If you have this set up HAVE YOU EXPERIENCED AN IRS AUDIT, yes or no?

3. If you have had an audit, please share and describe in detail: What caused the audit?  What did the IRS look at?  What was the outcome?

I have had my LLC for 3 years. I have not had an audit. I have attempted to follow the rules for operating and reporting. My Roth IRA LLC has grown nicely so that the taxes I paid to convert Traditional IRA funds to the Roth were well worth it.

Thanks in advance for your input to the poll.